Thomson Reuters (NASDAQ:TRI) Stock Price Up 6% – Here’s Why

Thomson Reuters Corp (NASDAQ:TRI)’s stock price rose 6% during mid-day trading on Monday . The company traded as high as $104.87 and last traded at $103.1830. Approximately 407,959 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 2,247,468 shares. The stock had previously closed at $97.35.

Wall Street Analyst Weigh In

TRI has been the subject of a number of research analyst reports. Canaccord Genuity Group cut their target price on shares of Thomson Reuters from $134.00 to $132.50 and set a “buy” rating for the company in a research report on Thursday, August 6th. Weiss Ratings raised Thomson Reuters from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, August 24th. Bank of America dropped their price objective on Thomson Reuters from $115.00 to $98.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 19th. TD Securities reissued a “buy” rating on shares of Thomson Reuters in a research report on Thursday, August 6th. Finally, Scotiabank reissued a “sector outperform” rating and set a $135.00 price objective on shares of Thomson Reuters in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $131.57.

Thomson Reuters Trading Down 3.0%

The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.51 and a current ratio of 0.51. The company’s 50 day moving average is $100.26 and its 200 day moving average is $93.72. The stock has a market capitalization of $44.45 billion, a price-to-earnings ratio of 27.32, a PEG ratio of 2.03 and a beta of 0.74.

Thomson Reuters (NASDAQ:TRI) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.03. The company had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.89 billion. Thomson Reuters had a net margin of 21.22% and a return on equity of 15.82%. The business’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period last year, the business posted $0.87 EPS. On average, research analysts forecast that Thomson Reuters Corp will post 4.48 EPS for the current fiscal year.

Thomson Reuters Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 19th were paid a dividend of $0.655 per share. This represents a $2.62 annualized dividend and a yield of 2.6%. The ex-dividend date was Wednesday, August 19th. Thomson Reuters’s payout ratio is currently 69.68%.

Hedge Funds Weigh In On Thomson Reuters

Large investors have recently added to or reduced their stakes in the company. TD Asset Management Inc increased its position in shares of Thomson Reuters by 0.7% during the fourth quarter. TD Asset Management Inc now owns 4,664,372 shares of the company’s stock valued at $616,342,000 after purchasing an additional 33,418 shares during the period. Geode Capital Management LLC lifted its position in Thomson Reuters by 3.6% in the fourth quarter. Geode Capital Management LLC now owns 2,224,706 shares of the company’s stock worth $297,536,000 after purchasing an additional 76,800 shares during the period. Bank of America Corp DE lifted its position in Thomson Reuters by 48.7% in the first quarter. Bank of America Corp DE now owns 1,627,069 shares of the company’s stock worth $146,404,000 after purchasing an additional 532,803 shares during the period. CIBC Asset Management Inc boosted its stake in Thomson Reuters by 17.7% during the fourth quarter. CIBC Asset Management Inc now owns 1,607,468 shares of the company’s stock worth $212,493,000 after buying an additional 242,214 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in Thomson Reuters by 33.3% during the first quarter. First Trust Advisors LP now owns 1,588,756 shares of the company’s stock worth $142,956,000 after buying an additional 397,150 shares in the last quarter. Institutional investors and hedge funds own 17.31% of the company’s stock.

About Thomson Reuters

Thomson Reuters Corporation is a global provider of information, software, and technology solutions for professionals and institutions. Its products and services support legal professionals, corporations, tax and accounting firms, governments, and media organizations, helping customers manage regulatory requirements, research information, analyze data, and improve workflow efficiency.

The company’s offerings include legal research and practice-management solutions, tax and accounting software, corporate compliance and risk-management tools, and products designed for government and regulatory users.