Envestnet Asset Management Inc. Sells 22,463 Shares of TEGNA Inc. (NYSE:TGNA)

Envestnet Asset Management Inc. cut its stake in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 11.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 171,502 shares of the company's stock after selling 22,463 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.11% of TEGNA worth $3,137,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Dynamic Technology Lab Private Ltd acquired a new position in shares of TEGNA in the 4th quarter valued at about $324,000. Wells Fargo & Company MN lifted its stake in TEGNA by 9.5% in the fourth quarter. Wells Fargo & Company MN now owns 223,654 shares of the company's stock valued at $4,091,000 after buying an additional 19,453 shares during the period. Bryce Point Capital LLC bought a new position in shares of TEGNA during the 4th quarter worth approximately $454,000. Schroder Investment Management Group bought a new position in shares of TEGNA during the 4th quarter worth approximately $4,429,000. Finally, Pictet Asset Management Holding SA grew its position in shares of TEGNA by 4.1% during the 4th quarter. Pictet Asset Management Holding SA now owns 23,193 shares of the company's stock worth $424,000 after buying an additional 910 shares during the period. Institutional investors own 92.19% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on TGNA. StockNews.com lowered shares of TEGNA from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. Guggenheim cut their price objective on shares of TEGNA from $22.00 to $20.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, TEGNA has a consensus rating of "Moderate Buy" and a consensus target price of $21.25.

TEGNA Stock Down 0.6 %

NYSE TGNA traded down $0.10 during trading hours on Wednesday, hitting $16.23. The company's stock had a trading volume of 1,134,670 shares, compared to its average volume of 2,015,214. The company has a market capitalization of $2.61 billion, a PE ratio of 5.74 and a beta of 0.25. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07. TEGNA Inc. has a 52 week low of $12.35 and a 52 week high of $19.62. The company's 50-day simple moving average is $17.16 and its two-hundred day simple moving average is $17.70.

TEGNA Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 7th were given a dividend of $0.125 per share. The ex-dividend date was Friday, March 7th. This represents a $0.50 annualized dividend and a dividend yield of 3.08%. TEGNA's payout ratio is 14.12%.

TEGNA Company Profile

TEGNA Inc, a media company, provides broadcast advertising and marketing products and services for businesses. The company operates 47 television stations in 39 markets of the United States that produce local programming, such as news, sports, and entertainment. It offers local and national non-political advertising; political advertising; production of programming from third parties; production of advertising materials; and digital marketing services, as well as advertising services on the stations' Websites, tablets, and mobile products.