TORONTO, July 2, 2026, 12:11 EDT
- TELUS shed 1.77% to CA$14.74 as of 11:29 a.m. EDT. Shares hit a new 52-week low at CA$14.71 earlier. The S&P/TSX Composite edged up 0.24% by 11:43 a.m. EDT.
- TELUS handed out its regular CA$0.4184 quarterly dividend on Thursday. Google Finance listed the yield at 11.36%.
- Victor Dodig took over as CEO on July 1, with Gopi Chande stepping in as CFO that day.
TELUS Corporation (TSE:T) dropped in Toronto on Thursday, the first day of trading since Victor Dodig became CEO. The yield on the stock sits well above that of other big Canadian telecoms, but TELUS is still working to cut its leverage, leaving investors with a new issue to figure out.
The Toronto Stock Exchange was shut Wednesday for Canada Day, with trading back to normal on Thursday. TELUS started at CA$15.00, moved up to CA$15.25 before dropping to CA$14.71—the same 52-week low shown on Google Finance. S&P/TSX Composite Index traded higher late morning.
Yield gap tells the story better than the CEO news. By late morning, TELUS showed a dividend yield around double BCE Inc (TSE:BCE), and more than two-and-a-half times what Rogers Communications Inc (TSE:RCI.B) offered. Quebecor Inc (TSE:QBR.B) lagged far behind.
| Company | Price | Day move | Dividend yield | 52-week position |
|---|---|---|---|---|
| TELUS Corporation (TSE:T) | CA$14.74 | down 1.77% | at 11.36% | trading CA$0.03 off the low for the year |
| BCE Inc (TSE:BCE) | CA$30.54 | off 0.03% | yield at 5.73% | CA$0.49 above its 52-week low |
| Rogers Communications Inc (TSE:RCI.B) | CA$45.54 | fell 1.29% | pays 4.39% | CA$3.09 higher than the low |
| Quebecor Inc (TSE:QBR.B) | CA$67.42 | off 0.40% | offers 2.37% | CA$30.74 above the 52-week floor |
This is key because the TELUS dividend is now central to the stock story. The current CA$0.4184 quarterly payout works out to CA$1.6736 a year for each share. With 1.57 billion shares outstanding, according to Google Finance, that puts the gross annual dividend at about CA$2.63 billion, before any DRIP participation or potential board moves. TELUS said in May it still aims for around CA$2.45 billion in free cash flow by 2026 and capital spending of about CA$2.3 billion.
| Payout and cash-flow item | Figure | Investor read |
|---|---|---|
| Current quarterly dividend | CA$0.4184/share | Payout made July 2 |
| Annualized dividend rate | CA$1.6736/share | Based on the current quarter’s payout |
| Shares outstanding | 1.57 billion | Figure used to calculate gross dividend |
| Gross annualized dividend | ~CA$2.63 billion | Pre-DRIP participation |
| 2026 free-cash-flow target | ~CA$2.45 billion | Most recent guidance from the company |
| Q1 2026 free cash flow | CA$583 million | Rose 19% year-on-year |
TELUS rolled out a discounted dividend reinvestment plan to help on the cash math. Back in December, the company said it expects the cash dividend coverage ratio to be around 75% of free cash flow. TELUS also outlined plans to scale back the DRIP discount out to 2028.
The board has put dividend hikes on hold. TELUS’ investor page notes dividend growth paused in December 2025, waiting for the share price to better reflect growth prospects. There’s also no guarantee semi-annual increases will return, or that any dividend growth program continues through 2028.
Dodig starts his first day as CEO with decisions on capital, skipping formalities. TELUS said he joined as CEO-designate on May 1 and took over as president and CEO July 1, after Darren Entwistle retired June 30 after 26 years. Dodig said he’ll “listen, to learn” and work with “discipline and focus.” TELUS
Chande took over as CFO on July 1. TELUS said in May she had run finance at TELUS Digital and TELUS Health and would take over for Doug French, who retired after 30 years. Chande said she plans to back “strong financial discipline.” Newswire
The stock couldn’t lean on a stronger Canadian market. Reuters said the S&P/TSX Composite was up 0.2% at 10:25 a.m. ET, with gold miners moving higher after weaker U.S. job numbers. Michael Dehal, senior portfolio manager at Dehal Investment Partners at Raymond James, said the data pointed to some labour-market softness but “nothing too alarming right now.” Reuters
TELUS warned in May that free cash flow running below expectations may limit its ability to invest, cut leverage, or pay out to shareholders. The company also said its board decides on dividends each quarter based on TELUS’s finances and outlook.
