Bank of New York Mellon Corp Cuts Stake in Telephone and Data Systems, Inc. (NYSE:TDS)

Bank of New York Mellon Corp trimmed its position in shares of Telephone and Data Systems, Inc. (NYSE:TDS) by 4.8% during the 1st quarter, HoldingsChannel.com reports. The fund owned 875,784 shares of the Wireless communications provider’s stock after selling 44,005 shares during the period. Bank of New York Mellon Corp’s holdings in Telephone and Data Systems were worth $33,928,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in TDS. Federated Hermes Inc. purchased a new position in shares of Telephone and Data Systems during the fourth quarter valued at about $56,000. Farther Finance Advisors LLC grew its holdings in Telephone and Data Systems by 74.5% in the fourth quarter. Farther Finance Advisors LLC now owns 2,707 shares of the Wireless communications provider’s stock worth $92,000 after purchasing an additional 1,156 shares during the last quarter. Lazard Asset Management LLC lifted its stake in shares of Telephone and Data Systems by 85.6% during the fourth quarter. Lazard Asset Management LLC now owns 4,092 shares of the Wireless communications provider’s stock worth $139,000 after buying an additional 1,887 shares during the period. United Capital Financial Advisors LLC acquired a new position in Telephone and Data Systems during the fourth quarter valued at $201,000. Finally, Envestnet Portfolio Solutions Inc. purchased a new position in Telephone and Data Systems in the fourth quarter valued at $205,000. 80.00% of the stock is currently owned by hedge funds and other institutional investors.

Telephone and Data Systems Stock Down 2.9%

TDS stock opened at $38.58 on Wednesday. The firm has a market cap of $4.40 billion, a price-to-earnings ratio of -36.74 and a beta of 0.51. The firm has a fifty day moving average price of $34.96 and a two-hundred day moving average price of $35.65. Telephone and Data Systems, Inc. has a 1-year low of $17.90 and a 1-year high of $41.21. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.74 and a quick ratio of 1.55.

Telephone and Data Systems (NYSE:TDS) last released its quarterly earnings data on Friday, May 2nd. The Wireless communications provider reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.18 billion. Telephone and Data Systems had a positive return on equity of 0.73% and a negative net margin of 1.03%. The company’s quarterly revenue was down 8.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.10 EPS. Research analysts predict that Telephone and Data Systems, Inc. will post -0.31 EPS for the current year.

Telephone and Data Systems Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date was Monday, June 16th. Telephone and Data Systems’s dividend payout ratio (DPR) is currently -15.24%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TDS. Wall Street Zen raised shares of Telephone and Data Systems from a “sell” rating to a “hold” rating in a research note on Saturday. JPMorgan Chase & Co. dropped their target price on shares of Telephone and Data Systems from $56.00 to $53.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 28th. Finally, Raymond James Financial reiterated an “outperform” rating and set a $47.00 price target (down previously from $51.00) on shares of Telephone and Data Systems in a research note on Monday, May 5th.

About Telephone and Data Systems

Telephone and Data Systems, Inc, a telecommunications company, provides communications services in the United States. It operates through two segments: UScellular and TDS Telecom. The company offers wireless solutions to consumers, and business and government customers, including a suite of connected Internet of things (IoT) solutions, and software applications for monitor and control, business automation/operations, communication, fleet and asset management, smart water solutions, private cellular networks and custom, and end-to-end IoT solutions; wireless priority services and quality priority and preemption options; smartphones and other handsets, tablets, wearables, mobile hotspots, fixed wireless home internet, and IoT devices; and accessories, such as cases, screen protectors, chargers, and memory cards, as well as consumer electronics, including audio, home automation and networking products.