Bank of Nova Scotia Purchases 298,363 Shares of TELUS Corporation (TU)
Bank of Nova Scotia lifted its position in TELUS Corporation (NYSE:TU) (TSE:T) by 10.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,274,950 shares of the Wireless communications provider’s stock after buying an additional 298,363 shares during the quarter. TELUS Corporation comprises 0.6% of Bank of Nova Scotia’s investment portfolio, making the stock its 29th largest holding. Bank of Nova Scotia owned 0.55% of TELUS Corporation worth $114,104,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. PNC Financial Services Group Inc. grew its stake in shares of TELUS Corporation by 237.7% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,782 shares of the Wireless communications provider’s stock valued at $130,000 after buying an additional 2,662 shares in the last quarter. Chicago Partners Investment Group LLC bought a new stake in shares of TELUS Corporation in the 2nd quarter valued at approximately $156,000. Perkins Coie Trust Co bought a new stake in shares of TELUS Corporation in the 2nd quarter valued at approximately $173,000. Kassirer Asset Management Corp bought a new stake in shares of TELUS Corporation in the 2nd quarter valued at approximately $209,000. Finally, Wells Fargo & Company MN grew its stake in shares of TELUS Corporation by 38.9% in the 2nd quarter. Wells Fargo & Company MN now owns 6,544 shares of the Wireless communications provider’s stock valued at $226,000 after buying an additional 1,833 shares in the last quarter. 50.82% of the stock is owned by institutional investors and hedge funds.
Shares of TELUS Corporation (NYSE TU) remained flat at $35.87 during midday trading on Tuesday. The company had a trading volume of 158,551 shares. TELUS Corporation has a 1-year low of $30.31 and a 1-year high of $36.94. The stock has a 50 day moving average of $35.99 and a 200-day moving average of $34.62. The company has a market capitalization of $21.31 billion, a price-to-earnings ratio of 20.87 and a beta of 0.89.
TELUS Corporation (NYSE:TU) (TSE:T) last posted its quarterly earnings results on Friday, August 11th. The Wireless communications provider reported $0.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.05). The company had revenue of $3.27 billion during 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 quarter in the prior year, the business earned $0.70 earnings per share. Equities research analysts anticipate that TELUS Corporation will post $2.13 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 8th were paid a $0.3884 dividend. The ex-dividend date was Thursday, September 7th. This represents a $1.55 dividend on an annualized basis and a yield of 4.33%. TELUS Corporation’s dividend payout ratio is 100.00%.
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Several equities research analysts recently commented on TU shares. BidaskClub raised TELUS Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 20th. Zacks Investment Research raised TELUS Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. BMO Capital Markets upped their target price on TELUS Corporation from $46.00 to $47.00 and gave the stock an “outperform” rating in a research report on Monday, August 14th. Finally, Barclays PLC upped their target price on TELUS Corporation from $38.00 to $41.00 and gave the stock an “overweight” rating in a research report on Monday, August 14th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $43.50.
TELUS Corporation 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.
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