Cardinal Capital Management Inc. Raises Stock Holdings in TELUS Co. (NYSE:TU)

Cardinal Capital Management Inc. increased its stake in shares of TELUS Co. (NYSE:TU) (TSE:T) by 1.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 381,871 shares of the Wireless communications provider’s stock after purchasing an additional 6,780 shares during the quarter. Cardinal Capital Management Inc.’s holdings in TELUS were worth $5,479,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in TU. Ameriprise Financial Inc. boosted its holdings in TELUS by 25.6% in the fourth quarter. Ameriprise Financial Inc. now owns 528,246 shares of the Wireless communications provider’s stock worth $7,249,000 after acquiring an additional 107,806 shares in the last quarter. American Century Companies Inc. boosted its holdings in TELUS by 4.6% in the fourth quarter. American Century Companies Inc. now owns 119,665 shares of the Wireless communications provider’s stock worth $1,623,000 after acquiring an additional 5,286 shares in the last quarter. Northern Trust Corp boosted its holdings in TELUS by 41.9% in the fourth quarter. Northern Trust Corp now owns 779,525 shares of the Wireless communications provider’s stock worth $10,570,000 after acquiring an additional 230,234 shares in the last quarter. LPL Financial LLC boosted its holdings in TELUS by 2.7% in the fourth quarter. LPL Financial LLC now owns 279,527 shares of the Wireless communications provider’s stock worth $3,790,000 after acquiring an additional 7,447 shares in the last quarter. Finally, Legal & General Group Plc acquired a new stake in TELUS in the fourth quarter worth about $190,000. 49.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TU. Canaccord Genuity Group raised their price objective on TELUS from $20.25 to $21.50 and gave the stock a “hold” rating in a research note on Monday, May 12th. National Bankshares restated a “sector perform” rating on shares of TELUS in a research note on Monday, May 12th. Bank of America cut TELUS from a “buy” rating to a “neutral” rating in a research note on Friday, March 21st. Cormark cut TELUS from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Finally, Wall Street Zen upgraded TELUS from a “sell” rating to a “hold” rating in a research note on Monday, February 10th. Eight equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $21.50.

TELUS Stock Down 0.2%

Shares of TU stock opened at $16.32 on Tuesday. The stock has a 50 day moving average of $15.35 and a 200 day moving average of $14.89. The company has a current ratio of 0.68, a quick ratio of 0.61 and a debt-to-equity ratio of 1.52. The stock has a market cap of $24.70 billion, a P/E ratio of 33.30, a P/E/G ratio of 5.18 and a beta of 0.74. TELUS Co. has a twelve month low of $13.24 and a twelve month high of $17.27.

TELUS Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 2nd. Stockholders of record on Tuesday, June 10th will be given a $0.2989 dividend. The ex-dividend date is Tuesday, June 10th. This is a boost from TELUS’s previous quarterly dividend of $0.28. This represents a $1.20 dividend on an annualized basis and a dividend yield of 7.33%. TELUS’s payout ratio is 212.28%.

TELUS Company 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.