Bank of Nova Scotia Acquires Shares of 626,816 Thomson Reuters Corp $TRI

Key Points

• Bank of Nova Scotia acquired 626,816 Thomson Reuters shares during the second quarter, valued at approximately $51.2 million and representing about 0.14% of the company. Institutional investors collectively own 17.31% of TRI.
• Thomson Reuters reported stronger-than-expected quarterly results, with EPS of $0.99 versus a $0.96 consensus estimate and revenue of $1.93 billion, up 9.5% year over year.
• The company declared a quarterly dividend of $0.655, or $2.62 annually, for a 2.5% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $142.83.

Bank of Nova Scotia bought a new stake in shares of Thomson Reuters Corp (NASDAQ:TRI - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 626,816 shares of the company's stock, valued at approximately $51,193,000. Bank of Nova Scotia owned approximately 0.14% of Thomson Reuters at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of TRI. Vanguard Group Inc. raised its position in shares of Thomson Reuters by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 5,776,640 shares of the company's stock valued at $762,320,000 after acquiring an additional 85,684 shares in the last quarter. TD Asset Management Inc boosted its holdings in Thomson Reuters by 0.7% in the fourth quarter. TD Asset Management Inc now owns 4,664,372 shares of the company's stock worth $616,342,000 after purchasing an additional 33,418 shares during the period. TLT Family Holdco ULC bought a new stake in Thomson Reuters during the second quarter valued at $865,442,000. SEG Family Corp. bought a new stake in Thomson Reuters during the second quarter valued at $659,930,000. Finally, Morgan Stanley raised its holdings in shares of Thomson Reuters by 31.2% during the fourth quarter. Morgan Stanley now owns 2,802,312 shares of the company's stock worth $369,597,000 after purchasing an additional 665,743 shares during the period. 17.31% of the stock is owned by hedge funds and other institutional investors.

Thomson Reuters Stock Down 0.3%

Shares of NASDAQ:TRI opened at $105.53 on Friday. The firm has a 50 day simple moving average of $93.08 and a 200 day simple moving average of $92.12. Thomson Reuters Corp has a 52 week low of $76.28 and a 52 week high of $180.00. 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 has a market cap of $45.97 billion, a PE ratio of 28.09, a price-to-earnings-growth ratio of 1.55 and a beta of 0.75.

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

Thomson Reuters Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be given a $0.655 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $2.62 dividend on an annualized basis and a dividend yield of 2.5%. Thomson Reuters's payout ratio is currently 69.68%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on TRI shares. Wells Fargo & Company set a $85.00 target price on Thomson Reuters and gave the company an "equal weight" rating in a research note on Tuesday, June 30th. Scotiabank reiterated a "sector outperform" rating and set a $135.00 price target on shares of Thomson Reuters in a research report on Thursday, August 6th. Scotia cut their price target on Thomson Reuters from $138.00 to $135.00 and set a "sector outperform" rating on the stock in a report on Thursday, August 6th. TD Securities restated a "buy" rating on shares of Thomson Reuters in a research report on Thursday, August 6th. Finally, Barclays restated an "overweight" rating and set a $130.00 price objective (down from $170.00) on shares of Thomson Reuters in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Thomson Reuters has an average rating of "Moderate Buy" and a consensus price target of $142.83.

Thomson Reuters Company Profile

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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