JPMorgan Chase & Co. Cuts Position in TELUS Corporation $TU

JPMorgan Chase & Co. cut its position in TELUS Corporation (NYSE:TU) (TSE:T) by 13.0% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,750,815 shares of the Wireless communications provider’s stock after selling 562,268 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.25% of TELUS worth $60,238,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of TU. Blue Trust Inc. raised its stake in shares of TELUS by 26.1% during the 2nd quarter. Blue Trust Inc. now owns 3,227 shares of the Wireless communications provider’s stock worth $52,000 after acquiring an additional 667 shares in the last quarter. CWM LLC raised its stake in TELUS by 169.6% in the second quarter. CWM LLC now owns 3,658 shares of the Wireless communications provider’s stock valued at $59,000 after buying an additional 2,301 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in TELUS in the first quarter worth about $134,000. Golden State Equity Partners purchased a new stake in shares of TELUS during the second quarter worth about $161,000. Finally, Private Advisor Group LLC increased its holdings in shares of TELUS by 13.7% during the first quarter. Private Advisor Group LLC now owns 13,190 shares of the Wireless communications provider’s stock valued at $189,000 after acquiring an additional 1,590 shares in the last quarter. 49.40% of the stock is owned by hedge funds and other institutional investors.

TELUS Stock Performance

Shares of TU stock opened at $13.13 on Friday. TELUS Corporation has a 52-week low of $12.87 and a 52-week high of $16.74. The company has a quick ratio of 0.71, a current ratio of 0.76 and a debt-to-equity ratio of 1.47. The stock has a market cap of $20.15 billion, a PE ratio of 23.87, a price-to-earnings-growth ratio of 6.80 and a beta of 0.71. The business has a 50-day simple moving average of $14.78 and a 200-day simple moving average of $15.71.

TELUS (NYSE:TU) (TSE:T) last announced its quarterly earnings results on Friday, November 7th. The Wireless communications provider reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.02). TELUS had a net margin of 5.71% and a return on equity of 8.76%. The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.77 billion. During the same period in the previous year, the firm posted $0.28 earnings per share. The company’s revenue was up .1% compared to the same quarter last year. On average, equities analysts expect that TELUS Corporation will post 0.71 EPS for the current year.

TELUS Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Thursday, December 11th will be issued a $0.4184 dividend. The ex-dividend date of this dividend is Thursday, December 11th. This is an increase from TELUS’s previous quarterly dividend of $0.30. This represents a $1.67 annualized dividend and a yield of 12.7%. TELUS’s dividend payout ratio is 220.00%.

Wall Street Analyst Weigh In

A number of analysts recently commented on TU shares. Weiss Ratings reiterated a “hold (c)” rating on shares of TELUS in a research note on Tuesday. Barclays dropped their price objective on shares of TELUS from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Monday, November 10th. Natl Bk Canada upgraded TELUS from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 25th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $19.00 price target (down previously from $22.00) on shares of TELUS in a research note on Tuesday, November 18th. Finally, National Bank Financial upgraded TELUS from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, November 19th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, TELUS currently has an average rating of “Hold” and an average price target of $18.17.

TELUS Profile

TELUS Corporation, together with its subsidiaries, provides a range of telecommunications and information technology products and services in Canada. It operates through Technology Solutions and Digitally-Led Customer Experiences segments. The Technology Solutions segment offers a range of telecommunications products and services; network services; healthcare services; mobile technologies equipment; data services, such as internet protocol; television; hosting, managed information technology, and cloud-based services; software, data management, and data analytics-driven smart food-chain and consumer goods technologies; home and business security; healthcare software and technology solutions; and voice and other telecommunications services, as well as mobile and fixed voice and data telecommunications services and products.