Norges Bank Invests $83.71 Million in TELUS Corporation $TU

Norges Bank acquired a new position in shares of TELUS Corporation (NYSE:TU) (TSE:T) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 6,351,036 shares of the Wireless communications provider’s stock, valued at approximately $83,707,000. Norges Bank owned approximately 0.41% of TELUS as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in TU. Arrowstreet Capital Limited Partnership grew its position in shares of TELUS by 40.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 9,033,455 shares of the Wireless communications provider’s stock worth $142,387,000 after buying an additional 2,583,074 shares in the last quarter. Fiera Capital Corp grew its position in shares of TELUS by 10.7% during the third quarter. Fiera Capital Corp now owns 17,867,796 shares of the Wireless communications provider’s stock worth $281,326,000 after buying an additional 1,725,982 shares in the last quarter. Vanguard Group Inc. grew its position in shares of TELUS by 4.6% during the third quarter. Vanguard Group Inc. now owns 28,553,587 shares of the Wireless communications provider’s stock worth $449,748,000 after buying an additional 1,255,029 shares in the last quarter. Scotia Capital Inc. grew its position in shares of TELUS by 4.5% during the third quarter. Scotia Capital Inc. now owns 19,687,766 shares of the Wireless communications provider’s stock worth $310,129,000 after buying an additional 845,682 shares in the last quarter. Finally, Jane Street Group LLC grew its position in shares of TELUS by 123.5% during the second quarter. Jane Street Group LLC now owns 151,059 shares of the Wireless communications provider’s stock worth $2,426,000 after buying an additional 792,690 shares in the last quarter. 49.40% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TU. Canaccord Genuity Group downgraded TELUS from a “buy” rating to a “hold” rating in a research report on Thursday, April 9th. TD Cowen raised TELUS from a “hold” rating to a “buy” rating in a research report on Tuesday, April 28th. Bank of America raised TELUS from a “neutral” rating to a “buy” rating and raised their target price for the stock from $14.50 to $16.00 in a research report on Tuesday, March 10th. Scotiabank lowered TELUS from an “outperform” rating to a “sector perform” rating in a research report on Friday, April 10th. Finally, Wall Street Zen raised TELUS from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Five analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $16.33.

TELUS Trading Up 0.4%

NYSE:TU opened at $12.33 on Friday. The firm has a market cap of $19.40 billion, a P/E ratio of 28.01, a PEG ratio of 12.07 and a beta of 0.61. The company has a current ratio of 0.67, a quick ratio of 0.63 and a debt-to-equity ratio of 1.59. The stock’s 50 day simple moving average is $12.47 and its 200-day simple moving average is $13.08. TELUS Corporation has a 12-month low of $11.69 and a 12-month high of $16.74.

TELUS (NYSE:TU) (TSE:T) last released its earnings results on Friday, May 8th. The Wireless communications provider reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01. The business had revenue of $3.60 billion for 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%.The company’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 earnings per share. Equities analysts anticipate that TELUS Corporation will post 0.71 EPS for the current year.

TELUS Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 10th will be issued 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 payout ratio is presently 279.55%.

TELUS Company Profile

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.