Canaccord Genuity Group Forecasts Strong Price Appreciation for TELUS (NYSE:TU) Stock

TELUS (NYSE:TU) (TSE:T) had its target price increased by stock analysts at Canaccord Genuity Group from $20.25 to $21.50 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “hold” rating on the Wireless communications provider’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 34.92% from the company’s current price.

TU has been the subject of a number of other reports. Bank of America cut shares of TELUS from a “buy” rating to a “neutral” rating in a research report on Friday, March 21st. StockNews.com raised shares of TELUS from a “sell” rating to a “hold” rating in a research note on Monday, February 10th. Finally, Cormark cut TELUS from a “moderate buy” rating to a “hold” rating in a report on Tuesday, March 4th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, TELUS has a consensus rating of “Hold” and an average target price of $21.50.

TELUS Stock Performance

TU stock traded down $0.06 during midday trading on Monday, reaching $15.94. The stock had a trading volume of 2,810,961 shares, compared to its average volume of 2,894,345. The firm has a fifty day simple moving average of $14.80 and a two-hundred day simple moving average of $14.82. TELUS has a 52-week low of $13.24 and a 52-week high of $17.27. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.61 and a current ratio of 0.68. The stock has a market cap of $24.13 billion, a PE ratio of 32.52, a P/E/G ratio of 5.18 and a beta of 0.73.

TELUS (NYSE:TU) (TSE:T) last announced its quarterly earnings results on Thursday, February 13th. The Wireless communications provider reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The company had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $3.64 billion. TELUS had a return on equity of 9.07% and a net margin of 4.85%. During the same period in the previous year, the company posted $0.10 earnings per share. As a group, equities research analysts anticipate that TELUS will post 0.71 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. PCJ Investment Counsel Ltd. acquired a new position in TELUS during the first quarter worth about $1,368,000. Maryland State Retirement & Pension System lifted its stake in shares of TELUS by 59.5% during the first quarter. Maryland State Retirement & Pension System now owns 140,671 shares of the Wireless communications provider’s stock valued at $2,017,000 after buying an additional 52,491 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of TELUS by 9.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,817,792 shares of the Wireless communications provider’s stock valued at $26,069,000 after purchasing an additional 151,241 shares during the period. Vanguard Group Inc. lifted its holdings in shares of TELUS by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 26,185,917 shares of the Wireless communications provider’s stock worth $375,585,000 after acquiring an additional 384,510 shares during the period. Finally, Scotia Capital Inc. boosted its holdings in shares of TELUS by 4.7% in the 1st quarter. Scotia Capital Inc. now owns 18,553,552 shares of the Wireless communications provider’s stock valued at $266,146,000 after purchasing an additional 831,282 shares during the last quarter. 49.40% of the stock is currently owned by institutional investors and hedge funds.

About TELUS

TELUS Corporation, together with its subsidiaries, provides a range of telecommunications and information technology products and services in Canada. It operates through Technology Solutions and Digitally-Led Customer Experiences segments. The Technology Solutions segment offers a range of telecommunications products and services; network services; healthcare services; mobile technologies equipment; data services, such as internet protocol; television; hosting, managed information technology, and cloud-based services; software, data management, and data analytics-driven smart food-chain and consumer goods technologies; home and business security; healthcare software and technology solutions; and voice and other telecommunications services, as well as mobile and fixed voice and data telecommunications services and products.