Jupiter Topco LLC Makes New Investment in TELUS Corporation $TU

Jupiter Topco LLC purchased a new position in shares of TELUS Corporation (NYSE:TU) (TSE:T) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 6,470,414 shares of the Wireless communications provider’s stock, valued at approximately $68,500,000.

Other hedge funds have also made changes to their positions in the company. Bank of Nova Scotia bought a new position in shares of TELUS in the 2nd quarter valued at approximately $255,178,000. FIL Ltd lifted its holdings in TELUS by 112.9% in the 4th quarter. FIL Ltd now owns 30,300,204 shares of the Wireless communications provider’s stock worth $399,352,000 after purchasing an additional 16,066,539 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in TELUS by 258.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 19,816,565 shares of the Wireless communications provider’s stock worth $261,727,000 after purchasing an additional 14,285,486 shares during the period. The Manufacturers Life Insurance Company acquired a new position in TELUS during the second quarter valued at approximately $100,492,000. Finally, Norges Bank acquired a new position in TELUS during the fourth quarter valued at approximately $83,707,000. Institutional investors and hedge funds own 49.40% of the company’s stock.

Wall Street Analyst Weigh In

TU has been the subject of a number of analyst reports. Royal Bank Of Canada cut shares of TELUS from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, August 4th. Raymond James Financial assumed coverage on shares of TELUS in a research note on Wednesday, July 15th. They issued a “market perform” rating on the stock. National Bank Financial lowered shares of TELUS from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, August 4th. Desjardins cut shares of TELUS from a “moderate buy” rating to a “hold” rating in a report on Tuesday, August 4th. Finally, Wall Street Zen cut shares of TELUS from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Three investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $15.33.

TELUS Stock Performance

NYSE TU opened at $9.76 on Friday. The firm has a market cap of $15.36 billion, a price-to-earnings ratio of -23.80, a PEG ratio of 9.53 and a beta of 0.64. The company has a 50 day moving average of $10.26 and a 200-day moving average of $11.91. The company has a current ratio of 0.67, a quick ratio of 0.62 and a debt-to-equity ratio of 1.88. TELUS Corporation has a 1-year low of $9.20 and a 1-year high of $16.65.

TELUS (NYSE:TU) (TSE:T) last issued its quarterly earnings results on Friday, July 31st. The Wireless communications provider reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.04). TELUS had a positive return on equity of 8.01% and a negative net margin of 4.51%.The company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.55 billion. On average, equities analysts forecast that TELUS Corporation will post 0.57 earnings per share for the current fiscal year.

TELUS Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Thursday, September 10th will be given a dividend of $0.1875 per share. The ex-dividend date is Thursday, September 10th. This represents a $0.75 annualized dividend and a dividend yield of 7.7%. TELUS’s payout ratio is presently -295.12%.

TELUS Profile

TELUS Corporation (NYSE: TU) is a Canadian telecommunications and technology company headquartered in Vancouver, British Columbia. It delivers a broad portfolio of consumer and business communications services across Canada, including mobile wireless, fixed-line voice, broadband internet, and television. TELUS also provides a range of enterprise services such as cloud and IT solutions, managed network services, cybersecurity and Internet of Things (IoT) offerings for business customers.

Beyond core connectivity, TELUS has expanded into health and digital services.