CIBC Asset Management Inc Sells 2,305,313 Shares of TELUS Co. (NYSE:TU)

CIBC Asset Management Inc reduced its stake in shares of TELUS Co. (NYSE:TU) (TSE:T) by 10.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 20,099,304 shares of the Wireless communications provider’s stock after selling 2,305,313 shares during the period. TELUS comprises 1.1% of CIBC Asset Management Inc’s investment portfolio, making the stock its 24th biggest position. CIBC Asset Management Inc owned approximately 1.35% of TELUS worth $338,752,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of TU. 1832 Asset Management L.P. raised its stake in shares of TELUS by 6.6% in the second quarter. 1832 Asset Management L.P. now owns 38,193,733 shares of the Wireless communications provider’s stock valued at $578,253,000 after buying an additional 2,365,753 shares during the period. Fiera Capital Corp boosted its position in TELUS by 9.9% during the second quarter. Fiera Capital Corp now owns 16,670,713 shares of the Wireless communications provider’s stock worth $252,468,000 after purchasing an additional 1,501,742 shares during the period. National Bank of Canada FI raised its position in shares of TELUS by 7.2% in the first quarter. National Bank of Canada FI now owns 21,461,769 shares of the Wireless communications provider’s stock valued at $345,330,000 after purchasing an additional 1,438,904 shares during the period. TD Asset Management Inc lifted its stake in shares of TELUS by 3.0% during the 2nd quarter. TD Asset Management Inc now owns 41,711,861 shares of the Wireless communications provider’s stock valued at $631,310,000 after buying an additional 1,208,720 shares in the last quarter. Finally, Guardian Capital LP boosted its holdings in TELUS by 27.8% in the 1st quarter. Guardian Capital LP now owns 5,486,529 shares of the Wireless communications provider’s stock worth $87,857,000 after buying an additional 1,195,035 shares during the period. Institutional investors own 49.40% of the company’s stock.

TELUS Stock Down 2.6 %

Shares of NYSE TU opened at $15.18 on Friday. The business has a 50-day moving average of $16.29 and a 200-day moving average of $16.11. The firm has a market capitalization of $22.64 billion, a price-to-earnings ratio of 32.29, a PEG ratio of 2.09 and a beta of 0.75. The company has a current ratio of 0.69, a quick ratio of 0.61 and a debt-to-equity ratio of 1.50. TELUS Co. has a 12 month low of $14.63 and a 12 month high of $19.14.

TELUS (NYSE:TU) (TSE:T) last released its earnings results on Friday, November 8th. The Wireless communications provider reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.11. The business had revenue of $5.10 billion for the quarter, compared to analysts’ expectations of $3.69 billion. TELUS had a return on equity of 8.80% and a net margin of 4.56%. The firm’s revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.19 earnings per share. Sell-side analysts expect that TELUS Co. will post 0.78 earnings per share for the current fiscal year.

TELUS Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Wednesday, December 11th will be issued a dividend of $0.297 per share. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $1.19 annualized dividend and a dividend yield of 7.83%. This is a positive change from TELUS’s previous quarterly dividend of $0.28. TELUS’s dividend payout ratio (DPR) is currently 244.69%.

Analysts Set New Price Targets

TU has been the topic of several recent research reports. Canaccord Genuity Group downgraded TELUS from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 6th. StockNews.com upgraded TELUS from a “sell” rating to a “hold” rating in a research report on Friday, September 6th. Finally, Scotiabank raised shares of TELUS from a “sector perform” rating to a “sector outperform” rating in a research note on Monday, October 28th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, TELUS currently has an average rating of “Hold” and a consensus price target of $26.00.

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.