Tobam Sells 61,167 Shares of TELUS Co. (NYSE:TU)

Tobam lowered its stake in shares of TELUS Co. (NYSE:TU - Free Report) TSE: T by 75.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 19,834 shares of the Wireless communications provider's stock after selling 61,167 shares during the quarter. Tobam's holdings in TELUS were worth $284,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Mackenzie Financial Corp boosted its position in TELUS by 22.6% during the fourth 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 during the period. Bank of Nova Scotia boosted its position in TELUS by 28.3% during the fourth quarter. Bank of Nova Scotia now owns 30,219,141 shares of the Wireless communications provider's stock worth $409,662,000 after purchasing an additional 6,659,564 shares during the period. Norges Bank bought a new position in TELUS during the fourth quarter worth about $70,212,000. Mufg Securities Canada LTD. boosted its position in TELUS by 68.9% during the fourth quarter. Mufg Securities Canada LTD. now owns 2,236,163 shares of the Wireless communications provider's stock worth $30,299,000 after purchasing an additional 912,277 shares during the period. Finally, Vanguard Group Inc. boosted its position in TELUS by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 25,801,407 shares of the Wireless communications provider's stock worth $349,841,000 after purchasing an additional 903,921 shares during the period. Institutional investors own 49.40% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on TU shares. Cormark lowered shares of TELUS from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, March 4th. National Bankshares reiterated a "sector perform" rating on shares of TELUS in a research report on Monday, May 12th. Canaccord Genuity Group increased their target price on shares of TELUS from $20.25 to $21.50 and gave the stock a "hold" rating in a research report on Monday, May 12th. Finally, Bank of America lowered shares of TELUS from a "buy" rating to a "neutral" rating in a research report on Friday, March 21st. Eight investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, TELUS currently has a consensus rating of "Hold" and an average price target of $21.50.

TELUS Price Performance

Shares of TU stock traded up $0.02 during trading hours on Monday, reaching $16.14. The stock had a trading volume of 2,321,794 shares, compared to its average volume of 2,930,663. The stock's fifty day simple moving average is $15.55 and its 200 day simple moving average is $14.92. The company has a current ratio of 0.68, a quick ratio of 0.61 and a debt-to-equity ratio of 1.52. TELUS Co. has a 12 month low of $13.24 and a 12 month high of $17.27. The firm has a market capitalization of $24.43 billion, a PE ratio of 32.93, a PEG ratio of 5.18 and a beta of 0.74.

TELUS Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 2nd. Shareholders of record on Tuesday, June 10th will be given a dividend of $0.2989 per share. The ex-dividend date is Tuesday, June 10th. This is a positive change from TELUS's previous quarterly dividend of $0.28. This represents a $1.20 annualized dividend and a yield of 7.41%. TELUS's payout ratio is presently 212.28%.

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.