Wells Fargo & Company MN raised its position in shares of China Telecommunications Co. (NYSE:CHA) by 405.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,377 shares of the utilities provider’s stock after acquiring an additional 29,173 shares during the period. Wells Fargo & Company MN’s holdings in China Telecommunications were worth $1,728,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Aperio Group LLC lifted its stake in shares of China Telecommunications by 22.6% in the fourth quarter. Aperio Group LLC now owns 515,443 shares of the utilities provider’s stock valued at $24,468,000 after buying an additional 94,957 shares during the period. First Trust Advisors LP lifted its stake in shares of China Telecommunications by 21.7% in the fourth quarter. First Trust Advisors LP now owns 51,506 shares of the utilities provider’s stock valued at $2,445,000 after buying an additional 9,177 shares during the period. LSV Asset Management bought a new stake in shares of China Telecommunications in the fourth quarter valued at about $2,130,000. Bank of Montreal Can lifted its stake in shares of China Telecommunications by 19.1% in the fourth quarter. Bank of Montreal Can now owns 40,986 shares of the utilities provider’s stock valued at $1,946,000 after buying an additional 6,566 shares during the period. Finally, State Street Corp lifted its stake in shares of China Telecommunications by 2.2% in the second quarter. State Street Corp now owns 17,134 shares of the utilities provider’s stock valued at $822,000 after buying an additional 365 shares during the period. Institutional investors own 0.46% of the company’s stock.
Several research firms recently weighed in on CHA. Nomura cut shares of China Telecommunications from a “buy” rating to a “neutral” rating in a research note on Monday, March 12th. Jefferies Group upgraded shares of China Telecommunications from a “hold” rating to a “buy” rating in a research note on Thursday, March 29th. Zacks Investment Research upgraded shares of China Telecommunications from a “strong sell” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Friday, April 6th. Finally, CLSA upgraded shares of China Telecommunications from an “underperform” rating to an “outperform” rating in a research note on Wednesday, March 28th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $50.00.
The firm also recently declared an annual dividend, which will be paid on Monday, August 6th. Shareholders of record on Thursday, May 31st will be paid a dividend of $1.4651 per share. This is a boost from China Telecommunications’s previous annual dividend of $1.35. The ex-dividend date is Wednesday, May 30th. This represents a yield of 3.29%. China Telecommunications’s dividend payout ratio (DPR) is currently 36.12%.
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China Telecommunications Profile
China Telecom Corporation Limited, together with its subsidiaries, provides wireline and mobile telecommunications services primarily in the People's Republic of China. It offers wireline voice services, including local wireline telephone services and long distance wireline services; CDMA mobile voice services, such as local calls, domestic and international long distance calls, intra-provincial roaming, and inter-provincial roaming and international roaming; wireline Internet access services comprising dial-up and broadband services; wireless Internet access services; and wireline, Internet, and mobile value-added services.
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