Granite Investment Advisors LLC cut its stake in TELUS Corporation (NYSE:TU) (TSE:T) by 4.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 182,364 shares of the Wireless communications provider’s stock after selling 8,903 shares during the period. Granite Investment Advisors LLC’s holdings in TELUS Corporation were worth $6,572,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. TD Asset Management Inc. increased its stake in shares of TELUS Corporation by 1.9% in the second quarter. TD Asset Management Inc. now owns 25,245,820 shares of the Wireless communications provider’s stock valued at $870,297,000 after buying an additional 463,218 shares during the period. CIBC Asset Management Inc increased its stake in shares of TELUS Corporation by 4.0% in the second quarter. CIBC Asset Management Inc now owns 8,610,832 shares of the Wireless communications provider’s stock valued at $296,931,000 after buying an additional 335,124 shares during the period. Great West Life Assurance Co. Can increased its stake in shares of TELUS Corporation by 12.1% in the second quarter. Great West Life Assurance Co. Can now owns 7,486,696 shares of the Wireless communications provider’s stock valued at $257,825,000 after buying an additional 806,613 shares during the period. Vanguard Group Inc. increased its stake in shares of TELUS Corporation by 4.1% in the first quarter. Vanguard Group Inc. now owns 4,680,743 shares of the Wireless communications provider’s stock valued at $152,031,000 after buying an additional 182,298 shares during the period. Finally, Renaissance Technologies LLC increased its stake in shares of TELUS Corporation by 22.9% in the first quarter. Renaissance Technologies LLC now owns 4,216,748 shares of the Wireless communications provider’s stock valued at $136,967,000 after buying an additional 786,148 shares during the period. 52.53% of the stock is owned by hedge funds and other institutional investors.

TELUS Corporation (NYSE:TU) opened at 35.68 on Friday. The stock has a 50 day moving average price of $35.36 and a 200 day moving average price of $33.67. TELUS Corporation has a 12-month low of $30.31 and a 12-month high of $36.77. The company has a market capitalization of $21.09 billion, a price-to-earnings ratio of 20.83 and a beta of 0.89.

TELUS Corporation (NYSE:TU) (TSE:T) last announced its earnings results on Friday, August 11th. The Wireless communications provider reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by $0.02. The company had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.26 billion. TELUS Corporation had a net margin of 9.96% and a return on equity of 19.11%. TELUS Corporation’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.70 earnings per share. On average, analysts expect that TELUS Corporation will post $2.14 EPS for the current year.

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Several analysts have recently commented on TU shares. Zacks Investment Research raised TELUS Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, April 18th. BidaskClub raised TELUS Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 20th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $47.00 price objective on shares of TELUS Corporation in a research note on Monday, May 8th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $41.33.

About TELUS Corporation

TELUS Corporation (TELUS) is a telecommunications company. The Company provides a range of telecommunications services and products, including wireless and wireline voice and data. Its data services include Internet protocol (IP), television (TV), hosting, managed information technology and cloud-based services, and certain healthcare solutions.

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Institutional Ownership by Quarter for TELUS Corporation (NYSE:TU)

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