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

Bank of Nova Scotia reduced its stake in TELUS Corporation (NYSE:TU) (TSE:T) by 25.5% during the third quarter, according to its most recent filing with the SEC. The fund owned 14,738,322 shares of the Wireless communications provider’s stock after selling 5,033,466 shares during the quarter. Bank of Nova Scotia’s holdings in TELUS were worth $232,162,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Parvin Asset Management LLC purchased a new stake in TELUS during the second quarter worth about $27,000. Farther Finance Advisors LLC boosted its stake in 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 acquiring an additional 759 shares during the last quarter. State of Wyoming purchased a new position in TELUS in the second quarter valued at about $61,000. Blue Trust Inc. grew its position in shares of TELUS by 23.8% during the 3rd quarter. Blue Trust Inc. now owns 3,994 shares of the Wireless communications provider’s stock valued at $63,000 after acquiring an additional 767 shares during the period. Finally, Employees Retirement System of Texas bought a new position in shares of TELUS during the 3rd quarter valued at approximately $64,000. Institutional investors own 49.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Citigroup raised shares of TELUS to a “buy” rating in a report on Thursday, December 4th. Scotiabank reissued an “outperform” rating on shares of TELUS in a report on Tuesday, February 17th. Weiss Ratings reissued a “hold (c-)” rating on shares of TELUS in a research report on Monday, December 29th. Bank of America upgraded TELUS from a “neutral” rating to a “buy” rating and boosted their target price for the company from $14.50 to $16.00 in a research note on Tuesday, March 10th. Finally, Wall Street Zen cut TELUS from a “hold” rating to a “sell” rating in a research report on Saturday, February 21st. Six equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $17.63.

TELUS Stock Performance

Shares of TU stock opened at $13.11 on Friday. The firm’s 50 day moving average is $13.66 and its 200 day moving average is $14.26. The stock has a market capitalization of $20.30 billion, a P/E ratio of 25.20, a PEG ratio of 1.96 and a beta of 0.68. TELUS Corporation has a 12 month low of $12.54 and a 12 month high of $16.74. The company has a current ratio of 0.86, a quick ratio of 0.81 and a debt-to-equity ratio of 1.65.

TELUS (NYSE:TU) (TSE:T) last released its quarterly earnings data on Thursday, February 12th. The Wireless communications provider reported $0.15 earnings per share 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 business had revenue of $3.83 billion during the quarter, compared to analysts’ expectations of $3.85 billion. During the same quarter in the prior year, the firm posted $0.25 earnings per share. On average, sell-side analysts anticipate that TELUS Corporation will post 0.71 earnings per share for the current year.

TELUS Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Wednesday, March 11th will be given a $0.4184 dividend. The ex-dividend date is Wednesday, March 11th. This represents a $1.67 annualized dividend and a dividend yield of 12.8%. TELUS’s payout ratio 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.