K.J. Harrison & Partners Inc Has $6.61 Million Stock Position in TELUS Co. (NYSE:TU)

K.J. Harrison & Partners Inc boosted its holdings in TELUS Co. (NYSE:TU) (TSE:T) by 34.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 370,893 shares of the Wireless communications provider’s stock after buying an additional 95,433 shares during the quarter. TELUS makes up 1.1% of K.J. Harrison & Partners Inc’s holdings, making the stock its 23rd biggest holding. K.J. Harrison & Partners Inc’s holdings in TELUS were worth $6,612,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in TU. Quadrature Capital Ltd bought a new stake in TELUS in the third quarter worth approximately $28,436,000. Scotia Capital Inc. increased its holdings in TELUS by 10.2% in the third quarter. Scotia Capital Inc. now owns 16,675,010 shares of the Wireless communications provider’s stock worth $272,179,000 after purchasing an additional 1,542,942 shares in the last quarter. Invesco Ltd. increased its holdings in TELUS by 14.1% in the third quarter. Invesco Ltd. now owns 11,374,743 shares of the Wireless communications provider’s stock worth $185,863,000 after purchasing an additional 1,409,188 shares in the last quarter. Toronto Dominion Bank increased its holdings in TELUS by 7.6% in the third quarter. Toronto Dominion Bank now owns 15,971,196 shares of the Wireless communications provider’s stock worth $260,969,000 after purchasing an additional 1,126,322 shares in the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc bought a new stake in shares of TELUS during the fourth quarter valued at approximately $19,989,000. 49.40% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TU has been the subject of several recent research reports. BMO Capital Markets decreased their price objective on TELUS from $27.00 to $26.00 and set an “outperform” rating for the company in a report on Monday, February 12th. JPMorgan Chase & Co. cut TELUS from an “overweight” rating to a “neutral” rating in a research report on Thursday, January 4th. StockNews.com cut TELUS from a “hold” rating to a “sell” rating in a research report on Tuesday, March 26th. Finally, Scotiabank reaffirmed a “sector perform” rating and set a $26.00 target price (down previously from $28.00) on shares of TELUS in a research report on Monday, March 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, TELUS has an average rating of “Hold” and an average target price of $27.72.

TELUS Stock Performance

TU stock traded down $0.04 during midday trading on Friday, hitting $16.07. The company’s stock had a trading volume of 1,544,884 shares, compared to its average volume of 2,465,781. The stock’s 50-day moving average price is $16.61 and its 200 day moving average price is $17.26. The company has a quick ratio of 0.62, a current ratio of 0.67 and a debt-to-equity ratio of 1.35. TELUS Co. has a 1 year low of $15.35 and a 1 year high of $21.28. The stock has a market cap of $23.71 billion, a price-to-earnings ratio of 37.36, a PEG ratio of 1.96 and a beta of 0.72.

TELUS (NYSE:TU) (TSE:T) last posted its quarterly earnings data on Friday, February 9th. The Wireless communications provider reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.01. The business had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.24 billion. TELUS had a return on equity of 7.81% and a net margin of 4.18%. The business’s revenue was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.17 earnings per share. On average, equities analysts forecast that TELUS Co. will post 0.76 EPS for the current year.

TELUS Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Monday, March 11th were issued a dividend of $0.2793 per share. This is a boost from TELUS’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Friday, March 8th. This represents a $1.12 dividend on an annualized basis and a yield of 6.95%. TELUS’s dividend payout ratio is 255.81%.

About TELUS

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.