Investors are often told to diversify their holdings to balance out investments for long-term growth and dividends. When a company comes along that offers both of these, it can be a solid addition to any portfolio.

Telus Corporation (TSX:T)(NYSE:TU) is one such company. Telus is one of the largest telecommunications companies in the country with service offerings in the wireless, phone, and Internet markets.

Here’s a look at how Telus is doing and why it belongs in your portfolio.

How is Telus doing?

Telus currently trades at just under $40, midway between the 52-week high of $45.19 and the low of $35.51. Year-to-date, the stock is up by 3.45%. Expanding this out to a full 12 months shows a decrease in stock price by nearly 11%.

One of the most impressive aspects of Telus is the dividend. Telus currently pays out a quarterly dividend of $0.44, giving the stock a yield of 4.45%. Beyond having one of the best payouts on the market, Telus has an established history of raising the dividend–and it is likely to continue the practice as a 10% increase is currently targeted for 2016.

Consensus among analysts is that Telus remains a sound investment option with ratings ranging from buy to hold. Price targets are seen as high as the mid $40s in some cases, with more conservative views coming in lower in the mid $30s.

Recent results look impressive

In the most recent quarter Telus reported revenues of $3.217 billion, an increase of 2.8% over the same quarter in the prior year. Net income saw a decrease of 16.3% to $261 million over the same quarter in the prior year; the company attributed the decrease to restructuring and other costs. Adjusted earnings per share came in at $0.54 per share, an increase of $0.01 over the same quarter last year.

The company added 109,000 new wireless postpaid customers to the TV and Internet segments.

Looking ahead to 2016, the company announced a series of targets that forecast the company continuing to show moderate growth. Revenue targets for the year ahead are slated to be in the $12.75-12.85 billion range. This reflects a modest 2-3% growth over the 2015 number of $12.502 billion.

In terms of increasing shareholder value, the company has a share-buyback program in place that will run until September 2016 with up to 16% of the outstanding common shares potentially available for purchase at a cost of nearly $500 million.

As far as investment opportunities go, Telus is one of the best options on the market now for those investors who are after long-term growth and a healthy (and growing) dividend.

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Fool contributor Demetris Afxentiou has no position in any stocks mentioned.