CIBC Asset Management Inc Has $245.03 Million Stock Position in TELUS Corporation $TU

CIBC Asset Management Inc decreased its stake in shares of TELUS Corporation (NYSE:TU) (TSE:T) by 1.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,556,334 shares of the Wireless communications provider’s stock after selling 208,620 shares during the period. CIBC Asset Management Inc owned 1.20% of TELUS worth $245,026,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TU. Norges Bank acquired a new position in TELUS during the 4th quarter worth about $83,707,000. Arrowstreet Capital Limited Partnership lifted its position in TELUS by 40.0% during the 3rd 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 lifted its position in TELUS by 10.7% during the 3rd 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. lifted its holdings in TELUS by 4.6% during the 3rd 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. Finally, BNP Paribas Financial Markets lifted its holdings in TELUS by 479.4% during the 4th quarter. BNP Paribas Financial Markets now owns 1,176,400 shares of the Wireless communications provider’s stock worth $15,493,000 after buying an additional 973,375 shares in the last quarter. Institutional investors and hedge funds own 49.40% of the company’s stock.

TELUS Stock Performance

TELUS stock opened at $12.56 on Wednesday. The company has a current ratio of 0.67, a quick ratio of 0.63 and a debt-to-equity ratio of 1.59. TELUS Corporation has a 1 year low of $11.69 and a 1 year high of $16.74. The company has a market cap of $19.76 billion, a PE ratio of 28.54, a PEG ratio of 12.33 and a beta of 0.61. The company’s 50-day moving average is $12.53 and its two-hundred day moving average is $13.13.

TELUS (NYSE:TU) (TSE:T) last posted its quarterly earnings results on Friday, May 8th. The Wireless communications provider reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. TELUS had a return on equity of 8.29% and a net margin of 4.54%.The firm’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.26 EPS. Equities analysts anticipate that TELUS Corporation will post 0.71 earnings per share for the current year.

TELUS Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Wednesday, June 10th will be paid 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 13.3%. TELUS’s dividend payout ratio is 279.55%.

Analysts Set New Price Targets

Several research analysts have issued reports on TU shares. TD Securities raised TELUS from a “buy” rating to a “buy” rating in a report on Tuesday, April 28th. Bank of America raised TELUS from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $14.50 to $16.00 in a report on Tuesday, March 10th. Weiss Ratings downgraded TELUS from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, April 20th. TD Cowen raised TELUS from a “hold” rating to a “buy” rating in a report on Tuesday, April 28th. Finally, Scotiabank downgraded shares of TELUS from an “outperform” rating to a “sector perform” rating in a research report on Friday, April 10th. Five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $16.33.

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.