10 Best Canadian Dividend Stocks to Buy For Income Investors

5. Thomson Reuters Corporation (NYSE:TRI)

Number of Hedge Fund Holders: 25

Thomson Reuters Corporation (NYSE:TRI) is a Canadian media company that provides news and information tools to professionals. The company is consistently investing in AI, with a focus on driving innovation across its portfolio and markets to serve its customers better. In 2024, its investment in AI has increased to over $200 million. The company continues to advance its “Build, Partner, Buy” strategy, launching several new AI product capabilities and enhancing CoCounsel, its professional-grade GenAI assistant. In addition, it has completed the strategic acquisitions of Safe Sign Technologies and Materia, which complement its product roadmap and accelerate the delivery of GenAI tools for professionals.

In the third quarter of 2024, Thomson Reuters Corporation (NYSE:TRI) reported revenue of $1.72 billion, which saw an 8% growth from the same period last year. Its operating profit for the quarter fell by 6% on a YoY basis to $415 million. The company’s Legal Professionals segment remained the winner, generating $745 million in revenues, which grew by 8% from the same quarter in 2023. This growth was driven by a positive impact from acquisitions.

In addition to strong performance in other areas, Thomson Reuters Corporation (NYSE:TRI) also reported a solid cash position. The company’s operating cash flow came in at C$756 million, up 12% on a YoY basis. Its free cash for the quarter also grew to $591 million, from $529 million in the prior-year period. This strong cash position has enabled the company to grow its dividends for 31 years in a row, which places TRI on our list of the best dividend Canadian stocks. The stock’s dividend yield on January 10 came in at 1.39%.

According to Insider Monkey’s database of Q3 2024, 25 hedge funds held investments in Thomson Reuters Corporation (NYSE:TRI), up from 22 in the previous quarter. These stakes are worth $507.7 million in total.