Thomson Reuters Corp (NYSE:TRI) Shares Gap Up Following Earnings Beat

Shares of Thomson Reuters Corp (NYSE:TRI) (TSE:TRI) gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $44.95, but opened at $45.89. Thomson Reuters Corp shares last traded at $47.96, with a volume of 2,399,933 shares changing hands.

The business services provider reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.09. The firm had revenue of $2.78 billion for the quarter, compared to analyst estimates of $2.78 billion. Thomson Reuters Corp had a net margin of 26.81% and a return on equity of 13.64%. The company’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.50 EPS.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 17th will be paid a dividend of $0.345 per share. This represents a $1.38 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date of this dividend is Tuesday, August 15th. Thomson Reuters Corp’s payout ratio is 33.91%.

Thomson Reuters Corp announced that its Board of Directors has authorized a share repurchase plan on Wednesday, May 24th that authorizes the company to buyback 36,000,000 outstanding shares. This buyback authorization authorizes the business services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

A number of brokerages have recently weighed in on TRI. Zacks Investment Research lowered shares of Thomson Reuters Corp from a “buy” rating to a “hold” rating in a research note on Wednesday, May 3rd. Royal Bank Of Canada set a $45.00 price objective on shares of Thomson Reuters Corp and gave the stock a “hold” rating in a research note on Thursday, July 27th. BMO Capital Markets boosted their price objective on shares of Thomson Reuters Corp from $64.00 to $65.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 2nd. Macquarie raised shares of Thomson Reuters Corp from a “neutral” rating to an “outperform” rating in a research note on Thursday, June 15th. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $50.00 price objective on shares of Thomson Reuters Corp in a research note on Thursday, August 3rd. One analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $49.83.

A number of hedge funds and other institutional investors have recently modified their holdings of TRI. Flinton Capital Management LLC boosted its position in shares of Thomson Reuters Corp by 252.4% in the first quarter. Flinton Capital Management LLC now owns 12,342 shares of the business services provider’s stock valued at $534,000 after buying an additional 8,840 shares during the period. American Century Companies Inc. boosted its position in shares of Thomson Reuters Corp by 115.5% in the first quarter. American Century Companies Inc. now owns 429,205 shares of the business services provider’s stock valued at $18,555,000 after buying an additional 229,999 shares during the period. First Trust Advisors LP boosted its position in shares of Thomson Reuters Corp by 15.1% in the first quarter. First Trust Advisors LP now owns 544,834 shares of the business services provider’s stock valued at $23,553,000 after buying an additional 71,284 shares during the period. Tyers Asset Management LLC boosted its position in shares of Thomson Reuters Corp by 252.4% in the first quarter. Tyers Asset Management LLC now owns 10,164 shares of the business services provider’s stock valued at $439,000 after buying an additional 7,280 shares during the period. Finally, Commerzbank Aktiengesellschaft FI boosted its position in shares of Thomson Reuters Corp by 25.1% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 33,476 shares of the business services provider’s stock valued at $1,447,000 after buying an additional 6,711 shares during the period. 26.54% of the stock is owned by institutional investors and hedge funds.

The stock has a market capitalization of $32.77 billion, a price-to-earnings ratio of 11.26 and a beta of 0.75. The stock has a 50-day moving average of $46.30 and a 200 day moving average of $44.53.

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Thomson Reuters Corp Company Profile

Thomson Reuters Corporation (Thomson Reuters) is a provider of news and information for professional markets. The Company is organized in three business units: Financial & Risk, Legal, and Tax & Accounting. The Financial & Risk segment is a provider of critical news, information and analytics, enabling transactions and connecting communities of trading, investment, financial and corporate professionals.

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