1,263,902 Shares in TELUS Corporation $TU Acquired by Purpose Unlimited Inc.

Purpose Unlimited Inc. bought a new position in TELUS Corporation (NYSE:TU) (TSE:T) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,263,902 shares of the Wireless communications provider’s stock, valued at approximately $16,660,000. TELUS makes up approximately 0.8% of Purpose Unlimited Inc.’s investment portfolio, making the stock its 27th biggest position.

Several other institutional investors have also recently added to or reduced their stakes in TU. First Trust Advisors LP raised its stake in TELUS by 11.0% during the 3rd quarter. First Trust Advisors LP now owns 7,478,636 shares of the Wireless communications provider’s stock worth $117,922,000 after buying an additional 743,471 shares during the period. Harvest Portfolios Group Inc. boosted its holdings in TELUS by 108.8% in the third quarter. Harvest Portfolios Group Inc. now owns 423,285 shares of the Wireless communications provider’s stock worth $6,667,000 after acquiring an additional 220,552 shares in the last quarter. Vanguard Group Inc. grew its stake in TELUS by 4.6% in the third quarter. Vanguard Group Inc. now owns 28,553,587 shares of the Wireless communications provider’s stock valued at $449,748,000 after acquiring an additional 1,255,029 shares during the period. TD Asset Management Inc grew its stake in TELUS by 1.5% in the third quarter. TD Asset Management Inc now owns 36,863,219 shares of the Wireless communications provider’s stock valued at $580,740,000 after acquiring an additional 550,574 shares during the period. Finally, Citigroup Inc. increased its holdings in shares of TELUS by 69.2% during the third quarter. Citigroup Inc. now owns 1,932,604 shares of the Wireless communications provider’s stock valued at $30,446,000 after acquiring an additional 790,288 shares in the last quarter. 49.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on TU. Bank of America raised TELUS from a “neutral” rating to a “buy” rating and upped their target price for the stock from $14.50 to $16.00 in a research report on Tuesday, March 10th. TD Cowen raised shares of TELUS from a “hold” rating to a “buy” rating in a research report on Tuesday, April 28th. TD Securities upgraded shares of TELUS from a “buy” rating to a “buy” rating in a research note on Tuesday, April 28th. Wall Street Zen upgraded shares of TELUS from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Weiss Ratings lowered shares of TELUS from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, April 20th. Five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $16.33.

TELUS Stock Down 0.2%

TU stock opened at $11.51 on Friday. The firm has a market capitalization of $18.12 billion, a PE ratio of 26.16, a P/E/G ratio of 11.34 and a beta of 0.61. The company has a quick ratio of 0.63, a current ratio of 0.67 and a debt-to-equity ratio of 1.59. TELUS Corporation has a twelve month low of $11.43 and a twelve month high of $16.74. The stock’s 50 day moving average is $12.28 and its 200-day moving average is $12.97.

TELUS (NYSE:TU) (TSE:T) last released its quarterly earnings results on Friday, May 8th. The Wireless communications provider reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. TELUS had a return on equity of 8.29% and a net margin of 4.54%.TELUS’s quarterly revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.26 EPS. Sell-side analysts expect that TELUS Corporation will post 0.71 EPS for the current fiscal year.

TELUS Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Wednesday, June 10th will be given a dividend of $0.4184 per share. This represents a $1.67 dividend on an annualized basis and a dividend yield of 14.5%. The ex-dividend date of this dividend is Wednesday, June 10th. TELUS’s dividend payout ratio (DPR) is presently 275.00%.

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.