Summit Global Investments Invests $1.15 Million in TELUS Co. (NYSE:TU)

Summit Global Investments acquired a new stake in TELUS Co. (NYSE:TU - Free Report) TSE: T during the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 68,288 shares of the Wireless communications provider's stock, valued at approximately $1,146,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Gold Investment Management Ltd. increased its stake in shares of TELUS by 0.7% during the 2nd quarter. Gold Investment Management Ltd. now owns 93,275 shares of the Wireless communications provider's stock worth $1,412,000 after purchasing an additional 641 shares during the last quarter. Walter Public Investments Inc. increased its position in TELUS by 1.8% during the second quarter. Walter Public Investments Inc. now owns 37,453 shares of the Wireless communications provider's stock worth $567,000 after acquiring an additional 653 shares during the period. Blue Trust Inc. raised its stake in TELUS by 60.4% in the 2nd quarter. Blue Trust Inc. now owns 2,533 shares of the Wireless communications provider's stock worth $41,000 after purchasing an additional 954 shares in the last quarter. Trust Co. of Vermont boosted its holdings in TELUS by 19.0% in the 3rd quarter. Trust Co. of Vermont now owns 7,623 shares of the Wireless communications provider's stock valued at $128,000 after purchasing an additional 1,218 shares during the period. Finally, Fairscale Capital LLC bought a new stake in TELUS in the 2nd quarter valued at about $27,000. 49.40% of the stock is owned by institutional investors and hedge funds.

TELUS Price Performance

NYSE:TU traded up $0.49 during trading hours on Friday, hitting $15.66. The company's stock had a trading volume of 4,655,139 shares, compared to its average volume of 2,275,243. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.66 and a quick ratio of 0.61. The company has a market capitalization of $23.36 billion, a P/E ratio of 39.15, a PEG ratio of 2.31 and a beta of 0.75. TELUS Co. has a twelve month low of $14.63 and a twelve month high of $19.14. The stock has a fifty day simple moving average of $16.33 and a 200-day simple moving average of $16.12.

TELUS Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Wednesday, December 11th will be paid a $0.297 dividend. This is an increase from TELUS's previous quarterly dividend of $0.28. The ex-dividend date is Wednesday, December 11th. This represents a $1.19 annualized dividend and a yield of 7.59%. TELUS's dividend payout ratio is presently 287.50%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TU. Scotiabank upgraded shares of TELUS from a "sector perform" rating to a "sector outperform" rating in a research report on Monday, October 28th. StockNews.com upgraded TELUS from a "sell" rating to a "hold" rating in a research report on Friday, September 6th. Finally, Canaccord Genuity Group cut TELUS from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 6th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $26.00.

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.