424,604 Shares in TELUS Corporation $TU Purchased by PDT Partners LLC

PDT Partners LLC purchased a new stake in shares of TELUS Corporation (NYSE:TU) (TSE:T) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 424,604 shares of the Wireless communications provider’s stock, valued at approximately $4,488,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TU. Bank of Nova Scotia boosted its position in shares of TELUS by 20.4% during the first quarter. Bank of Nova Scotia now owns 21,108,090 shares of the Wireless communications provider’s stock valued at $271,237,000 after buying an additional 3,571,734 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of TELUS by 21.5% in the first quarter. The Manufacturers Life Insurance Company now owns 24,075,122 shares of the Wireless communications provider’s stock worth $309,159,000 after buying an additional 4,258,557 shares during the period. K.J. Harrison & Partners Inc raised its holdings in shares of TELUS by 307.9% in the fourth quarter. K.J. Harrison & Partners Inc now owns 222,192 shares of the Wireless communications provider’s stock worth $2,933,000 after buying an additional 167,714 shares during the period. Alberta Investment Management Corp bought a new stake in shares of TELUS during the 2nd quarter worth approximately $4,466,000. Finally, Quantinno Capital Management LP lifted its stake in shares of TELUS by 51.4% during the 1st quarter. Quantinno Capital Management LP now owns 360,212 shares of the Wireless communications provider’s stock worth $4,620,000 after acquiring an additional 122,274 shares during the last quarter. 49.40% of the stock is owned by hedge funds and other institutional investors.

TELUS Stock Down 0.2%

Shares of NYSE TU opened at $9.81 on Wednesday. TELUS Corporation has a 52-week low of $9.20 and a 52-week high of $16.65. The firm has a market capitalization of $15.45 billion, a price-to-earnings ratio of -23.94, a PEG ratio of 9.65 and a beta of 0.64. The stock has a 50 day moving average price of $10.33 and a 200 day moving average price of $11.97. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.62 and a current ratio of 0.67.

TELUS (NYSE:TU) (TSE:T) last released its quarterly earnings data on Friday, July 31st. The Wireless communications provider reported $0.12 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.04). The firm had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.55 billion. TELUS had a positive return on equity of 8.01% and a negative net margin of 4.51%. Sell-side analysts expect that TELUS Corporation will post 0.57 earnings per share for the current year.

TELUS Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Thursday, September 10th will be issued a $0.1875 dividend. This represents a $0.75 annualized dividend and a yield of 7.6%. The ex-dividend date of this dividend is Thursday, September 10th. TELUS’s payout ratio is currently -295.12%.

Wall Street Analyst Weigh In

TU has been the topic of several research analyst reports. Barclays set a $11.00 price objective on TELUS and gave the company an “equal weight” rating in a research report on Tuesday, August 4th. Morgan Stanley downgraded TELUS to an “underweight” rating in a research report on Tuesday, July 21st. Raymond James Financial began coverage on shares of TELUS in a research note on Wednesday, July 15th. They set a “market perform” rating for the company. Desjardins cut shares of TELUS from a “moderate buy” rating to a “hold” rating in a report on Tuesday, August 4th. Finally, Royal Bank Of Canada downgraded shares of TELUS from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, August 4th. 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $15.33.

About TELUS

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.