Lorne Steinberg Wealth Management Inc. Invests $5.86 Million in TELUS Corporation $TU

Lorne Steinberg Wealth Management Inc. acquired a new stake in TELUS Corporation (NYSE:TU) (TSE:T) during the third quarter, Holdings Channel.com reports. The firm acquired 372,036 shares of the Wireless communications provider’s stock, valued at approximately $5,858,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TU. Norges Bank bought a new stake in TELUS during the second quarter worth approximately $77,455,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of TELUS by 114.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 6,450,381 shares of the Wireless communications provider’s stock worth $103,624,000 after buying an additional 3,439,940 shares during the last quarter. Bessemer Group Inc. lifted its stake in shares of TELUS by 1,981,964.7% in the second quarter. Bessemer Group Inc. now owns 3,428,972 shares of the Wireless communications provider’s stock worth $54,969,000 after buying an additional 3,428,799 shares during the last quarter. Picton Mahoney Asset Management bought a new stake in shares of TELUS during the 2nd quarter worth $51,091,000. Finally, AGF Management Ltd. grew its stake in TELUS by 313.3% in the 2nd quarter. AGF Management Ltd. now owns 3,174,857 shares of the Wireless communications provider’s stock valued at $51,355,000 after buying an additional 2,406,734 shares during the last quarter. 49.40% of the stock is currently owned by institutional investors and hedge funds.

TELUS Stock Performance

NYSE TU opened at $13.87 on Monday. The company’s fifty day moving average is $13.18 and its two-hundred day moving average is $14.87. TELUS Corporation has a 52-week low of $12.54 and a 52-week high of $16.74. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.76 and a quick ratio of 0.71. The firm has a market capitalization of $21.46 billion, a price-to-earnings ratio of 25.21, a P/E/G ratio of 2.09 and a beta of 0.66.

TELUS (NYSE:TU) (TSE:T) last released its earnings results on Friday, November 7th. The Wireless communications provider reported $0.17 earnings per share for the quarter, missing the consensus estimate 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 the consensus estimate of $3.77 billion. During the same quarter in the previous year, the business posted $0.28 EPS. The firm’s quarterly revenue was up .1% on a year-over-year basis. Equities research analysts forecast that TELUS Corporation will post 0.71 EPS for the current year.

TELUS Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Thursday, December 11th were given a $0.4184 dividend. The ex-dividend date was Thursday, December 11th. This represents a $1.67 dividend on an annualized basis and a dividend yield of 12.1%. This is an increase from TELUS’s previous quarterly dividend of $0.30. TELUS’s dividend payout ratio is 218.18%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on TU shares. National Bank Financial upgraded shares of TELUS from a “sector perform” rating to an “outperform” rating in a report on Wednesday, November 19th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $19.00 price target (down from $22.00) on shares of TELUS in a research report on Tuesday, November 18th. Weiss Ratings reiterated a “hold (c-)” rating on shares of TELUS in a research note on Monday, December 29th. BMO Capital Markets cut TELUS from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 11th. Finally, Canaccord Genuity Group upgraded TELUS from a “hold” rating to a “buy” rating in a research note on Thursday, December 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $18.17.

TELUS Company 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.