Harvest Portfolios Group Inc. Has $11.92 Million Stock Position in TELUS Corporation $TU

Harvest Portfolios Group Inc. boosted its position in shares of TELUS Corporation (NYSE:TU) (TSE:T) by 113.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 904,369 shares of the Wireless communications provider’s stock after purchasing an additional 481,084 shares during the period. Harvest Portfolios Group Inc. owned 0.06% of TELUS worth $11,919,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in TU. Flagship Harbor Advisors LLC acquired a new stake in shares of TELUS in the fourth quarter worth about $33,000. State of Wyoming acquired a new stake in shares of TELUS in the second quarter worth about $61,000. Employees Retirement System of Texas acquired a new stake in shares of TELUS in the third quarter worth about $64,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of 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 last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of TELUS by 67.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,698 shares of the Wireless communications provider’s stock worth $140,000 after purchasing an additional 3,510 shares during the last quarter. Institutional investors and hedge funds own 49.40% of the company’s stock.

TELUS Trading Up 0.2%

TU stock opened at $12.33 on Wednesday. TELUS Corporation has a 1-year low of $11.69 and a 1-year high of $16.74. The firm has a market cap of $19.09 billion, a P/E ratio of 28.01, a P/E/G ratio of 12.14 and a beta of 0.61. The business’s 50 day moving average is $12.69 and its 200-day moving average is $13.27. The company has a current ratio of 0.67, a quick ratio of 0.63 and a debt-to-equity ratio of 1.59.

TELUS (NYSE:TU) (TSE:T) last announced its earnings results on Friday, May 8th. The Wireless communications provider reported $0.17 EPS for the quarter, topping the consensus estimate of $0.16 by $0.01. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. TELUS had a return on equity of 8.29% and a net margin of 4.54%.TELUS’s revenue was down .6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.26 EPS. Equities analysts anticipate that TELUS Corporation will post 0.7 earnings per share for the current fiscal year.

TELUS Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 10th will be paid a $0.4184 dividend. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a $1.67 dividend on an annualized basis and a dividend yield of 13.6%. TELUS’s dividend payout ratio is 279.55%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on TU. TD Cowen raised TELUS from a “hold” rating to a “buy” rating in a research report on Tuesday, April 28th. Wall Street Zen raised TELUS from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. TD Securities raised TELUS from a “buy” rating to a “buy” rating in a research report on Tuesday, April 28th. Canaccord Genuity Group cut TELUS from a “buy” rating to a “hold” rating in a research report on Thursday, April 9th. Finally, Scotiabank cut TELUS from an “outperform” rating to a “sector perform” rating in a research report on Friday, April 10th. Five investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $16.33.

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.