Man Group plc Buys Shares of 1,298,999 TELUS Corporation $TU

Man Group plc bought a new stake in shares of TELUS Corporation (NYSE:TU) (TSE:T) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 1,298,999 shares of the Wireless communications provider’s stock, valued at approximately $13,732,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cetera Investment Advisers lifted its holdings in shares of TELUS by 1.9% in the 2nd quarter. Cetera Investment Advisers now owns 46,099 shares of the Wireless communications provider’s stock worth $739,000 after purchasing an additional 841 shares during the last quarter. Walter Public Investments Inc. grew its stake in TELUS by 2.4% during the 1st quarter. Walter Public Investments Inc. now owns 36,868 shares of the Wireless communications provider’s stock worth $474,000 after buying an additional 868 shares during the last quarter. Sanctuary Advisors LLC grew its stake in TELUS by 2.8% during the 4th quarter. Sanctuary Advisors LLC now owns 31,454 shares of the Wireless communications provider’s stock worth $415,000 after buying an additional 869 shares during the last quarter. Equitable Holdings Inc. increased its position in TELUS by 10.2% in the third quarter. Equitable Holdings Inc. now owns 11,905 shares of the Wireless communications provider’s stock worth $188,000 after buying an additional 1,105 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its position in TELUS by 37.1% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 4,585 shares of the Wireless communications provider’s stock worth $72,000 after buying an additional 1,241 shares during the period. 49.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TU. Canadian Imperial Bank of Commerce downgraded shares of TELUS from a “strong-buy” rating to a “neutral” rating in a report on Friday, July 31st. TD Securities reaffirmed a “buy” rating on shares of TELUS in a report on Monday, August 3rd. Bank of America reiterated an “underperform” rating on shares of TELUS in a research report on Tuesday, August 4th. Barclays set a $11.00 target price on shares of TELUS and gave the company an “equal weight” rating in a research note on Tuesday, August 4th. Finally, Wall Street Zen cut shares of TELUS from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Three analysts have rated the stock with a Buy rating, nine have given a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $15.33.

TELUS Price Performance

Shares of TU opened at $9.76 on Friday. TELUS Corporation has a one year low of $9.20 and a one year high of $16.65. The stock’s fifty day moving average is $10.26 and its 200-day moving average is $11.91. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.62 and a current ratio of 0.67. The firm has a market capitalization of $15.36 billion, a price-to-earnings ratio of -23.80, a price-to-earnings-growth ratio of 9.53 and a beta of 0.64.

TELUS (NYSE:TU) (TSE:T) last announced its earnings results on Friday, July 31st. The Wireless communications provider reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.04). The company had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.55 billion. TELUS had a negative net margin of 4.51% and a positive return on equity of 8.01%. Equities analysts anticipate that TELUS Corporation will post 0.57 EPS for the current year.

TELUS Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 10th will be paid a $0.1875 dividend. This represents a $0.75 dividend on an annualized basis and a dividend yield of 7.7%. The ex-dividend date of this dividend is Thursday, September 10th. TELUS’s dividend payout ratio is currently -295.12%.

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.