TELEPHONE & DATA SYS INC TDS
COM NEW · Common Stock · CUSIP 879433829 · ISIN US8794338298
- SectorCommunication
- IndustryTelephone Communications (No Radiotelephone)
- HeadquartersChicago, IL
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($15.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $16.01. Options: 19 managers hold calls ($50.4m notional), 16 hold puts ($19.2m).
Trends to Q1 2024
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 234 |
| Q4 2022 | 245 |
| Q1 2023 | 237 |
| Q2 2023 | 234 |
| Q3 2023 | 259 |
| Q4 2023 | 265 |
| Q1 2024 | 256 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 134 | 106 |
| Q1 2023 | 122 | 108 |
| Q2 2023 | 111 | 127 |
| Q3 2023 | 132 | 130 |
| Q4 2023 | 105 | 133 |
| Q1 2024 | 111 | 136 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2023 | $535.0k | $376.4k | 0.70 |
| Q3 2023 | $60.8m | $11.5m | 0.19 |
| Q4 2023 | $41.8m | $14.8m | 0.35 |
| Q1 2024 | $50.4m | $19.2m | 0.38 |
Biggest buyers
| MORGAN STANLEY | Added | +1.8m |
| DIMENSIONAL FUND ADVISORS LP | Added | +725.8k |
| Invesco Ltd. | Added | +672.3k |
| Empowered Funds, LLC | Added | +556.6k |
| AMERICAN CENTURY COMPANIES INC | Added | +387.9k |
| JPMORGAN CHASE & CO | Added | +338.8k |
| Nuveen Asset Management, LLC | Added | +323.6k |
| VANGUARD GROUP INC | Added | +321.0k |
| J. Goldman & Co LP | Added | +251.1k |
| COWEN AND COMPANY, LLC | New | +240.1k |
Biggest sellers
| Mirae Asset Global Investments Co., Ltd. | Reduced | -538.5k |
| MARSHALL WACE, LLP | Reduced | -465.6k |
| HBK INVESTMENTS L P | Reduced | -370.3k |
| Susquehanna Portfolio Strategies, LLC | Reduced | -310.2k |
| PRIVATE MANAGEMENT GROUP INC | Reduced | -278.2k |
| Qube Research & Technologies Ltd | Reduced | -248.3k |
| TWINBEECH CAPITAL LP | Sold out | -240.7k |
| HRT FINANCIAL LP | Sold out | -164.6k |
| Assenagon Asset Management S.A. | Reduced | -156.0k |
| Pathstone Holdings, LLC | Sold out | -154.5k |
Biggest calls
| Third Point LLC | New | $12.0m750.0k shares |
| J. Goldman & Co LP | Added | $11.2m700.0k shares |
| SCOGGIN MANAGEMENT LP | Reduced | $7.6m475.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $4.4m275.8k shares |
| MILLENNIUM MANAGEMENT LLC | New | $3.2m200.0k shares |
| NOMURA HOLDINGS INC | New | $1.6m99.6k shares |
| UBS Group AG | Reduced | $1.5m95.0k shares |
| Caption Management, LLC | Reduced | $1.5m94.8k shares |
| TORNO CAPITAL, LLC | Reduced | $1.5m93.0k shares |
| CITADEL ADVISORS LLC | Reduced | $1.2m74.5k shares |
Biggest puts
| MILLENNIUM MANAGEMENT LLC | New | $6.4m400.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $6.1m379.4k shares |
| Jefferies Financial Group Inc. | New | $978.8k61.1k shares |
| IMC-Chicago, LLC | Reduced | $887.5k55.4k shares |
| CITADEL ADVISORS LLC | Added | $836.2k52.2k shares |
| SCOGGIN MANAGEMENT LP | Reduced | $801.0k50.0k shares |
| Squarepoint Ops LLC | New | $701.7k43.8k shares |
| SIMPLEX TRADING, LLC | Reduced | $648.0k40.5k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $482.2k30.1k shares |
| GROUP ONE TRADING LLC | Reduced | $382.9k23.9k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution filed 2025-04-28 | 13.8% |
Trustees of Amendment & Restatement (dated as of April 22, 2
13D · may seek influence
-0.2 pts · filed 2026-09-02
Stated purposeThis Item 4 is being updated by the following information. On September 1, 2026, the Issuer issued a press release (the "Press Release") announcing that it is no longer pursuing the acquisition of the Array Common Shares that it does not already own and has withdrawn its previously disclosed proposal. Under the terms of that proposal, each Array Common Share not already owned by the Issuer would have been exchanged for 0.86 of a TDS Common Share, subject to the assumptions set forth in the Proposal. The Issuer will retain its approximately 82% ownership interest in Array. A copy of the Press Release is filed herewith as Exhibit 2. The Issuer may in the future recommence its efforts to acquire the Array Common Shares it does not own or pursue other potential transactions involving the Issu… Full filing |
11.7% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.9% |
| Third Point LLC 13G · passive investor new · filed 2024-12-26 | 5.7% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)
Insider purchases and sales in Q1 2024
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q2 2022 | 0 | — | 1 | $78.8k | — |
| Q3 2022 | 0 | — | 0 | — | — |
| Q4 2022 | 0 | — | 0 | — | — |
| Q1 2023 | 0 | — | 0 | — | — |
| Q2 2023 | 0 | — | 0 | — | — |
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 0 | — | 0 | — | — |
| Q1 2024 | 0 | — | 0 | — | — |
None reported in Q1 2024.
Holders, Q1 2024
| Manager | Shares | Change |
|---|---|---|
| BlackRock Inc. 0.01% of their portfolio | 17.8m $284.9m | Added +48.9k |
| VANGUARD GROUP INC 0.00% of their portfolio | 12.6m $201.4m | Added +321.0k |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 5.5m $88.3m | Added +725.8k |
| MORGAN STANLEY 0.00% of their portfolio | 5.3m $85.6m | Added +1.8m |
| STATE STREET CORP 0.00% of their portfolio | 4.1m $65.0m | Added +45.6k |
| Invesco Ltd. 0.01% of their portfolio | 2.7m $43.9m | Added +672.3k |
| AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio | 2.4m $39.2m | Added +387.9k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 2.3m $37.3m | Added +338.8k |
| PRIVATE MANAGEMENT GROUP INC 1.38% of their portfolio | 2.3m $36.4m | Reduced -278.2k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 2.2m $34.7m | Added +55.0k |
| Third Point LLC 0.44% of their portfolio | 2.1m $34.2m | Unchanged |
| GAMCO INVESTORS, INC. ET AL 0.34% of their portfolio | 2.1m $33.5m | Added +89.0k |
| GABELLI FUNDS LLC 0.24% of their portfolio | 2.0m $32.1m | Reduced -89.9k |
| MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio | 1.7m $26.5m | Reduced -132.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 1.4m $21.6m | Added +22.2k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 1.3m $21.4m | Added +200.1k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 1.3m $21.3m | Reduced -93.5k |
| Nuveen Asset Management, LLC 0.01% of their portfolio | 1.3m $20.3m | Added +323.6k |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.41% of their portfolio | 1.2m $20.0m | Added +181.8k |
| FMR LLC 0.00% of their portfolio | 1.1m $18.1m | Added +7.6k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 1.1m $18.0m | Reduced -14.5k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 1.1m $17.0m | Reduced -9.4k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 978.7k $15.7m | Added +28.9k |
| Empowered Funds, LLC 0.13% of their portfolio | 921.0k $14.8m | Added +556.6k |
| JUPITER ASSET MANAGEMENT LTD 0.12% of their portfolio | 756.2k $12.1m | Added +54.1k |
| Advisors Asset Management, Inc. 0.19% of their portfolio | 609.5k $9.8m | Reduced -80.4k |
| PRUDENTIAL FINANCIAL INC 0.01% of their portfolio | 600.8k $9.6m | Added +118.8k |
| PANAGORA ASSET MANAGEMENT INC 0.05% of their portfolio | 599.9k $9.6m | Reduced -7.6k |
| BOOTHBAY FUND MANAGEMENT, LLC 0.27% of their portfolio | 594.2k $9.5m | Added +133.5k |
| PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio | 511.9k $8.2m | Reduced -1.9k |
| ProShare Advisors LLC 0.02% of their portfolio | 501.9k $8.0m | Added +127.1k |
| HBK INVESTMENTS L P 0.20% of their portfolio | 489.9k $7.8m | Reduced -370.3k |
| TCW GROUP INC 0.08% of their portfolio | 474.5k $7.6m | Added +214.4k |
| PINNACLE ASSOCIATES LTD 0.12% of their portfolio | 462.6k $7.4m | Reduced -6.2k |
| NORGES BANK 0.00% of their portfolio | 447.1k $7.2m | Unchanged |
| MARSHALL WACE, LLP 0.01% of their portfolio | 419.7k $6.7m | Reduced -465.6k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 413.3k $6.6m | Reduced -112.7k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.01% of their portfolio | 381.2k $6.1m | Added +41.8k |
| Segantii Capital Management Ltd 0.59% of their portfolio | 375.0k $6.0m | Reduced -123.3k |
| FIRST TRUST ADVISORS LP 0.01% of their portfolio | 371.0k $5.9m | Added +71.3k |
| Krilogy Financial LLC 0.43% of their portfolio | 346.8k $5.6m | Added +17.5k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 315.7k $5.1m | Reduced -470 |
| Woodline Partners LP 0.05% of their portfolio | 304.5k $4.9m | Added +33.5k |
| LOOMIS SAYLES & CO L P 0.01% of their portfolio | 292.4k $4.7m | Reduced -2.8k |
| Legal & General Group Plc 0.00% of their portfolio | 289.7k $4.6m | Added +235 |
| J. Goldman & Co LP 0.19% of their portfolio | 266.1k $4.3m | Added +251.1k |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 264.7k $4.2m | Reduced -35.2k |
| COWEN AND COMPANY, LLC 0.14% of their portfolio | 240.1k $3.7m | New |
| Squarepoint Ops LLC 0.02% of their portfolio | 233.6k $3.7m | Added +165.2k |
| Allianz Asset Management GmbH 0.01% of their portfolio | 230.1k $3.7m | Added +109.7k |
| AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 220.9k $3.5m | Reduced -25.6k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 205.8k $3.3m | Reduced -117.5k |
| Public Sector Pension Investment Board 0.02% of their portfolio | 202.1k $3.2m | Reduced -2.5k |
| SCOGGIN MANAGEMENT LP 2.38% of their portfolio | 200.0k $3.2m | Added +100.0k |
| Empyrean Capital Partners, LP 0.18% of their portfolio | 200.0k $3.2m | Unchanged |
| Swiss National Bank 0.00% of their portfolio | 198.7k $3.2m | Added +1.6k |
| State of New Jersey Common Pension Fund D 0.01% of their portfolio | 191.6k $3.1m | Added +59.4k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 178.3k $2.9m | Added +40.7k |
| UBS Group AG 0.00% of their portfolio | 177.4k $2.8m | Reduced -104.7k |
| Thrivent Financial for Lutherans 0.01% of their portfolio | 170.6k $2.7m | Reduced -2.3k |
| ALGERT GLOBAL LLC 0.10% of their portfolio | 162.2k $2.6m | Added +61.4k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 152.5k $2.4m | Added +11.3k |
| Balyasny Asset Management L.P. 0.01% of their portfolio | 151.9k $2.4m | Added +130.9k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 149.0k $2.4m | Reduced -12.4k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 146.2k $2.3m | Unchanged |
| Edgestream Partners, L.P. 0.11% of their portfolio | 140.5k $2.3m | Added +63.5k |
| RAYMOND JAMES & ASSOCIATES 0.00% of their portfolio | 138.5k $2.2m | Reduced -2.7k |
| CREDIT SUISSE AG/ 0.00% of their portfolio | 136.2k $2.2m | Added +576 |
| CONGRESS ASSET MANAGEMENT CO 0.02% of their portfolio | 132.4k $2.1m | Reduced -53.2k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.01% of their portfolio | 130.4k $2.1m | Reduced -31.4k |
| Engineers Gate Manager LP 0.05% of their portfolio | 123.3k $2.0m | Reduced -143.5k |
| BARCLAYS PLC 0.00% of their portfolio | 121.4k $1.9m | Reduced -136.7k |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 121.0k $1.9m | Reduced -21.6k |
| NWI MANAGEMENT LP 0.27% of their portfolio | 121.0k $1.9m | Reduced -25.0k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 111.0k $1.8m | Reduced -7.7k |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 109.3k $1.7m | Added +17.5k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 104.5k $1.7m | Reduced -4.8k |
| PDT Partners, LLC 0.16% of their portfolio | 103.8k $1.7m | Reduced -3.9k |
| PRELUDE CAPITAL MANAGEMENT, LLC 0.10% of their portfolio | 91.7k $1.5m | Added +11.7k |
| TEXAS PERMANENT SCHOOL FUND CORP 0.01% of their portfolio | 86.3k $1.4m | Added +1.2k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 86.1k $1.4m | Added +17.9k |
| Raymond James Financial Services Advisors, Inc. 0.00% of their portfolio | 85.0k $1.4m | Reduced -26.3k |
| TEACHER RETIREMENT SYSTEM OF TEXAS 0.01% of their portfolio | 80.3k $1.3m | Added +8.2k |
| Inspire Investing, LLC 0.13% of their portfolio | 77.7k $1.2m | Added +15.1k |
| 272 Capital LP 0.49% of their portfolio | 77.2k $1.2m | Reduced -90.0k |
| CITIGROUP INC 0.00% of their portfolio | 76.2k $1.2m | Reduced -4.2k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 76.1k $1.2m | Added +5.0k |
| Walleye Capital LLC 0.01% of their portfolio | 75.6k $1.2m | Added +40.3k |
| NewEdge Advisors, LLC 0.01% of their portfolio | 73.8k $1.2m | Added +23.6k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio | 72.1k $1.2m | Added +35.7k |
| Trexquant Investment LP 0.02% of their portfolio | 70.3k $1.1m | Added +31.2k |
| Degroof Petercam Asset Management 0.01% of their portfolio | 70.0k $1.1m | Unchanged |
| GUGGENHEIM CAPITAL LLC 0.01% of their portfolio | 66.6k $1.1m | Added +13.4k |
| Tidal Investments LLC 0.02% of their portfolio | 65.4k $1.0m | New |
| Susquehanna Portfolio Strategies, LLC 0.02% of their portfolio | 64.4k $1.0m | Reduced -310.2k |
| Alhambra Investment Management LLC 0.56% of their portfolio | 64.0k $1.0m | Reduced -5.0k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 60.2k $965.0k | Reduced -14.0k |
| State of Alaska, Department of Revenue 0.01% of their portfolio | 60.1k $962.0k | Reduced -593 |
| SIMPLEX TRADING, LLC 0.03% of their portfolio | 59.6k $954.0k | Reduced -16.2k |
| Assenagon Asset Management S.A. 0.00% of their portfolio | 58.5k $937.8k | Reduced -156.0k |