TELUS Corporation (NYSE:TU) Shares Sold by Forsta AP Fonden

Key Points

• Forsta AP Fonden reduced its stake in TELUS Corporation by 19.2% in Q1, selling 69,100 shares, and now owns 291,200 shares valued at $4.17 million.
• Despite the stake reduction by Forsta AP Fonden, other institutional investors like Mackenzie Financial Corp and Man Group plc increased their holdings in TELUS during the same period.
• TELUS recently declared a quarterly dividend of $0.3019, representing a slight increase and a dividend yield of 7.5%.

Forsta AP Fonden trimmed its stake in shares of TELUS Corporation (NYSE:TU - Free Report) TSE: T by 19.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 291,200 shares of the Wireless communications provider's stock after selling 69,100 shares during the period. Forsta AP Fonden's holdings in TELUS were worth $4,176,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Mackenzie Financial Corp increased its stake in shares of TELUS by 22.6% during the 4th quarter. Mackenzie Financial Corp now owns 49,232,693 shares of the Wireless communications provider's stock worth $667,840,000 after purchasing an additional 9,068,181 shares in the last quarter. Man Group plc increased its stake in shares of TELUS by 68.2% during the 4th quarter. Man Group plc now owns 2,099,097 shares of the Wireless communications provider's stock worth $28,463,000 after purchasing an additional 850,876 shares in the last quarter. Scotia Capital Inc. increased its stake in shares of TELUS by 4.7% during the 1st quarter. Scotia Capital Inc. now owns 18,553,552 shares of the Wireless communications provider's stock worth $266,146,000 after purchasing an additional 831,282 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of TELUS by 29.8% during the 4th quarter. Geode Capital Management LLC now owns 3,032,404 shares of the Wireless communications provider's stock worth $42,389,000 after purchasing an additional 696,744 shares in the last quarter. Finally, Forge First Asset Management Inc. purchased a new position in shares of TELUS during the 1st quarter worth approximately $8,937,000. 49.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on TU shares. Canaccord Genuity Group raised their price objective on shares of TELUS from $20.25 to $21.50 and gave the stock a "hold" rating in a research note on Monday, May 12th. Scotiabank reaffirmed an "outperform" rating on shares of TELUS in a research note on Tuesday, July 15th. Finally, National Bankshares reaffirmed a "sector perform" rating on shares of TELUS in a research note on Monday, May 12th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $21.50.

TELUS Stock Down 0.3%

TU stock opened at $16.03 on Tuesday. The stock has a market capitalization of $24.44 billion, a P/E ratio of 34.84, a PEG ratio of 4.67 and a beta of 0.73. The company has a 50 day moving average price of $16.20 and a two-hundred day moving average price of $15.47. TELUS Corporation has a one year low of $13.24 and a one year high of $17.26. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.81 and a current ratio of 0.86.

TELUS (NYSE:TU - Get Free Report) TSE: T last announced its quarterly earnings results on Friday, August 1st. The Wireless communications provider reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). The company had revenue of $3.74 billion during the quarter, compared to analyst estimates of $3.63 billion. TELUS had a net margin of 4.67% and a return on equity of 9.10%. The firm's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.25 EPS. As a group, sell-side analysts expect that TELUS Corporation will post 0.71 EPS for the current year.

TELUS Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 10th will be issued a $0.3019 dividend. This is a boost from TELUS's previous quarterly dividend of $0.30. The ex-dividend date is Wednesday, September 10th. This represents a $1.21 dividend on an annualized basis and a dividend yield of 7.5%. TELUS's dividend payout ratio (DPR) is 263.04%.

TELUS Profile

TELUS Corporation, together with its subsidiaries, provides a range of telecommunications and information technology products and services in Canada. It operates through Technology Solutions and Digitally-Led Customer Experiences segments. The Technology Solutions segment offers a range of telecommunications products and services; network services; healthcare services; mobile technologies equipment; data services, such as internet protocol; television; hosting, managed information technology, and cloud-based services; software, data management, and data analytics-driven smart food-chain and consumer goods technologies; home and business security; healthcare software and technology solutions; and voice and other telecommunications services, as well as mobile and fixed voice and data telecommunications services and products.

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