Pinnacle Associates Ltd. Sells 76,364 Shares of Telephone and Data Systems, Inc. $TDS

Pinnacle Associates Ltd. lessened its holdings in Telephone and Data Systems, Inc. (NYSE:TDS) by 25.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 220,619 shares of the Wireless communications provider’s stock after selling 76,364 shares during the period. Pinnacle Associates Ltd.’s holdings in Telephone and Data Systems were worth $8,657,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of TDS. Bessemer Group Inc. lifted its position in Telephone and Data Systems by 65.6% during the third quarter. Bessemer Group Inc. now owns 699 shares of the Wireless communications provider’s stock valued at $28,000 after purchasing an additional 277 shares during the last quarter. Jones Financial Companies Lllp grew its stake in shares of Telephone and Data Systems by 121.3% in the 3rd quarter. Jones Financial Companies Lllp now owns 830 shares of the Wireless communications provider’s stock worth $31,000 after buying an additional 455 shares in the last quarter. Assetmark Inc. increased its holdings in shares of Telephone and Data Systems by 53.1% in the 2nd quarter. Assetmark Inc. now owns 1,297 shares of the Wireless communications provider’s stock worth $46,000 after buying an additional 450 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Telephone and Data Systems by 191.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,311 shares of the Wireless communications provider’s stock valued at $47,000 after buying an additional 861 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd raised its position in shares of Telephone and Data Systems by 48.4% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 2,402 shares of the Wireless communications provider’s stock valued at $94,000 after buying an additional 783 shares in the last quarter. Hedge funds and other institutional investors own 80.00% of the company’s stock.

Telephone and Data Systems Price Performance

Telephone and Data Systems stock opened at $44.87 on Tuesday. Telephone and Data Systems, Inc. has a 12-month low of $31.07 and a 12-month high of $47.79. The company has a current ratio of 2.10, a quick ratio of 2.09 and a debt-to-equity ratio of 0.20. The firm has a 50-day moving average price of $44.28 and a 200-day moving average price of $40.79. The firm has a market capitalization of $5.16 billion, a PE ratio of -69.03 and a beta of 0.34.

Telephone and Data Systems (NYSE:TDS) last issued its quarterly earnings results on Friday, February 20th. The Wireless communications provider reported $0.32 EPS for the quarter, beating the consensus estimate of $0.09 by $0.23. Telephone and Data Systems had a negative net margin of 0.21% and a positive return on equity of 2.25%. The company had revenue of $330.71 million for the quarter, compared to the consensus estimate of $319.28 million. During the same period in the prior year, the firm posted ($0.10) EPS. The firm’s revenue was up 12.0% compared to the same quarter last year. As a group, equities research analysts forecast that Telephone and Data Systems, Inc. will post -0.31 EPS for the current year.

Telephone and Data Systems Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.4%. Telephone and Data Systems’s dividend payout ratio is currently -24.62%.

Wall Street Analysts Forecast Growth

TDS has been the subject of a number of analyst reports. Zacks Research downgraded shares of Telephone and Data Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 1st. Citigroup upped their price objective on Telephone and Data Systems from $51.00 to $56.00 and gave the company a “buy” rating in a research report on Monday, February 23rd. Weiss Ratings raised Telephone and Data Systems from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, February 24th. Finally, Wall Street Zen cut Telephone and Data Systems from a “hold” rating to a “sell” rating in a report on Sunday, March 1st. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Telephone and Data Systems has an average rating of “Moderate Buy” and an average price target of $53.33.

Telephone and Data Systems Company Profile

Telephone and Data Systems, Inc (NYSE: TDS) is a diversified telecommunications company headquartered in Chicago, Illinois. Through its subsidiaries, the company provides a broad array of communications services, including wireless voice and data, wireline broadband and voice, cable television, and managed IT and cloud solutions. Its two primary operating units—TDS Telecom and U.S. Cellular—serve residential, business and wholesale customers across the United States.

TDS Telecom focuses on delivering broadband internet, digital voice, video and data communications services in primarily rural and suburban markets.