Summit Global Investments Buys Shares of 56,721 TELUS Corporation $TU

Summit Global Investments bought a new stake in shares of TELUS Corporation (NYSE:TU) (TSE:T) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 56,721 shares of the Wireless communications provider’s stock, valued at approximately $894,000.

A number of other hedge funds also recently modified their holdings of the stock. Parvin Asset Management LLC purchased a new position in TELUS in the second quarter valued at approximately $27,000. Farther Finance Advisors LLC raised its stake in shares of TELUS by 35.0% in the third quarter. Farther Finance Advisors LLC now owns 2,926 shares of the Wireless communications provider’s stock valued at $46,000 after buying an additional 759 shares during the period. Blue Trust Inc. lifted its position in shares of TELUS by 26.1% during the 2nd quarter. Blue Trust Inc. now owns 3,227 shares of the Wireless communications provider’s stock valued at $52,000 after buying an additional 667 shares during the last quarter. CWM LLC grew its stake in shares of TELUS by 169.6% during the 2nd quarter. CWM LLC now owns 3,658 shares of the Wireless communications provider’s stock worth $59,000 after acquiring an additional 2,301 shares during the period. Finally, State of Wyoming purchased a new stake in TELUS in the 2nd quarter worth about $61,000. Institutional investors own 49.40% of the company’s stock.

TELUS Stock Performance

NYSE TU opened at $13.97 on Friday. The company’s 50 day simple moving average is $13.21 and its two-hundred day simple moving average is $14.80. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.76 and a quick ratio of 0.71. TELUS Corporation has a 1 year low of $12.54 and a 1 year high of $16.74. The stock has a market capitalization of $21.62 billion, a PE ratio of 25.39, a P/E/G ratio of 2.09 and a beta of 0.66.

TELUS (NYSE:TU) (TSE:T) last released its quarterly earnings results on Friday, November 7th. The Wireless communications provider reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.02). TELUS had a net margin of 5.71% and a return on equity of 8.76%. The firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.77 billion. During the same quarter last year, the firm earned $0.28 earnings per share. The firm’s revenue for the quarter was up .1% on a year-over-year basis. Analysts predict that TELUS Corporation will post 0.71 earnings per share for the current fiscal year.

TELUS Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Thursday, December 11th were paid a $0.4184 dividend. The ex-dividend date was Thursday, December 11th. This represents a $1.67 dividend on an annualized basis and a yield of 12.0%. This is an increase from TELUS’s previous quarterly dividend of $0.30. TELUS’s dividend payout ratio is currently 216.36%.

Wall Street Analyst Weigh In

TU has been the topic of several recent research reports. Citigroup raised shares of TELUS to a “buy” rating in a report on Thursday, December 4th. BMO Capital Markets cut shares of TELUS from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 11th. Barclays reduced their price objective on shares of TELUS from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Monday, November 10th. Canaccord Genuity Group upgraded TELUS from a “hold” rating to a “buy” rating in a research report on Thursday, December 4th. Finally, National Bank Financial upgraded TELUS from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, November 19th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.17.

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.