TELUS Co. (NYSE:TU) Shares Sold by Pictet Asset Management SA

Pictet Asset Management SA trimmed its position in shares of TELUS Co. (NYSE:TUGet Rating) (TSE:T) by 3.2% during the second quarter, Holdings Channel reports. The firm owned 187,288 shares of the Wireless communications provider’s stock after selling 6,208 shares during the quarter. Pictet Asset Management SA’s holdings in TELUS were worth $4,163,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of TU. DAVENPORT & Co LLC lifted its position in shares of TELUS by 1.8% during the first quarter. DAVENPORT & Co LLC now owns 32,136 shares of the Wireless communications provider’s stock worth $840,000 after purchasing an additional 576 shares in the last quarter. Groesbeck Investment Management Corp NJ acquired a new stake in TELUS during the 1st quarter worth approximately $638,000. Metis Global Partners LLC purchased a new position in TELUS in the 1st quarter valued at approximately $471,000. Versor Investments LP acquired a new position in shares of TELUS in the first quarter worth $700,000. Finally, Envestnet Asset Management Inc. increased its position in shares of TELUS by 3.8% during the first quarter. Envestnet Asset Management Inc. now owns 355,414 shares of the Wireless communications provider’s stock worth $9,291,000 after acquiring an additional 12,921 shares during the period. 49.71% of the stock is currently owned by hedge funds and other institutional investors.

TELUS Price Performance

TU stock opened at $21.81 on Friday. The business has a 50 day moving average price of $20.88 and a 200 day moving average price of $22.39. The company has a quick ratio of 0.61, a current ratio of 0.66 and a debt-to-equity ratio of 1.17. The stock has a market cap of $30.25 billion, a price-to-earnings ratio of 19.13, a PEG ratio of 2.05 and a beta of 0.69. TELUS Co. has a fifty-two week low of $18.85 and a fifty-two week high of $27.50.

TELUS Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Friday, December 9th will be given a dividend of $0.258 per share. The ex-dividend date of this dividend is Thursday, December 8th. This represents a $1.03 annualized dividend and a dividend yield of 4.73%. TELUS’s dividend payout ratio is presently 90.35%.

Wall Street Analysts Forecast Growth

TU has been the subject of a number of recent research reports. Royal Bank of Canada lifted their target price on TELUS from C$33.00 to C$34.00 in a report on Monday, November 7th. Scotiabank lifted their price objective on TELUS from C$31.50 to C$32.00 in a research note on Monday, November 7th. BMO Capital Markets cut their target price on shares of TELUS from C$37.00 to C$35.00 in a research note on Tuesday, November 8th. Barclays decreased their price target on shares of TELUS from $26.00 to $23.00 and set an “equal weight” rating for the company in a research note on Monday, October 10th. Finally, initiated coverage on shares of TELUS in a research report on Wednesday, October 12th. They issued a “sell” rating on the stock. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $32.94.

TELUS Company Profile

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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 revenue; mobile technologies equipment sale; data revenues, such as internet protocol; television; hosting, managed information technology, and cloud-based services; software, data management, and data analytics-driven smart food-chain technologies; home and business security; healthcare software and technology solutions; and voice and other telecommunications services.

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Institutional Ownership by Quarter for TELUS (NYSE:TU)

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