Most investors know the mantra to invest in stocks safely: diversification. In this regard, what can be a better way to diversify your portfolio other than adding dividend stocks?
Dividend stocks are the most preferred among investors who want passive income and have long-term investment objectives. Telus (TSX:T) is a popular name among such investors.
However, this telecommunication stock has been trading well below its 12-month high, and investors might be reconsidering their decisions.
Let’s find out if this popular dividend stock is just going through the usual stock market ups and downs and whether it is worth an investment.
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Boost to 5G connectivity in Montreal, thanks to Telus!
This Canadian telecommunication stock, which is also a well-known name among stock market experts, has recently announced its commitment to invest US$30 million to boost 5G connectivity in Montreal in 2023.
The statement reiterates that this investment aims to boost Montreal’s 5G connectivity and offer businesses an extensive optic fibre infrastructure.
Montreal, Quebec’s largest city, is about to get the much-needed upgrade to cater to approximately 10 million visitors this year, thanks to Telus.
As per reports, Telus plans to bring multiple projects under this commitment. One example would be that it will be offering free Wi-Fi and improving the 5G network at the Grand Quay of the Port of Montreal. The aim is to offer the visitors a panoramic view of the Saint Lawrence River from the observation tower.
Installation of 5,000 free car chargers in partnership with an Australian firm
Telus has been diversifying its business quite rapidly while making the most of innovative solutions. The latest among them would be Telus diversifying into the business of providing public fast-charging stations.
This plan to set up charging stations in Canada for electric-battery vehicles comes with various offers. Telus has partnered with Australian electric vehicle charging firm Jolt. It will allow users on the Jolt app with free charging for the initial seven kilowatt hours of charging. The goal is to install 5,000 public DC fast chargers all over Canada.
Bottom line
Telus is already stealing the spotlight by innovating the telecom industry. Considering all plans and commitments in the pipeline, investors can consider its current situation as casual ups and downs in the stock market and add this stock to their portfolios.
Not to forget, this company has been increasing their dividend quite persistently as well as delivering solid returns. Currently, its dividend yield stands at 5.8% and is trading at the $25.78 level.
