Millennium Management LLC Acquires 866,970 Shares of TEGNA Inc. $TGNA

Key Points

• Millennium Management LLC increased its stake in TEGNA Inc. by 51.5%, acquiring an additional 866,970 shares, bringing its total holding to approximately 2.55 million shares valued at about $46.44 million.
• Several analysts have issued mixed ratings for TEGNA, with price targets ranging from $18.00 to $22.00, reflecting a consensus average rating of "Moderate Buy".
• TEGNA declared a quarterly dividend of $0.125 per share, resulting in an annualized dividend yield of 2.4%, with a payout ratio of 17.99% as of the latest earnings report.

Millennium Management LLC lifted its holdings in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 51.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 2,548,981 shares of the company's stock after purchasing an additional 866,970 shares during the period. Millennium Management LLC owned about 1.59% of TEGNA worth $46,442,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in TGNA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in TEGNA by 1.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 95,968 shares of the company's stock valued at $1,749,000 after buying an additional 1,726 shares during the period. Hancock Whitney Corp lifted its stake in shares of TEGNA by 1.6% in the 1st quarter. Hancock Whitney Corp now owns 91,104 shares of the company's stock valued at $1,660,000 after acquiring an additional 1,416 shares during the last quarter. Cinctive Capital Management LP purchased a new stake in TEGNA during the 1st quarter valued at about $972,000. Bridgeway Capital Management LLC grew its position in TEGNA by 10.1% during the 1st quarter. Bridgeway Capital Management LLC now owns 1,358,042 shares of the company's stock worth $24,744,000 after acquiring an additional 124,713 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its stake in TEGNA by 20.4% in the 1st quarter. Advisors Asset Management Inc. now owns 21,715 shares of the company's stock worth $396,000 after purchasing an additional 3,675 shares during the period. Hedge funds and other institutional investors own 92.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. JPMorgan Chase & Co. dropped their price objective on TEGNA from $19.00 to $18.00 and set a "neutral" rating for the company in a research note on Wednesday, May 21st. Guggenheim reiterated a "neutral" rating and set a $19.00 price target on shares of TEGNA in a report on Friday, August 22nd. Finally, Wells Fargo & Company reissued an "overweight" rating and issued a $22.00 price target (up previously from $21.00) on shares of TEGNA in a report on Sunday, August 10th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, TEGNA has an average rating of "Moderate Buy" and an average target price of $19.75.

TEGNA Price Performance

Shares of TEGNA stock opened at $21.01 on Tuesday. The business has a 50 day moving average of $18.51 and a 200 day moving average of $17.52. TEGNA Inc. has a 52 week low of $13.55 and a 52 week high of $21.35. The company has a market cap of $3.38 billion, a PE ratio of 7.56 and a beta of 0.28. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.82.

TEGNA (NYSE:TGNA - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.06. The business had revenue of $675.05 million for the quarter, compared to analysts' expectations of $673.92 million. TEGNA had a net margin of 14.99% and a return on equity of 16.20%. The firm's revenue for the quarter was down 5.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.50 earnings per share. TEGNA has set its Q3 2025 guidance at EPS. As a group, equities research analysts forecast that TEGNA Inc. will post 3.02 earnings per share for the current year.

TEGNA Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 5th will be given a dividend of $0.125 per share. The ex-dividend date is Friday, September 5th. This represents a $0.50 annualized dividend and a dividend yield of 2.4%. TEGNA's payout ratio is currently 17.99%.

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.

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