Bank of New York Mellon Corp Takes Position in Thomson Reuters Corp $TRI

Key Points

• Bank of New York Mellon purchased 351,535 Thomson Reuters shares worth approximately $28.7 million, while several other institutional investors also increased their positions. Institutional investors and hedge funds own 17.31% of the company.
• Analysts maintain a generally positive view, with Thomson Reuters receiving a “Moderate Buy” consensus rating and an average price target of $131.57, despite several recent target-price reductions.
• Thomson Reuters exceeded quarterly expectations with $0.99 earnings per share and $1.93 billion in revenue, up 9.5% year over year. The company also announced a quarterly dividend of $0.655 per share, representing a 2.5% annualized yield.

Bank of New York Mellon Corp purchased a new stake in shares of Thomson Reuters Corp (NASDAQ:TRI - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 351,535 shares of the company's stock, valued at approximately $28,710,000. Bank of New York Mellon Corp owned about 0.08% of Thomson Reuters as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the company. Vest Financial LLC boosted its position in Thomson Reuters by 95.2% in the second quarter. Vest Financial LLC now owns 93,557 shares of the company's stock valued at $7,641,000 after buying an additional 45,618 shares during the last quarter. SBI Securities Co. Ltd. raised its position in Thomson Reuters by 66.9% during the 2nd quarter. SBI Securities Co. Ltd. now owns 786 shares of the company's stock worth $64,000 after buying an additional 315 shares during the last quarter. Louisbourg Investments Inc. lifted its stake in Thomson Reuters by 22.8% during the 2nd quarter. Louisbourg Investments Inc. now owns 89,435 shares of the company's stock valued at $7,291,000 after acquiring an additional 16,603 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in Thomson Reuters by 44,306.9% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,536 shares of the company's stock valued at $12,621,000 after acquiring an additional 154,188 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. increased its stake in shares of Thomson Reuters by 31.8% in the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 2,033 shares of the company's stock worth $166,000 after acquiring an additional 491 shares during the period. 17.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on TRI shares. Barclays reissued an "overweight" rating and set a $130.00 target price (down from $170.00) on shares of Thomson Reuters in a report on Friday, May 8th. Scotiabank reaffirmed a "sector outperform" rating and set a $135.00 price target on shares of Thomson Reuters in a research report on Thursday, August 6th. Bank of America reduced their price objective on Thomson Reuters from $115.00 to $98.00 and set a "neutral" rating for the company in a research note on Tuesday, May 19th. Scotia lowered their target price on Thomson Reuters from $138.00 to $135.00 and set a "sector outperform" rating on the stock in a research note on Thursday, August 6th. Finally, TD Securities reaffirmed a "buy" rating on shares of Thomson Reuters in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Thomson Reuters presently has an average rating of "Moderate Buy" and an average price target of $131.57.

Thomson Reuters Trading Up 1.4%

TRI stock opened at $106.22 on Friday. Thomson Reuters Corp has a 52-week low of $76.28 and a 52-week high of $180.00. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.12. The firm has a market cap of $46.27 billion, a P/E ratio of 28.28, a PEG ratio of 1.56 and a beta of 0.75. The company's 50-day simple moving average is $95.65 and its 200-day simple moving average is $92.46.

Thomson Reuters (NASDAQ:TRI - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.03. The firm had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.89 billion. Thomson Reuters had a return on equity of 15.82% and a net margin of 21.22%.Thomson Reuters's revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.87 EPS. As a group, equities analysts forecast that Thomson Reuters Corp will post 4.45 EPS for the current fiscal year.

Thomson Reuters Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be paid a dividend of $0.655 per share. This represents a $2.62 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Thomson Reuters's dividend payout ratio is presently 69.68%.

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.

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