Telephone and Data Systems (NYSE:TDS) Stock Price Up 6.9% – Here’s What Happened

Telephone and Data Systems, Inc. (NYSE:TDS) shares shot up 6.9% during trading on Wednesday . The company traded as high as $36.13 and last traded at $35.9340. 265,494 shares changed hands during trading, a decline of 74% from the average daily volume of 1,013,081 shares. The stock had previously closed at $33.62.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TDS. Weiss Ratings raised shares of Telephone and Data Systems from a “hold (c-)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Citigroup decreased their price target on shares of Telephone and Data Systems from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Thursday, August 13th. Wall Street Zen upgraded shares of Telephone and Data Systems from a “sell” rating to a “hold” rating in a report on Saturday, May 30th. JPMorgan Chase & Co. reduced their price objective on shares of Telephone and Data Systems from $51.00 to $48.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 19th. Finally, Raymond James Financial cut shares of Telephone and Data Systems from an “outperform” rating to a “market perform” rating in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Telephone and Data Systems Price Performance

The company’s 50-day moving average is $34.63 and its 200-day moving average is $40.07. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.82 and a quick ratio of 3.81. The firm has a market capitalization of $4.14 billion, a price-to-earnings ratio of 11.98 and a beta of 0.34.

Telephone and Data Systems (NYSE:TDS) last issued its quarterly earnings results on Friday, August 7th. The Wireless communications provider reported $2.24 EPS for the quarter, topping the consensus estimate of $0.09 by $2.15. The firm had revenue of $309.28 million during the quarter, compared to analyst estimates of $315.78 million. Telephone and Data Systems had a net margin of 33.20% and a return on equity of 11.97%. Telephone and Data Systems’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.05) earnings per share. On average, research analysts expect that Telephone and Data Systems, Inc. will post -0.24 earnings per share for the current year.

Telephone and Data Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.16 annualized dividend and a dividend yield of 0.4%. Telephone and Data Systems’s payout ratio is currently 5.33%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. JPL Wealth Management LLC acquired a new position in Telephone and Data Systems in the third quarter valued at $33,000. Caitong International Asset Management Co. Ltd increased its stake in Telephone and Data Systems by 2,779.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,123 shares of the Wireless communications provider’s stock worth $46,000 after acquiring an additional 1,084 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Telephone and Data Systems by 29.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,085 shares of the Wireless communications provider’s stock worth $46,000 after purchasing an additional 245 shares during the period. TD Waterhouse Canada Inc. raised its holdings in shares of Telephone and Data Systems by 446.9% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 1,340 shares of the Wireless communications provider’s stock worth $50,000 after purchasing an additional 1,095 shares during the period. Finally, Nykredit A S purchased a new position in shares of Telephone and Data Systems in the 2nd quarter worth about $59,000. 80.00% of the stock is owned by hedge funds and other institutional investors.

About Telephone and Data Systems

Telephone and Data Systems, Inc (NYSE: TDS) is a diversified telecommunications company headquartered in Chicago, Illinois. Through its subsidiaries, the company provides a broad array of communications services, including wireless voice and data, wireline broadband and voice, cable television, and managed IT and cloud solutions. Its two primary operating units—TDS Telecom and U.S. Cellular—serve residential, business and wholesale customers across the United States.

TDS Telecom focuses on delivering broadband internet, digital voice, video and data communications services in primarily rural and suburban markets.