DAVENPORT & Co LLC Sells 1,878 Shares of TELUS Co. (NYSE:TU)

DAVENPORT & Co LLC cut its stake in TELUS Co. (NYSE:TU) (TSE:T) by 5.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,385 shares of the Wireless communications provider’s stock after selling 1,878 shares during the period. DAVENPORT & Co LLC’s holdings in TELUS were worth $593,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. HHM Wealth Advisors LLC bought a new stake in TELUS in the 1st quarter valued at $25,000. Reilly Financial Advisors LLC boosted its holdings in TELUS by 99.9% in the 1st quarter. Reilly Financial Advisors LLC now owns 1,673 shares of the Wireless communications provider’s stock valued at $26,000 after purchasing an additional 836 shares during the period. Synovus Financial Corp acquired a new position in shares of TELUS in the 1st quarter valued at $28,000. Benjamin F. Edwards & Company Inc. raised its stake in shares of TELUS by 100.0% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 2,000 shares of the Wireless communications provider’s stock valued at $31,000 after buying an additional 1,000 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. raised its stake in shares of TELUS by 97.2% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 2,696 shares of the Wireless communications provider’s stock valued at $43,000 after buying an additional 1,329 shares in the last quarter. 49.61% of the stock is owned by hedge funds and other institutional investors.

TU opened at $17.36 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.83 and a debt-to-equity ratio of 1.37. The stock has a market capitalization of $22.16 billion, a PE ratio of 16.61, a PEG ratio of 3.37 and a beta of 0.69. TELUS Co. has a 1-year low of $13.54 and a 1-year high of $20.91. The firm has a 50-day moving average price of $17.02 and a two-hundred day moving average price of $17.44.

TELUS (NYSE:TU) (TSE:T) last posted its quarterly earnings data on Thursday, May 7th. The Wireless communications provider reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.07. The firm had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.66 billion. TELUS had a net margin of 11.25% and a return on equity of 14.94%. The company’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.38 EPS. On average, research analysts predict that TELUS Co. will post 0.92 EPS for the current year.

TU has been the subject of a number of recent research reports. BMO Capital Markets upgraded shares of TELUS from a “market perform” rating to an “outperform” rating in a research note on Tuesday, April 14th. Zacks Investment Research upgraded shares of TELUS from a “sell” rating to a “hold” rating and set a $18.00 price objective for the company in a research note on Monday, June 1st. Scotiabank dropped their price objective on shares of TELUS from $27.50 to $27.00 and set an “outperform” rating for the company in a research note on Thursday, April 30th. CIBC dropped their target price on shares of TELUS from $27.00 to $26.00 and set a “neutral” rating for the company in a research report on Friday, May 8th. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $24.00 target price on shares of TELUS in a research report on Wednesday, April 8th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $25.72.

TELUS Profile

TELUS Corporation, together with its subsidiaries, provides a range of telecommunications products and services in Canada. It operates through Wireless and Wireline segments. The company's telecommunications products and services comprise wireless and wireline voice and data services; data services, including Internet protocol; television services; hosting, managed information technology, and cloud-based services; healthcare solutions; customer care and business services; and home and business security solutions.

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Institutional Ownership by Quarter for TELUS (NYSE:TU)

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