Mackenzie Financial Corp Buys 46,996 Shares of TEGNA Inc. (NYSE:TGNA)

Mackenzie Financial Corp boosted its position in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 113.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 88,446 shares of the company's stock after purchasing an additional 46,996 shares during the period. Mackenzie Financial Corp owned about 0.05% of TEGNA worth $1,618,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Neo Ivy Capital Management acquired a new position in shares of TEGNA during the fourth quarter worth about $28,000. PharVision Advisers LLC bought a new stake in TEGNA in the 4th quarter valued at approximately $332,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in TEGNA by 16.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 518,578 shares of the company's stock worth $9,485,000 after acquiring an additional 72,397 shares during the last quarter. Voloridge Investment Management LLC acquired a new position in TEGNA during the 4th quarter worth approximately $5,434,000. Finally, Squarepoint Ops LLC grew its stake in shares of TEGNA by 13.8% during the 4th quarter. Squarepoint Ops LLC now owns 823,826 shares of the company's stock worth $15,068,000 after acquiring an additional 100,131 shares in the last quarter. Institutional investors and hedge funds own 92.19% of the company's stock.

Analyst Ratings Changes

TGNA has been the topic of a number of research reports. Wells Fargo & Company cut their price objective on shares of TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Wall Street Zen cut TEGNA from a "buy" rating to a "hold" rating in a report on Friday, February 28th. Benchmark dropped 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. JPMorgan Chase & Co. reduced their price target on TEGNA from $19.00 to $18.00 and set a "neutral" rating for the company in a research report on Wednesday, May 21st. Finally, Guggenheim boosted their price target on TEGNA from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, TEGNA currently has a consensus rating of "Moderate Buy" and an average target price of $20.25.

TEGNA Stock Performance

Shares of TEGNA stock traded down $0.55 during trading on Wednesday, hitting $16.11. 1,528,748 shares of the stock were exchanged, compared to its average volume of 1,948,580. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07. The company has a fifty day moving average price of $16.63 and a 200-day moving average price of $17.67. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of 5.69 and a beta of 0.31. TEGNA Inc. has a 1-year low of $12.35 and a 1-year high of $19.62.

TEGNA (NYSE:TGNA - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.37 EPS for the quarter, topping analysts' consensus estimates of $0.34 by $0.03. The business had revenue of $680.05 million during the quarter, compared to analysts' expectations of $677.24 million. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. TEGNA's quarterly revenue was down 4.8% on a year-over-year basis. During the same quarter last year, the company posted $0.45 earnings per share. As a group, equities analysts predict that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 6th will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.50 annualized dividend and a dividend yield of 3.10%. TEGNA's dividend payout ratio is currently 17.61%.

About TEGNA

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.