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LSV Asset Management Purchases 32,121 Shares of TEGNA Inc. (NYSE:TGNA)

TEGNA logo with Consumer Discretionary background

Key Points

  • LSV Asset Management increased its stake in TEGNA Inc. by 0.4% during the 1st quarter, owning 7,828,750 shares valued at approximately $142.64 million, which accounts for 4.87% of the company.
  • Analysts have adjusted their price targets for TEGNA, with ratings ranging from "buy" to "neutral," reflecting an average price target of $20.00 amidst a generally favorable outlook.
  • TEGNA declared a quarterly dividend of $0.125 per share with a payout ratio of 17.61%, translating to an annualized dividend yield of 3.1% for shareholders.
  • Interested in TEGNA? Here are five stocks we like better.

LSV Asset Management raised its position in TEGNA Inc. (NYSE:TGNA - Free Report) by 0.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 7,828,750 shares of the company's stock after purchasing an additional 32,121 shares during the period. LSV Asset Management owned about 4.87% of TEGNA worth $142,640,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Commonwealth Equity Services LLC increased its position in TEGNA by 19.8% during the 4th quarter. Commonwealth Equity Services LLC now owns 26,023 shares of the company's stock worth $476,000 after purchasing an additional 4,303 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of TEGNA by 49.5% during the 4th quarter. JPMorgan Chase & Co. now owns 425,565 shares of the company's stock valued at $7,784,000 after acquiring an additional 140,987 shares in the last quarter. Norges Bank purchased a new stake in TEGNA during the 4th quarter worth $12,170,000. Pictet Asset Management Holding SA increased its holdings in TEGNA by 4.1% in the 4th quarter. Pictet Asset Management Holding SA now owns 23,193 shares of the company's stock valued at $424,000 after purchasing an additional 910 shares in the last quarter. Finally, Schroder Investment Management Group purchased a new position in TEGNA in the fourth quarter valued at about $4,429,000. Hedge funds and other institutional investors own 92.19% of the company's stock.

Wall Street Analyst Weigh In

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

Read Our Latest Stock Analysis on TGNA

TEGNA Price Performance

Shares of NYSE TGNA traded up $0.20 during mid-day trading on Monday, hitting $16.27. 1,020,791 shares of the stock were exchanged, compared to its average volume of 1,338,596. The stock's fifty day simple moving average is $16.79 and its two-hundred day simple moving average is $17.17. TEGNA Inc. has a twelve month low of $13.37 and a twelve month high of $19.62. The company has a market cap of $2.61 billion, a P/E ratio of 5.73 and a beta of 0.28. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.40 and a current ratio of 1.40.

TEGNA (NYSE:TGNA - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.34 by $0.03. The company had revenue of $680.05 million during the quarter, compared to analysts' expectations of $677.24 million. TEGNA had a net margin of 15.29% and a return on equity of 17.13%. TEGNA's revenue was down 4.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.45 EPS. As a group, analysts forecast that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 6th were paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Friday, June 6th. TEGNA's dividend payout ratio is currently 17.61%.

TEGNA Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for TEGNA (NYSE:TGNA)

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