Moran Wealth Management LLC Takes Position in TEGNA Inc. (NYSE:TGNA)

Moran Wealth Management LLC bought a new stake in shares of TEGNA Inc. (NYSE:TGNA - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 132,177 shares of the company's stock, valued at approximately $2,408,000. Moran Wealth Management LLC owned about 0.08% of TEGNA as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in the business. Innealta Capital LLC purchased a new position in shares of TEGNA during the first quarter valued at approximately $197,000. Blue Trust Inc. lifted its holdings in shares of TEGNA by 26.0% during the first quarter. Blue Trust Inc. now owns 4,227 shares of the company's stock valued at $77,000 after purchasing an additional 873 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of TEGNA by 1,454.5% during the first quarter. Janney Montgomery Scott LLC now owns 179,765 shares of the company's stock valued at $3,275,000 after purchasing an additional 168,201 shares during the last quarter. Mission Wealth Management LP lifted its holdings in shares of TEGNA by 6.2% during the first quarter. Mission Wealth Management LP now owns 33,079 shares of the company's stock valued at $603,000 after purchasing an additional 1,939 shares during the last quarter. Finally, Exchange Traded Concepts LLC purchased a new position in shares of TEGNA during the first quarter valued at approximately $1,076,000. 92.19% of the stock is currently owned by hedge funds and other institutional investors.

TEGNA Stock Performance

NYSE:TGNA traded down $0.36 during trading hours on Friday, reaching $16.75. The company had a trading volume of 2,681,174 shares, compared to its average volume of 1,855,385. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.83. TEGNA Inc. has a 52 week low of $13.37 and a 52 week high of $19.62. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of 5.90 and a beta of 0.30. The firm's 50 day moving average price is $16.66 and its 200-day moving average price is $17.43.

TEGNA (NYSE:TGNA - Get Free Report) last posted its 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. TEGNA had a net margin of 15.29% and a return on equity of 17.13%. The business had revenue of $680.05 million during the quarter, compared to the consensus estimate of $677.24 million. During the same quarter in the previous year, the firm posted $0.45 EPS. The firm's revenue was down 4.8% on a year-over-year basis. On average, analysts forecast that TEGNA Inc. will post 3.02 EPS for the current year.

TEGNA Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th will be given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date of this dividend is Friday, June 6th. TEGNA's dividend payout ratio (DPR) is presently 17.61%.

Analysts Set New Price Targets

TGNA has been the subject of a number of recent analyst reports. 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 report on Wednesday, May 21st. Benchmark decreased their price objective on shares of TEGNA from $21.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Guggenheim boosted their price objective on shares of TEGNA from $20.00 to $22.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Finally, Wells Fargo & Company cut their target price on shares of TEGNA from $23.00 to $21.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, TEGNA presently has an average rating of "Moderate Buy" and an average price target of $20.25.

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.