TELUS (NYSE:TU) Downgraded to “Hold” Rating by Canaccord Genuity Group

TELUS (NYSE:TU) (TSE:T) was downgraded by stock analysts at Canaccord Genuity Group from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

TU has been the subject of several other reports. Scotiabank reaffirmed an “outperform” rating on shares of TELUS in a research report on Tuesday, February 17th. TD Securities cut TELUS from a “buy” rating to a “hold” rating in a research note on Thursday, April 2nd. Bank of America raised TELUS from a “neutral” rating to a “buy” rating and upped their price target for the company from $14.50 to $16.00 in a report on Tuesday, March 10th. BMO Capital Markets cut shares of TELUS from an “outperform” rating to a “market perform” rating in a report on Thursday, December 11th. Finally, Wall Street Zen cut shares of TELUS from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Four research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $17.63.

TELUS Stock Performance

Shares of TELUS stock opened at $12.65 on Thursday. TELUS has a one year low of $12.50 and a one year high of $16.74. The business has a 50-day simple moving average of $13.47 and a 200-day simple moving average of $13.85. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.81 and a current ratio of 0.86. The company has a market cap of $19.58 billion, a PE ratio of 24.32, a P/E/G ratio of 1.92 and a beta of 0.68.

TELUS (NYSE:TU) (TSE:T) last announced its quarterly earnings data on Thursday, February 12th. The Wireless communications provider reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.03). The firm had revenue of $3.83 billion during the quarter, compared to analyst estimates of $3.85 billion. TELUS had a net margin of 5.42% and a return on equity of 8.42%. During the same quarter in the previous year, the business posted $0.25 earnings per share. On average, equities research analysts forecast that TELUS will post 0.71 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. TD Asset Management Inc increased its position in TELUS by 1.5% during the third quarter. TD Asset Management Inc now owns 36,863,219 shares of the Wireless communications provider’s stock worth $580,740,000 after buying an additional 550,574 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of TELUS by 3.0% in the fourth quarter. Mackenzie Financial Corp now owns 33,318,398 shares of the Wireless communications provider’s stock valued at $433,838,000 after acquiring an additional 955,779 shares during the period. FIL Ltd boosted its holdings in shares of TELUS by 112.9% in the fourth quarter. FIL Ltd now owns 30,300,204 shares of the Wireless communications provider’s stock valued at $399,352,000 after acquiring an additional 16,066,539 shares during the period. Vanguard Group Inc. grew its position in shares of TELUS by 3.2% during the fourth quarter. Vanguard Group Inc. now owns 29,470,046 shares of the Wireless communications provider’s stock worth $388,415,000 after acquiring an additional 916,459 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of TELUS by 258.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 19,816,565 shares of the Wireless communications provider’s stock valued at $261,727,000 after acquiring an additional 14,285,486 shares during the period. Hedge funds and other institutional investors own 49.40% of the company’s stock.

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.