Bank of Nova Scotia Sells 17,692 Shares of Thomson Reuters Co. (NYSE:TRI)

Key Points

• Bank of Nova Scotia reduced its holdings in Thomson Reuters Co. by 3.6%, now owning 0.11% of the company valued at approximately $82.4 million.
• Thomson Reuters reported a quarterly earnings per share of $1.12, exceeding analysts' expectations of $1.05, but fell slightly short on revenue estimates.
• Several analysts have adjusted their price targets for Thomson Reuters, with Barclays raising theirs to $210 and CIBC to $201, indicating positive market sentiment.

Bank of Nova Scotia cut its stake in shares of Thomson Reuters Co. (NYSE:TRI - Free Report) TSE: TRI by 3.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 477,632 shares of the business services provider's stock after selling 17,692 shares during the period. Bank of Nova Scotia owned about 0.11% of Thomson Reuters worth $82,434,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Cullen Frost Bankers Inc. grew its stake in shares of Thomson Reuters by 772.2% in the first quarter. Cullen Frost Bankers Inc. now owns 157 shares of the business services provider's stock worth $27,000 after purchasing an additional 139 shares during the last quarter. Investment Management Corp VA ADV bought a new stake in shares of Thomson Reuters in the fourth quarter worth $29,000. SBI Securities Co. Ltd. grew its stake in shares of Thomson Reuters by 41.3% in the first quarter. SBI Securities Co. Ltd. now owns 236 shares of the business services provider's stock worth $41,000 after purchasing an additional 69 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in Thomson Reuters by 25.7% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 411 shares of the business services provider's stock valued at $71,000 after acquiring an additional 84 shares during the last quarter. Finally, Fifth Third Bancorp grew its holdings in Thomson Reuters by 42.8% during the 1st quarter. Fifth Third Bancorp now owns 484 shares of the business services provider's stock worth $84,000 after acquiring an additional 145 shares during the period. 17.31% of the stock is currently owned by institutional investors and hedge funds.

Thomson Reuters Price Performance

Shares of TRI stock traded up $2.74 on Monday, hitting $203.82. 661,600 shares of the stock traded hands, compared to its average volume of 823,069. The firm has a market cap of $91.85 billion, a price-to-earnings ratio of 41.68, a PEG ratio of 5.67 and a beta of 0.77. Thomson Reuters Co. has a 52 week low of $150.01 and a 52 week high of $218.42. The firm has a 50 day simple moving average of $199.44 and a two-hundred day simple moving average of $184.29. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.02 and a quick ratio of 0.94.

Thomson Reuters (NYSE:TRI - Get Free Report) TSE: TRI last announced its quarterly earnings data on Thursday, May 1st. The business services provider reported $1.12 EPS for the quarter, beating the consensus estimate of $1.05 by $0.07. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.94 billion. Thomson Reuters had a net margin of 30.45% and a return on equity of 14.62%. The company's revenue was up .8% on a year-over-year basis. During the same period last year, the firm earned $1.11 EPS. As a group, equities research analysts predict that Thomson Reuters Co. will post 3.89 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on TRI. TD Securities reiterated a "hold" rating on shares of Thomson Reuters in a report on Tuesday, July 15th. Scotiabank reissued a "sector perform" rating and set a $188.00 price objective on shares of Thomson Reuters in a research report on Friday, May 2nd. National Bankshares reissued an "outperform" rating on shares of Thomson Reuters in a research report on Thursday, July 10th. JPMorgan Chase & Co. raised their price target on shares of Thomson Reuters from $177.00 to $178.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Finally, Bank of America started coverage on shares of Thomson Reuters in a research report on Thursday, April 10th. They issued a "neutral" rating and a $180.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $193.00.

Thomson Reuters Company Profile

Thomson Reuters Corporation engages in the provision of business information services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates in five segments: Legal Professionals, Corporates, Tax & Accounting Professionals, Reuters News, and Global Print. The Legal Professionals segment offers research and workflow products focusing on legal research and integrated legal workflow solutions that combine content, tools, and analytics to law firms and governments.