Mackenzie Financial Corp Reduces Position in TEGNA Inc. (NYSE:TGNA)

Key Points

• Mackenzie Financial Corp sold 33,530 shares of TEGNA Inc. (NYSE: TGNA), reducing its stake by 37.9%, leaving it with 54,916 shares valued at approximately $1 million.
• Analysts have lowered their price targets for TEGNA, with Wells Fargo reducing its target from $23 to $21, while the consensus price target now stands at $20.00.
• TEGNA recently declared a quarterly dividend of $0.125 per share, resulting in a dividend yield of 3.1% and a payout ratio of 17.61%.

Mackenzie Financial Corp lowered its stake in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 37.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 54,916 shares of the company's stock after selling 33,530 shares during the period. Mackenzie Financial Corp's holdings in TEGNA were worth $1,001,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of TEGNA in the 4th quarter valued at $12,170,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in TEGNA during the 4th quarter valued at about $7,955,000. Voloridge Investment Management LLC purchased a new position in TEGNA during the 4th quarter valued at about $5,434,000. Jane Street Group LLC boosted its holdings in TEGNA by 494.8% during the 4th quarter. Jane Street Group LLC now owns 195,677 shares of the company's stock valued at $3,579,000 after acquiring an additional 245,245 shares during the period. Finally, Northern Trust Corp boosted its holdings in TEGNA by 8.3% during the 4th quarter. Northern Trust Corp now owns 2,865,335 shares of the company's stock valued at $52,407,000 after acquiring an additional 219,706 shares during the period. Institutional investors and hedge funds own 92.19% of the company's stock.

Analyst Upgrades and Downgrades

TGNA has been the subject of a number of research analyst reports. Benchmark lowered their target price on TEGNA from $21.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. JPMorgan Chase & Co. lowered their target price on TEGNA from $19.00 to $18.00 and set a "neutral" rating for the company in a report on Wednesday, May 21st. Wells Fargo & Company cut their price target on TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Finally, Guggenheim cut their price target on TEGNA from $22.00 to $21.00 and set a "buy" rating on the stock in a report on Wednesday, July 2nd. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, TEGNA has a consensus rating of "Moderate Buy" and an average price target of $20.00.

TEGNA Stock Up 1.7%

NYSE TGNA traded up $0.26 during trading hours on Friday, hitting $15.30. 2,807,692 shares of the company were exchanged, compared to its average volume of 1,465,114. The company has a 50 day moving average of $16.70 and a two-hundred day moving average of $17.12. The company has a quick ratio of 1.40, a current 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 $2.46 billion, a price-to-earnings ratio of 5.50 and a beta of 0.28.

TEGNA (NYSE:TGNA - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.38 by $0.06. TEGNA had a return on equity of 16.37% and a net margin of 14.99%. The business had revenue of $675.05 million for the quarter, compared to the consensus estimate of $673.92 million. During the same quarter in the prior year, the business posted $0.50 EPS. The business's revenue for the quarter was down 5.0% on a year-over-year basis. Equities research analysts anticipate that TEGNA Inc. will post 3.02 earnings per share for the current 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 issued a $0.125 dividend. The ex-dividend date was Friday, June 6th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 3.3%. TEGNA's dividend payout ratio is presently 17.61%.

TEGNA 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.