Man Group plc Purchases New Position in TELUS Corporation $TU

Man Group plc bought a new stake in TELUS Corporation (NYSE:TU) (TSE:T) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 1,298,999 shares of the Wireless communications provider’s stock, valued at approximately $13,732,000. Man Group plc owned about 0.08% of TELUS at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Bank of Nova Scotia acquired a new position in shares of TELUS in the 2nd quarter valued at $255,178,000. FIL Ltd lifted its position in 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 purchasing an additional 16,066,539 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of TELUS by 258.3% in the fourth 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 buying an additional 14,285,486 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of TELUS during the 2nd quarter worth $100,492,000. Finally, Jupiter Topco LLC acquired a new position in TELUS during the second quarter worth about $68,500,000. Institutional investors and hedge funds own 49.40% of the company’s stock.

TELUS Stock Performance

Shares of TU opened at $9.76 on Friday. TELUS Corporation has a 52-week low of $9.20 and a 52-week high of $16.65. The company has a quick ratio of 0.62, a current ratio of 0.67 and a debt-to-equity ratio of 1.88. The firm has a market cap of $15.36 billion, a price-to-earnings ratio of -23.80, a PEG ratio of 9.53 and a beta of 0.64. The business’s 50 day moving average is $10.26 and its two-hundred day moving average is $11.91.

TELUS (NYSE:TU) (TSE:T) last announced its quarterly earnings data on Friday, July 31st. The Wireless communications provider reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.04). TELUS had a positive return on equity of 8.01% and a negative net margin of 4.51%.The company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.55 billion. Analysts forecast that TELUS Corporation will post 0.57 EPS for the current fiscal year.

TELUS Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Thursday, September 10th will be paid a dividend of $0.1875 per share. The ex-dividend date is Thursday, September 10th. This represents a $0.75 annualized dividend and a yield of 7.7%. TELUS’s dividend payout ratio (DPR) is -295.12%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Canadian Imperial Bank of Commerce cut TELUS from a “strong-buy” rating to a “neutral” rating in a research report on Friday, July 31st. Scotiabank reissued a “sector perform” rating on shares of TELUS in a research note on Monday, August 3rd. Barclays set a $11.00 target price on shares of TELUS and gave the stock an “equal weight” rating in a research report on Tuesday, August 4th. Wall Street Zen downgraded TELUS from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Finally, TD Securities reiterated a “buy” rating on shares of TELUS in a research note on Monday, August 3rd. Three analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $15.33.

TELUS 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.