TEGNA Inc. (NYSE:TGNA) Shares Bought by Jennison Associates LLC

Jennison Associates LLC lifted its holdings in TEGNA Inc. (NYSE:TGNA - Free Report) by 152.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 75,976 shares of the company's stock after purchasing an additional 45,892 shares during the period. Jennison Associates LLC's holdings in TEGNA were worth $1,384,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Principal Financial Group Inc. increased its stake in TEGNA by 2.5% during the 1st quarter. Principal Financial Group Inc. now owns 934,711 shares of the company's stock worth $17,030,000 after buying an additional 23,094 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in TEGNA by 53.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 18,376 shares of the company's stock worth $341,000 after buying an additional 6,433 shares in the last quarter. Crossmark Global Holdings Inc. increased its stake in TEGNA by 7.8% during the 1st quarter. Crossmark Global Holdings Inc. now owns 563,207 shares of the company's stock worth $10,262,000 after buying an additional 40,987 shares in the last quarter. Whitebox Advisors LLC increased its stake in TEGNA by 459.6% during the 4th quarter. Whitebox Advisors LLC now owns 142,703 shares of the company's stock worth $2,610,000 after buying an additional 117,203 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its stake in TEGNA by 1,454.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 179,765 shares of the company's stock worth $3,275,000 after buying an additional 168,201 shares in the last quarter. Hedge funds and other institutional investors own 92.19% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Guggenheim cut their price objective on TEGNA from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. lowered their target price on TEGNA from $19.00 to $18.00 and set a "neutral" rating on the stock in a report on Wednesday, May 21st. Wells Fargo & Company lowered their target price on TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Finally, Benchmark lowered their target price on TEGNA from $21.00 to $20.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, TEGNA has a consensus rating of "Moderate Buy" and a consensus price target of $20.00.

TEGNA Trading Down 0.1%

TGNA traded down $0.03 during trading hours on Friday, reaching $17.03. The company's stock had a trading volume of 886,095 shares, compared to its average volume of 1,276,924. TEGNA Inc. has a fifty-two week low of $13.37 and a fifty-two week high of $19.62. The stock has a market cap of $2.74 billion, a PE ratio of 5.99 and a beta of 0.30. The business's 50-day moving average is $16.82 and its 200-day moving average is $17.25. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.40 and a quick ratio of 1.40.

TEGNA (NYSE:TGNA - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.37 EPS for the quarter, beating analysts' consensus estimates of $0.34 by $0.03. TEGNA had a return on equity of 17.13% and a net margin of 15.29%. The firm had revenue of $680.05 million for the quarter, compared to analysts' expectations of $677.24 million. During the same period in the prior year, the firm posted $0.45 earnings per share. The firm's quarterly revenue was down 4.8% on a year-over-year basis. As a group, equities research analysts predict that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 6th were issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date was Friday, June 6th. TEGNA's dividend payout ratio is presently 17.61%.

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.