Cormark Has Optimistic Outlook of TELUS FY2024 Earnings

TELUS Co. (NYSE:TU) (TSE:T) – Analysts at Cormark lifted their FY2024 earnings per share estimates for TELUS in a report issued on Monday, November 11th. Cormark analyst D. Mcfadgen now forecasts that the Wireless communications provider will earn $0.71 per share for the year, up from their previous forecast of $0.68. The consensus estimate for TELUS’s current full-year earnings is $0.78 per share.

TELUS (NYSE:TU) (TSE:T) last issued its earnings results on Friday, November 8th. The Wireless communications provider reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.11. TELUS had a net margin of 4.56% and a return on equity of 8.80%. The company had revenue of $5.10 billion for the quarter, compared to analyst estimates of $3.69 billion. During the same quarter last year, the firm earned $0.19 EPS. The company’s revenue for the quarter was up 1.8% on a year-over-year basis.

Several other equities research analysts also recently commented on TU. Canaccord Genuity Group downgraded shares of TELUS from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Scotiabank upgraded shares of TELUS from a “sector perform” rating to a “sector outperform” rating in a research report on Monday, October 28th. Finally, StockNews.com upgraded TELUS from a “sell” rating to a “hold” rating in a report on Friday, September 6th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $26.00.

TELUS Trading Down 0.1 %

NYSE:TU opened at $15.17 on Thursday. The firm has a market capitalization of $22.63 billion, a price-to-earnings ratio of 32.19, a PEG ratio of 2.09 and a beta of 0.75. TELUS has a 1-year low of $14.63 and a 1-year high of $19.14. The business’s 50-day moving average price is $16.25 and its two-hundred day moving average price is $16.11. The company has a current ratio of 0.69, a quick ratio of 0.61 and a debt-to-equity ratio of 1.50.

TELUS Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Wednesday, December 11th will be given a dividend of $0.297 per share. This is a boost from TELUS’s previous quarterly dividend of $0.28. This represents a $1.19 annualized dividend and a dividend yield of 7.83%. The ex-dividend date is Wednesday, December 11th. TELUS’s dividend payout ratio is currently 244.69%.

Hedge Funds Weigh In On TELUS

Several hedge funds have recently made changes to their positions in TU. TD Asset Management Inc increased its stake in TELUS by 3.0% in the 2nd quarter. TD Asset Management Inc now owns 41,711,861 shares of the Wireless communications provider’s stock valued at $631,310,000 after buying an additional 1,208,720 shares during the last quarter. 1832 Asset Management L.P. increased its position in shares of TELUS by 6.6% in the second quarter. 1832 Asset Management L.P. now owns 38,193,733 shares of the Wireless communications provider’s stock valued at $578,253,000 after acquiring an additional 2,365,753 shares during the last quarter. National Bank of Canada FI increased its position in shares of TELUS by 24.2% in the third quarter. National Bank of Canada FI now owns 26,160,789 shares of the Wireless communications provider’s stock valued at $438,922,000 after acquiring an additional 5,094,269 shares during the last quarter. Vanguard Group Inc. raised its holdings in TELUS by 2.6% during the first quarter. Vanguard Group Inc. now owns 23,436,455 shares of the Wireless communications provider’s stock worth $375,218,000 after acquiring an additional 602,440 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its position in TELUS by 1.8% during the second quarter. CIBC Asset Management Inc now owns 22,404,617 shares of the Wireless communications provider’s stock valued at $338,953,000 after purchasing an additional 387,686 shares during the last quarter. 49.40% of the stock is owned by institutional investors.

TELUS Company Profile

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.