Norges Bank bought a new stake in TELUS Corporation (NYSE:TU – Free Report) (TSE:T) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 6,351,036 shares of the Wireless communications provider’s stock, valued at approximately $83,707,000.
A number of other institutional investors have also modified their holdings of the stock. TD Asset Management Inc increased its holdings in shares of TELUS by 1.5% in the third quarter. TD Asset Management Inc now owns 36,863,219 shares of the Wireless communications provider’s stock valued at $580,740,000 after purchasing an additional 550,574 shares during the period. Vanguard Group Inc. grew its holdings in TELUS by 3.2% during the fourth quarter. Vanguard Group Inc. now owns 29,470,046 shares of the Wireless communications provider’s stock worth $388,415,000 after acquiring an additional 916,459 shares during the period. Scotia Capital Inc. grew its holdings in TELUS by 4.5% during the third quarter. Scotia Capital Inc. now owns 19,687,766 shares of the Wireless communications provider’s stock worth $310,129,000 after acquiring an additional 845,682 shares during the period. Fiera Capital Corp grew its holdings in TELUS by 10.7% during the third quarter. Fiera Capital Corp now owns 17,867,796 shares of the Wireless communications provider’s stock worth $281,326,000 after acquiring an additional 1,725,982 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its holdings in TELUS by 40.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 9,033,455 shares of the Wireless communications provider’s stock worth $142,387,000 after acquiring an additional 2,583,074 shares during the period. Institutional investors and hedge funds own 49.40% of the company’s stock.
TELUS Stock Up 0.4%
Shares of NYSE:TU opened at $12.33 on Friday. The company has a quick ratio of 0.63, a current ratio of 0.67 and a debt-to-equity ratio of 1.59. TELUS Corporation has a 52-week low of $11.69 and a 52-week high of $16.74. The stock’s fifty day simple moving average is $12.47 and its 200-day simple moving average is $13.08. The company has a market capitalization of $19.40 billion, a P/E ratio of 28.01, a P/E/G ratio of 12.07 and a beta of 0.61.
TELUS Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 10th will be given a $0.4184 dividend. This represents a $1.67 annualized dividend and a dividend yield of 13.6%. The ex-dividend date is Wednesday, June 10th. TELUS’s dividend payout ratio is currently 279.55%.
Analysts Set New Price Targets
A number of brokerages recently weighed in on TU. Bank of America raised TELUS from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $14.50 to $16.00 in a report on Tuesday, March 10th. TD Securities raised TELUS from a “buy” rating to a “buy” rating in a report on Tuesday, April 28th. Canaccord Genuity Group lowered TELUS from a “buy” rating to a “hold” rating in a report on Thursday, April 9th. Wall Street Zen raised TELUS from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Weiss Ratings lowered TELUS from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, April 20th. Five investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $16.33.
About TELUS
TELUS Corporation (NYSE: TU) is a Canadian telecommunications and technology company headquartered in Vancouver, British Columbia. It delivers a broad portfolio of consumer and business communications services across Canada, including mobile wireless, fixed-line voice, broadband internet, and television. TELUS also provides a range of enterprise services such as cloud and IT solutions, managed network services, cybersecurity and Internet of Things (IoT) offerings for business customers.
Beyond core connectivity, TELUS has expanded into health and digital services.
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