TELUS Corporation (NYSE:TU) (TSE:T) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

According to Zacks, “Over the past three months, shares of TELUS inched up 6.5% beating the industry's growth of 2.9%. Buyout of Voxpro will expand TELUS International's U.S. track. Moreover, TELUS continues to benefit from increased penetration of smartphones, higher average revenue per unit, accelerating wireless data services and growing wireline fiber optic networks. The company has consolidated its foothold in the Internet of Things (IoT) market and is focusing on its PureFibre network business. Meanwhile, TELUS will receive about one-third of Manitoba Telecom Services (MTS) postpaid subscribers and 13 MTS retail locations from BCE. 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 pose threat on the wireline side.”

TU has been the subject of several other reports. BidaskClub raised TELUS Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 20th. Barclays PLC upped their target price on TELUS Corporation from $38.00 to $41.00 and gave the company an “overweight” rating in a report on Monday, August 14th. Finally, BMO Capital Markets upped their target price on TELUS Corporation from $46.00 to $47.00 and gave the company an “outperform” rating in a report on Monday, August 14th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $43.50.

Shares of TELUS Corporation (NYSE:TU) opened at 35.97 on Tuesday. The stock has a 50 day moving average price of $35.96 and a 200 day moving average price of $34.08. TELUS Corporation has a 12-month low of $30.31 and a 12-month high of $36.94. The firm has a market capitalization of $21.37 billion, a PE ratio of 21.84 and a beta of 0.89.

TELUS Corporation (NYSE:TU) (TSE:T) last posted its earnings results on Friday, August 11th. The Wireless communications provider reported $0.51 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.05). The company had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.26 billion. TELUS Corporation had a net margin of 9.55% and a return on equity of 18.75%. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period last year, the company posted $0.70 earnings per share. Analysts predict that TELUS Corporation will post $2.21 EPS for the current fiscal year.

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Several hedge funds and other institutional investors have recently modified their holdings of TU. Franklin Resources Inc. boosted its position in shares of TELUS Corporation by 73.8% during the second quarter. Franklin Resources Inc. now owns 6,976,282 shares of the Wireless communications provider’s stock worth $240,943,000 after buying an additional 2,963,432 shares during the period. Great West Life Assurance Co. Can boosted its position in shares of TELUS Corporation by 12.1% during the second quarter. Great West Life Assurance Co. Can now owns 7,486,696 shares of the Wireless communications provider’s stock worth $257,825,000 after buying an additional 806,613 shares during the period. Renaissance Technologies LLC boosted its position in shares of TELUS Corporation by 22.9% during the first quarter. Renaissance Technologies LLC now owns 4,216,748 shares of the Wireless communications provider’s stock worth $136,967,000 after buying an additional 786,148 shares during the period. Fiera Capital Corp boosted its position in shares of TELUS Corporation by 34.6% during the second quarter. Fiera Capital Corp now owns 3,038,791 shares of the Wireless communications provider’s stock worth $104,724,000 after buying an additional 781,503 shares during the period. Finally, Swiss National Bank boosted its position in shares of TELUS Corporation by 1,203.4% during the second quarter. Swiss National Bank now owns 762,500 shares of the Wireless communications provider’s stock worth $26,305,000 after buying an additional 704,000 shares during the period. Institutional investors and hedge funds own 51.05% of the company’s stock.

TELUS Corporation Company Profile

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.

Analyst Recommendations for TELUS Corporation (NYSE:TU)

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