Telephone and Data Systems, Inc. $TDS Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. lowered its holdings in Telephone and Data Systems, Inc. (NYSE:TDS) by 1.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,473 shares of the Wireless communications provider’s stock after selling 1,006 shares during the period. Corebridge Financial Inc.’s holdings in Telephone and Data Systems were worth $1,994,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Bayforest Capital Ltd grew its holdings in Telephone and Data Systems by 121.8% during the 1st quarter. Bayforest Capital Ltd now owns 1,342 shares of the Wireless communications provider’s stock valued at $52,000 after purchasing an additional 737 shares in the last quarter. Lazard Asset Management LLC increased its position in shares of Telephone and Data Systems by 85.6% in the 4th quarter. Lazard Asset Management LLC now owns 4,092 shares of the Wireless communications provider’s stock worth $139,000 after purchasing an additional 1,887 shares during the last quarter. Forum Financial Management LP acquired a new stake in shares of Telephone and Data Systems in the 1st quarter valued at about $200,000. Greenleaf Trust bought a new position in shares of Telephone and Data Systems during the first quarter worth about $202,000. Finally, Highland Capital Management LLC acquired a new position in Telephone and Data Systems in the first quarter worth about $205,000. 80.00% of the stock is owned by institutional investors and hedge funds.

Telephone and Data Systems Price Performance

Shares of NYSE:TDS opened at $39.46 on Wednesday. The firm’s 50 day moving average is $38.19 and its two-hundred day moving average is $36.47. Telephone and Data Systems, Inc. has a 52 week low of $21.81 and a 52 week high of $42.74. The firm has a market capitalization of $4.54 billion, a P/E ratio of -40.68 and a beta of 0.48. The company has a current ratio of 1.78, a quick ratio of 1.65 and a debt-to-equity ratio of 0.85.

Telephone and Data Systems (NYSE:TDS) last announced its quarterly earnings results on Monday, August 11th. The Wireless communications provider reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.04). Telephone and Data Systems had a negative net margin of 0.85% and a positive return on equity of 0.92%. The firm had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the previous year, the business posted ($0.13) EPS. Telephone and Data Systems’s revenue for the quarter was down 5.7% compared to the same quarter last year. Analysts anticipate that Telephone and Data Systems, Inc. will post -0.31 earnings per share for the current year.

Telephone and Data Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a $0.04 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.16 annualized dividend and a dividend yield of 0.4%. Telephone and Data Systems’s dividend payout ratio (DPR) is -16.49%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Wall Street Zen upgraded Telephone and Data Systems from a “sell” rating to a “hold” rating in a research note on Sunday, August 17th. Zacks Research upgraded Telephone and Data Systems from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 13th. Raymond James Financial lifted their price target on shares of Telephone and Data Systems from $49.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, August 12th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Telephone and Data Systems from $53.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 12th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Telephone and Data Systems presently has an average rating of “Moderate Buy” and an average price target of $52.00.

Insider Activity at Telephone and Data Systems

In other news, CAO Anita J. Kroll sold 29,047 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $39.02, for a total value of $1,133,413.94. Following the completion of the transaction, the chief accounting officer directly owned 19,892 shares in the company, valued at $776,185.84. This trade represents a 59.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Joseph R. Hanley sold 68,759 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $38.16, for a total transaction of $2,623,843.44. Following the completion of the transaction, the senior vice president owned 60,473 shares of the company’s stock, valued at $2,307,649.68. This trade represents a 53.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 276,650 shares of company stock valued at $10,690,789. Insiders own 14.48% of the company’s stock.

Telephone and Data Systems Company Profile

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.