Millennium Management LLC Raises Stock Position in 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 boosted 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 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,548,981 shares of the company's stock after acquiring 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 Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TGNA. Nuveen LLC bought a new position in TEGNA during the 1st quarter worth about $15,492,000. Deutsche Bank AG boosted its holdings in shares of TEGNA by 383.6% in the 1st quarter. Deutsche Bank AG now owns 756,941 shares of the company's stock valued at $13,791,000 after buying an additional 600,407 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of TEGNA in the 4th quarter valued at about $7,955,000. Jane Street Group LLC boosted its holdings in shares of TEGNA by 193.0% in the 1st quarter. Jane Street Group LLC now owns 573,255 shares of the company's stock valued at $10,445,000 after buying an additional 377,578 shares in the last quarter. Finally, Voloridge Investment Management LLC bought a new stake in shares of TEGNA in the 4th quarter valued at about $5,434,000. 92.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on TGNA shares. Wells Fargo & Company restated an "overweight" rating and issued a $22.00 price target (up from $21.00) on shares of TEGNA in a report on Sunday, August 10th. JPMorgan Chase & Co. decreased their price objective on shares of 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 reaffirmed a "neutral" rating and issued a $19.00 price objective on shares of TEGNA in a research report on Friday, August 22nd. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $19.75.

TEGNA Stock Performance

TGNA traded up $0.04 during trading on Friday, reaching $21.05. 4,084,608 shares of the company's stock were exchanged, compared to its average volume of 4,612,165. TEGNA Inc. has a 1 year low of $14.03 and a 1 year high of $21.35. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.47 and a quick ratio of 1.47. The stock has a market capitalization of $3.39 billion, a P/E ratio of 7.57 and a beta of 0.28. The company's fifty day simple moving average is $18.82 and its 200-day simple moving average is $17.62.

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

TEGNA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 5th will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.4%. TEGNA's dividend payout ratio (DPR) is presently 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.