CIBC Asset Management Inc lowered its position in shares of Thomson Reuters Corp (NYSE:TRI) (TSE:TRI) by 67.2% in the third quarter, HoldingsChannel.com reports. The firm owned 158,763 shares of the business services provider’s stock after selling 325,315 shares during the period. CIBC Asset Management Inc’s holdings in Thomson Reuters were worth $7,241,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of the company. Steward Partners Investment Advisory LLC boosted its holdings in Thomson Reuters by 6,100.0% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 2,480 shares of the business services provider’s stock worth $100,000 after acquiring an additional 2,440 shares during the period. Daiwa SB Investments Ltd. purchased a new position in Thomson Reuters in the 2nd quarter worth approximately $141,000. Cerebellum GP LLC purchased a new position in Thomson Reuters in the 3rd quarter worth approximately $190,000. Beach Investment Counsel Inc. PA purchased a new position in Thomson Reuters in the 3rd quarter worth approximately $200,000. Finally, Laurel Wealth Advisors Inc. purchased a new position in Thomson Reuters in the 2nd quarter worth approximately $201,000. Institutional investors and hedge funds own 28.18% of the company’s stock.
TRI has been the subject of a number of analyst reports. ValuEngine upgraded Thomson Reuters from a “hold” rating to a “buy” rating in a report on Wednesday, September 12th. Canaccord Genuity restated a “buy” rating and issued a $50.00 price target on shares of Thomson Reuters in a report on Wednesday, September 5th. Zacks Investment Research upgraded Thomson Reuters from a “hold” rating to a “buy” rating and set a $51.00 price target for the company in a report on Wednesday, October 17th. Morgan Stanley set a $51.00 price target on Thomson Reuters and gave the stock a “buy” rating in a report on Monday, October 15th. Finally, Goldman Sachs Group initiated coverage on Thomson Reuters in a report on Thursday, October 18th. They issued a “neutral” rating for the company. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $46.60.
Shares of TRI opened at $48.10 on Wednesday. Thomson Reuters Corp has a 52-week low of $36.52 and a 52-week high of $48.13. The company has a market capitalization of $25.85 billion, a price-to-earnings ratio of 19.16, a price-to-earnings-growth ratio of 10.28 and a beta of 0.52. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 0.41.
Thomson Reuters (NYSE:TRI) (TSE:TRI) last announced its earnings results on Tuesday, November 6th. The business services provider reported $0.11 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.07. Thomson Reuters had a return on equity of 9.17% and a net margin of 14.15%. The company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period in the prior year, the company posted $0.27 EPS. Thomson Reuters’s quarterly revenue was up 1.6% on a year-over-year basis. Sell-side analysts expect that Thomson Reuters Corp will post 0.64 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Thursday, November 15th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.91%. This is a positive change from Thomson Reuters’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Wednesday, November 14th. Thomson Reuters’s dividend payout ratio is presently 54.98%.
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About Thomson Reuters
Thomson Reuters Corporation provides news and information for professional markets worldwide. The company operates through three segments: Financial & Risk, Legal, and Tax & Accounting. It sells electronic content and services to professionals primarily on a subscription basis. The Financial & Risk segment offers critical news, information, and analytics enabling transactions and connecting communities of trading, investment, financial, and corporate professionals.
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