Harvest Portfolios Group Inc. Increases Position in TELUS Corporation $TU

Harvest Portfolios Group Inc. increased its stake in shares of TELUS Corporation (NYSE:TU) (TSE:T) by 108.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 423,285 shares of the Wireless communications provider’s stock after buying an additional 220,552 shares during the period. Harvest Portfolios Group Inc.’s holdings in TELUS were worth $6,667,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TU. Geode Capital Management LLC raised its holdings in TELUS by 20.8% during the second quarter. Geode Capital Management LLC now owns 4,529,471 shares of the Wireless communications provider’s stock worth $76,335,000 after purchasing an additional 780,607 shares during the last quarter. Scotia Capital Inc. increased its position 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 purchased a new position in shares of TELUS in the second quarter valued at $51,091,000. Prudential PLC purchased a new stake in shares of TELUS in the 2nd quarter worth about $531,000. Finally, SG Americas Securities LLC purchased a new stake in shares of TELUS in the 2nd quarter worth about $457,000. 49.40% of the stock is currently owned by institutional investors and hedge funds.

TELUS Price Performance

Shares of NYSE:TU opened at $13.73 on Friday. The company has a market cap of $21.25 billion, a P/E ratio of 26.39, a P/E/G ratio of 1.61 and a beta of 0.67. The business has a fifty day simple moving average of $13.54 and a 200-day simple moving average of $14.47. TELUS Corporation has a 52 week low of $12.54 and a 52 week high of $16.74. The company has a quick ratio of 0.81, a current ratio of 0.86 and a debt-to-equity ratio of 1.65.

TELUS (NYSE:TU) (TSE:T) last posted its quarterly earnings data on Thursday, February 12th. The Wireless communications provider reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.03). TELUS had a net margin of 5.42% and a return on equity of 8.42%. The company had revenue of $3.83 billion for the quarter, compared to analyst estimates of $3.85 billion. During the same period in the prior year, the company earned $0.25 EPS. Equities research analysts forecast that TELUS Corporation will post 0.71 EPS for the current year.

TELUS Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders 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 dividend yield of 12.2%. The ex-dividend date is Wednesday, March 11th. TELUS’s dividend payout ratio is presently 230.77%.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Citigroup upgraded shares of TELUS to a “buy” rating in a report on Thursday, December 4th. Wall Street Zen cut shares of TELUS from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. Barclays cut their price objective on TELUS from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Monday, November 10th. Canaccord Genuity Group upgraded TELUS from a “hold” rating to a “buy” rating in a report on Thursday, December 4th. Finally, Scotiabank reissued an “outperform” rating on shares of TELUS in a report on Tuesday, February 17th. Five analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $18.17.

TELUS 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.