Mackenzie Financial Corp Purchases 9,068,181 Shares of TELUS Co. (NYSE:TU)

Mackenzie Financial Corp boosted its position in TELUS Co. (NYSE:TU) (TSE:T) by 22.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 49,232,693 shares of the Wireless communications provider’s stock after acquiring an additional 9,068,181 shares during the period. TELUS accounts for 0.9% of Mackenzie Financial Corp’s investment portfolio, making the stock its 25th biggest position. Mackenzie Financial Corp’s holdings in TELUS were worth $667,840,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Avior Wealth Management LLC lifted its position in shares of TELUS by 1,756.0% in the 4th quarter. Avior Wealth Management LLC now owns 4,807 shares of the Wireless communications provider’s stock worth $65,000 after purchasing an additional 4,548 shares during the period. Optiver Holding B.V. purchased a new position in TELUS during the 4th quarter valued at about $120,000. Blueshift Asset Management LLC purchased a new position in TELUS during the 4th quarter valued at about $142,000. Triasima Portfolio Management inc. purchased a new position in TELUS during the 4th quarter valued at about $146,000. Finally, Legal & General Group Plc purchased a new position in TELUS during the 4th quarter valued at about $190,000. 49.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TU has been the topic of several analyst reports. Bank of America downgraded shares of TELUS from a “buy” rating to a “neutral” rating in a research note on Friday, March 21st. Canaccord Genuity Group upped their price objective on TELUS from $20.25 to $21.50 and gave the company a “hold” rating in a research report on Monday, May 12th. Wall Street Zen raised TELUS from a “sell” rating to a “hold” rating in a research report on Monday, February 10th. Cormark cut TELUS from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, March 4th. Finally, National Bankshares reaffirmed a “sector perform” rating on shares of TELUS in a research report on Monday, May 12th. Eight equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $21.50.

TELUS Price Performance

NYSE TU opened at $16.13 on Friday. The business’s fifty day moving average price is $14.90 and its 200-day moving average price is $14.83. The stock has a market capitalization of $24.42 billion, a price-to-earnings ratio of 32.92, a PEG ratio of 5.18 and a beta of 0.73. The company has a debt-to-equity ratio of 1.52, a current ratio of 0.68 and a quick ratio of 0.61. TELUS Co. has a 1-year low of $13.24 and a 1-year high of $17.27.

TELUS Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 2nd. Stockholders of record on Tuesday, June 10th will be issued a dividend of $0.2989 per share. This represents a $1.20 annualized dividend and a dividend yield of 7.41%. This is a boost from TELUS’s previous quarterly dividend of $0.28. The ex-dividend date is Tuesday, June 10th. TELUS’s dividend payout ratio is presently 201.75%.

TELUS Company Profile

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.