Pinnacle Associates Ltd. Acquires New Shares in TELUS Co. (NYSE:TU)

Pinnacle Associates Ltd. bought a new position in TELUS Co. (NYSE:TUGet Rating) (TSE:T) in the third quarter, HoldingsChannel.com reports. The firm bought 23,900 shares of the Wireless communications provider’s stock, valued at approximately $475,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Mackenzie Financial Corp boosted its stake in TELUS by 19.3% in the 3rd quarter. Mackenzie Financial Corp now owns 55,063,043 shares of the Wireless communications provider’s stock worth $1,092,183,000 after purchasing an additional 8,888,682 shares during the period. Bank of Nova Scotia boosted its stake in TELUS by 2.4% in the 2nd quarter. Bank of Nova Scotia now owns 20,963,491 shares of the Wireless communications provider’s stock worth $466,903,000 after purchasing an additional 491,101 shares during the period. Vanguard Group Inc. boosted its stake in TELUS by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 18,185,901 shares of the Wireless communications provider’s stock worth $475,379,000 after purchasing an additional 755,921 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in TELUS by 13.3% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,592,592 shares of the Wireless communications provider’s stock worth $302,731,000 after purchasing an additional 1,595,430 shares during the period. Finally, Fiera Capital Corp boosted its stake in TELUS by 21.8% in the 2nd quarter. Fiera Capital Corp now owns 13,351,134 shares of the Wireless communications provider’s stock worth $297,463,000 after purchasing an additional 2,385,725 shares during the period. 51.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on TU shares. BMO Capital Markets reduced their target price on shares of TELUS from C$35.00 to C$33.00 in a research note on Tuesday, January 3rd. National Bank Financial reduced their price objective on shares of TELUS from C$34.00 to C$31.00 in a research note on Thursday, January 12th. Royal Bank of Canada increased their price objective on shares of TELUS from C$33.00 to C$34.00 in a research note on Monday, November 7th. StockNews.com initiated coverage on shares of TELUS in a research note on Wednesday, October 12th. They set a “sell” rating for the company. Finally, Barclays reduced their price objective 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. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $32.06.

TELUS Stock Up 1.0 %

Shares of TU stock opened at $21.02 on Tuesday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.61 and a current ratio of 0.66. The firm’s 50-day moving average is $20.64 and its 200-day moving average is $21.39. The stock has a market cap of $29.15 billion, a price-to-earnings ratio of 18.44, a PEG ratio of 1.99 and a beta of 0.70. TELUS Co. has a 52-week low of $18.85 and a 52-week high of $27.50.

TELUS (NYSE:TUGet Rating) (TSE:T) last issued its earnings results on Friday, November 4th. The Wireless communications provider reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.01. The company had revenue of $3.58 billion for the quarter, compared to analysts’ expectations of $3.51 billion. TELUS had a net margin of 11.04% and a return on equity of 9.76%. Sell-side analysts predict that TELUS Co. will post 0.92 EPS for the current year.

TELUS Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 3rd. Stockholders of record on Friday, December 9th were issued a $0.258 dividend. The ex-dividend date was Thursday, December 8th. This represents a $1.03 dividend on an annualized basis and a dividend yield of 4.91%. TELUS’s payout ratio is 92.11%.

TELUS Company Profile

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TELUS Corp. is a telecommunications company, which engages in the provision of telecommunication services and products primarily for wireless and wireline voice and data. It operates through the following segments: TELUS Technology Solutions (TTech) and Digitally-led Customer ExperiencesTELUS International (DLCX).

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Institutional Ownership by Quarter for TELUS (NYSE:TU)

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