On June 5th I purchased 35 shares of Telus in my non-registered taxable account at $42.36, which totals a $1482.60 investment. I already own 35 shares in my TFSA, so I now own a total of 70 shares of Telus, which currently holds a market value of $2973.60 at the current share price of $42.28. Previously, I had paid $42.79 per share, so my average share purchase cost has been reduced to $42.58.
I decided to purchase more shares of Telus because it is my favourite stock to own; up there with Bank of Nova Scotia. Considering the ex-dividend date is June 8th, I had to purchase more shares by the 5th to receive the upcoming dividend. Their dividend growth program is something I am a huge fan of, and helps display their appreciation to shareholders.
With Telus’ annual dividend payout of $1.68, I’ve increased my 12-month forward dividend income by $58.80. I now receive a total of $117.60 per year from T.TO ($29.40 every quarter).
I am not at all opposed to purchasing more shares in this company after some time. I believe I’ve beefed up my position in Telus enough for now (it is my largest position in any one company), and should diversify a bit more. I’m interested in adding to my position in BNS or opening positions in energy or insurance.