Thomson Reuters (NASDAQ:TRI) Trading 6.4% Higher – Here’s What Happened

Thomson Reuters Corp (NASDAQ:TRI)’s share price rose 6.4% on Wednesday . The stock traded as high as $98.71 and last traded at $97.6310. 935,312 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 2,317,514 shares. The stock had previously closed at $91.74.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Weiss Ratings cut Thomson Reuters from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 23rd. Barclays reissued an “overweight” rating and set a $130.00 price target (down from $170.00) on shares of Thomson Reuters in a report on Friday, May 8th. Bank of America lowered their price objective on Thomson Reuters from $115.00 to $98.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 19th. Wells Fargo & Company set a $85.00 target price on Thomson Reuters and gave the stock an “equal weight” rating in a report on Tuesday, June 30th. Finally, Scotiabank set a $138.00 price target on shares of Thomson Reuters and gave the company a “sector outperform” rating in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Thomson Reuters currently has an average rating of “Moderate Buy” and a consensus price target of $143.92.

Thomson Reuters Stock Performance

The stock has a market cap of $41.54 billion, a P/E ratio of 27.67, a price-to-earnings-growth ratio of 1.40 and a beta of 0.77. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.11. The stock has a 50 day simple moving average of $85.21 and a 200 day simple moving average of $97.36.

Thomson Reuters (NASDAQ:TRI) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.05. The company had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2 billion. Thomson Reuters had a return on equity of 14.99% and a net margin of 19.93%.Thomson Reuters’s revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the business earned $1.12 earnings per share. On average, equities analysts expect that Thomson Reuters Corp will post 4.44 earnings per share for the current year.

Thomson Reuters Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th were issued a $0.655 dividend. This represents a $2.62 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Wednesday, May 20th. Thomson Reuters’s dividend payout ratio (DPR) is currently 76.16%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TRI. First National Bank of Mount Dora Trust Investment Services lifted its stake in Thomson Reuters by 12.5% during the first quarter. First National Bank of Mount Dora Trust Investment Services now owns 45,844 shares of the company’s stock worth $4,125,000 after purchasing an additional 5,094 shares during the last quarter. NewEdge Advisors LLC boosted its stake in Thomson Reuters by 9.7% in the first quarter. NewEdge Advisors LLC now owns 5,280 shares of the company’s stock valued at $475,000 after buying an additional 469 shares in the last quarter. Western Wealth Management LLC bought a new position in Thomson Reuters in the first quarter valued at about $48,000. Bank of America Corp DE raised its stake in Thomson Reuters by 48.7% during the first quarter. Bank of America Corp DE now owns 1,627,069 shares of the company’s stock worth $146,404,000 after acquiring an additional 532,803 shares in the last quarter. Finally, Arkadios Wealth Advisors bought a new position in shares of Thomson Reuters in the first quarter worth about $1,775,000. 17.31% of the stock is owned by institutional investors.

About Thomson Reuters

Thomson Reuters is a global provider of information and technology solutions for professional markets, including financial services, legal, tax and accounting, and media industries. The company delivers a range of data, analytics and software tools designed to help customers make informed decisions, manage risk and stay compliant with evolving regulations. Its key offerings include the Eikon financial data platform, Westlaw legal research service, Checkpoint tax and accounting solution, and Reuters News, which supplies real‐time journalism to media organizations worldwide.

Formed in 2008 through the merger of Canada’s Thomson Corporation (founded in 1934) and the UK’s Reuters Group (established in 1851), Thomson Reuters has built on a legacy of journalistic integrity and information innovation.