Bank of Nova Scotia Sells 5,033,466 Shares of TELUS Corporation $TU

Bank of Nova Scotia lessened its position in TELUS Corporation (NYSE:TU) (TSE:T) by 25.5% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 14,738,322 shares of the Wireless communications provider’s stock after selling 5,033,466 shares during the period. Bank of Nova Scotia owned approximately 0.96% of TELUS worth $232,162,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC grew its position in TELUS by 20.8% in the 2nd quarter. Geode Capital Management LLC now owns 4,529,471 shares of the Wireless communications provider’s stock valued at $76,335,000 after purchasing an additional 780,607 shares during the period. Scotia Capital Inc. lifted its stake in shares of TELUS by 1.6% in the second quarter. Scotia Capital Inc. now owns 18,842,084 shares of the Wireless communications provider’s stock valued at $302,519,000 after buying an additional 288,532 shares in the last quarter. Picton Mahoney Asset Management acquired a new position in shares of TELUS during the second quarter valued at about $51,091,000. Prudential PLC bought a new stake in shares of TELUS during the second quarter worth about $531,000. Finally, SG Americas Securities LLC bought a new stake in shares of TELUS during the second quarter worth about $457,000. Institutional investors own 49.40% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on TU shares. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of TELUS in a research report on Monday, December 29th. Bank of America raised TELUS from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $14.50 to $16.00 in a report on Tuesday, March 10th. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $19.00 price objective (down from $22.00) on shares of TELUS in a research note on Tuesday, November 18th. Scotiabank restated an “outperform” rating on shares of TELUS in a report on Tuesday, February 17th. Finally, TD Securities reaffirmed a “buy” rating on shares of TELUS in a research report on Friday, February 13th. Six research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $17.63.

TELUS Trading Down 0.6%

Shares of TU stock opened at $13.11 on Friday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.81 and a current ratio of 0.86. The company has a market capitalization of $20.30 billion, a price-to-earnings ratio of 25.20, a PEG ratio of 1.96 and a beta of 0.68. TELUS Corporation has a 52-week low of $12.54 and a 52-week high of $16.74. The company has a 50-day simple moving average of $13.66 and a two-hundred day simple moving average of $14.26.

TELUS (NYSE:TU) (TSE:T) last posted its earnings results on Thursday, February 12th. The Wireless communications provider reported $0.15 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.03). TELUS had a return on equity of 8.42% and a net margin of 5.42%.The firm had revenue of $3.83 billion for the quarter, compared to the consensus estimate of $3.85 billion. During the same period in the prior year, the business earned $0.25 EPS. Research analysts anticipate that TELUS Corporation will post 0.71 EPS for the current fiscal year.

TELUS Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Wednesday, March 11th will be issued a dividend of $0.4184 per share. This represents a $1.67 dividend on an annualized basis and a yield of 12.8%. The ex-dividend date is Wednesday, March 11th. TELUS’s dividend payout ratio (DPR) is 234.62%.

TELUS Company Profile

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.