Tom Glocer and Devin Wenig unload shares

Glocer, chief executive, and Wenig, CEO of the markets division, both made the sale to rebalance their portfolios. Glocer sold 200,000 shares at £20.11 and now holds about 1.34 million shares. Wenig sold 100,000 shares at £19.78 and now owns about 650,000. Both men joined Reuters in 1993.

"After second quarter results that were significantly better than expected, investors may be concerned that management are calling a near-term peak to the share price," Phillip Huang, UBS analyst, said in a note.

"Thomson Reuters merits a premium based on the results it has delivered, but an end to the cyclical market rally, particularly in financials, could lead to profit taking in Thomson and lead to the relative premium contracting," he said.

The company currently trades on a 16x multiple of its 2010 expected earnings per share, compared with 10x multiples in its peers.

UBS maintains a "sell" rating on Thomson Reuters with a $23.50 target price. ■