Zacks Investment Research upgraded shares of TELUS Corporation (NYSE:TU) (TSE:T) from a hold rating to a buy rating in a research report released on Friday morning. The firm currently has $39.00 target price on the Wireless communications provider’s stock.
According to Zacks, “Over the past three months, shares of TELUS inched up 4.20% beating the Zacks categorized Diversified Communication Services' industry's growth of 1.05%. Moreover, TELUS continues to benefit from increased penetration of smartphones, higher average revenue per unit, accelerating wireless data services and growing wireline fiber optic networks. The company has also consolidated its foothold in the Internet of Things (IoT) market and is focusing on its PureFibre network business. Meanwhile, TELUS will receive about one-third of Manitoba Telecom Services (MTS) postpaid subscribers and 13 MTS retail locations from BCE. On the flip side, TELUS faces fierce competition in both the wireless and wireline segments. At the wireless segment, it competes against Rogers Communications and Bell Canada and also faces threat from small regional carriers. Cable TV operators such as Shaw Communications poses threat on the wireline side.”
TU has been the topic of several other reports. CIBC raised shares of TELUS Corporation from a sector perform rating to a sector outperform rating in a research note on Wednesday, April 5th. Canaccord Genuity reissued a buy rating and issued a $47.00 price objective on shares of TELUS Corporation in a research note on Monday, May 8th. Finally, BidaskClub raised shares of TELUS Corporation from a hold rating to a buy rating in a research note on Tuesday, June 20th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $41.33.
TELUS Corporation (NYSE:TU) traded up 0.23% during mid-day trading on Friday, hitting $35.33. 482,932 shares of the stock were exchanged. The company has a 50 day moving average price of $33.88 and a 200 day moving average price of $33.03. TELUS Corporation has a 52-week low of $30.31 and a 52-week high of $35.51. The firm has a market cap of $20.88 billion, a price-to-earnings ratio of 21.37 and a beta of 0.89.
The business also recently announced a quarterly dividend, which was paid on Tuesday, July 4th. Shareholders of record on Friday, June 9th were given a dividend of $0.4925 per share. This is a positive change from TELUS Corporation’s previous quarterly dividend of $0.37. This represents a $1.97 annualized dividend and a dividend yield of 5.58%. The ex-dividend date was Wednesday, June 7th. TELUS Corporation’s payout ratio is presently 89.02%.
Several large investors have recently modified their holdings of the company. Norges Bank acquired a new stake in TELUS Corporation during the fourth quarter valued at approximately $42,854,000. CGOV Asset Management raised its stake in TELUS Corporation by 5.3% in the first quarter. CGOV Asset Management now owns 1,737,899 shares of the Wireless communications provider’s stock valued at $75,025,000 after buying an additional 86,700 shares in the last quarter. Beutel Goodman & Co Ltd. raised its stake in TELUS Corporation by 1.3% in the first quarter. Beutel Goodman & Co Ltd. now owns 11,656,577 shares of the Wireless communications provider’s stock valued at $377,757,000 after buying an additional 151,750 shares in the last quarter. USS Investment Management Ltd raised its stake in TELUS Corporation by 1.3% in the first quarter. USS Investment Management Ltd now owns 2,312,044 shares of the Wireless communications provider’s stock valued at $75,099,000 after buying an additional 28,949 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in TELUS Corporation during the first quarter valued at approximately $363,000. Institutional investors own 52.03% of the company’s stock.
TELUS Corporation Company Profile
TELUS Corporation (TELUS) is a telecommunications company. The Company provides a range of telecommunications services and products, including wireless and wireline voice and data. Its data services include Internet protocol (IP), television (TV), hosting, managed information technology and cloud-based services, and certain healthcare solutions.
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