Zacks Investment Research upgraded shares of TELUS Corporation (NYSE:TU) (TSE:T) from a sell rating to a hold rating in a research note published on Tuesday morning.
According to Zacks, “Over the past three months, shares of TELUS inched up 4.43% beating the Zacks categorized Diversified Communication Services' industry's growth of 0.34%. TELUS is benefitting from increased penetration of smartphones, higher average revenue per unit, accelerating wireless data services and an increasing number of wireline fiber optic networks. The company has also consolidated its foothold in the Internet of Things (IoT) market and is focusing on its PureFibre network business. On the flip side, TELUS faces fierce competition in both the wireless and wireline segments. At the wireless segment, it competes against Rogers Communications and Bell Canada and also faces threat from small regional carriers. Cable TV operators such as Shaw Communications poses threat on the wireline side.”
A number of other brokerages also recently commented on TU. BidaskClub upgraded TELUS Corporation from a hold rating to a buy rating in a research note on Tuesday, June 20th. CIBC upgraded TELUS Corporation from a sector perform rating to a sector outperform rating in a research note on Wednesday, April 5th. Finally, Canaccord Genuity restated a buy rating and issued a $47.00 target price on shares of TELUS Corporation in a research note on Monday, May 8th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $42.50.
TELUS Corporation (NYSE TU) opened at 34.66 on Tuesday. The stock has a market capitalization of $20.48 billion, a PE ratio of 20.97 and a beta of 0.89. TELUS Corporation has a 52-week low of $30.31 and a 52-week high of $34.84. The stock’s 50 day moving average price is $33.88 and its 200-day moving average price is $33.03.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 4th. Shareholders of record on Friday, June 9th were given a dividend of $0.4925 per share. The ex-dividend date was Wednesday, June 7th. This represents a $1.97 dividend on an annualized basis and a yield of 5.68%. This is an increase from TELUS Corporation’s previous quarterly dividend of $0.37. TELUS Corporation’s dividend payout ratio is currently 89.02%.
A number of institutional investors have recently modified their holdings of TU. Comerica Bank increased its position in shares of TELUS Corporation by 11.1% in the fourth quarter. Comerica Bank now owns 33,594 shares of the Wireless communications provider’s stock worth $1,130,000 after buying an additional 3,369 shares in the last quarter. Credit Agricole S A increased its position in shares of TELUS Corporation by 2.5% in the fourth quarter. Credit Agricole S A now owns 78,318 shares of the Wireless communications provider’s stock worth $2,495,000 after buying an additional 1,890 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of TELUS Corporation by 14.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 19,218 shares of the Wireless communications provider’s stock worth $612,000 after buying an additional 2,457 shares in the last quarter. A.R.T. Advisors LLC acquired a new position in shares of TELUS Corporation during the fourth quarter worth about $321,000. Finally, Numeric Investors LLC increased its position in shares of TELUS Corporation by 14.3% in the fourth quarter. Numeric Investors LLC now owns 92,500 shares of the Wireless communications provider’s stock worth $2,949,000 after buying an additional 11,600 shares in the last quarter. Institutional investors own 52.86% of the company’s stock.
About TELUS Corporation
TELUS Corporation (TELUS) is a telecommunications company. The Company provides a range of telecommunications services and products, including wireless and wireline voice and data. Its data services include Internet protocol (IP), television (TV), hosting, managed information technology and cloud-based services, and certain healthcare solutions.
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