Top Dividend Stocks for 2022 6. TELUS Corporation (NYSE:TU)
Number of Hedge Fund Holders: 12
Dividend Yield: 4.46%
TELUS Corporation (NYSE:TU) is one of the largest telecommunications companies in Canada that provides multiple services related to the internet, entertainment, healthcare, and communications.
On November 5, TELUS Corporation (NYSE:TU) announced a 3.5% increase in its dividend at C$0.3274. The stock’s current dividend yield stands at 4.46%. The company has been increasing its dividend for the past year, which will likely continue in the coming years as well, according to analysts. In Q3 earnings, TELUS Corporation (NYSE:TU) posted an EPS of $0.29, which beat estimates by $0.01. Also, the company’s revenue for the quarter experienced a 6.8% year-over-year growth at $4.25 billion.
This November, CIBC lifted its price target on TELUS Corporation (NYSE:TU) to C$31, while keeping an Outperform rating on the shares.
At the end of Q3 2021, 12 hedge funds in Insider Monkey’s database were bullish on TELUS Corporation (NYSE:TU), compared with 13 in the previous quarter. These stakes hold a consolidated value of $141.2 million, growing significantly from $215.2 million in the preceding quarter. Jim Simons’ hedge fund, Renaissance Technologies, was the leading shareholder of TELUS Corporation (NYSE:TU) in Q3, owning over 3.3 million shares.