South Dakota Investment Council Reduces Holdings in TEGNA Inc. (NYSE:TGNA)

South Dakota Investment Council lessened its holdings in TEGNA Inc. (NYSE:TGNA - Free Report) by 88.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,003 shares of the company's stock after selling 145,633 shares during the period. South Dakota Investment Council's holdings in TEGNA were worth $346,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Northern Trust Corp increased its stake in shares of TEGNA by 8.3% in the 4th quarter. Northern Trust Corp now owns 2,865,335 shares of the company's stock valued at $52,407,000 after purchasing an additional 219,706 shares in the last quarter. Bridgeway Capital Management LLC increased its stake in shares of TEGNA by 7.4% in the 4th quarter. Bridgeway Capital Management LLC now owns 1,233,329 shares of the company's stock valued at $22,558,000 after purchasing an additional 85,113 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in TEGNA by 2.5% in the 1st quarter. Principal Financial Group Inc. now owns 934,711 shares of the company's stock worth $17,030,000 after buying an additional 23,094 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in TEGNA by 1.1% in the 1st quarter. Victory Capital Management Inc. now owns 918,416 shares of the company's stock worth $16,734,000 after buying an additional 10,249 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in TEGNA by 14.6% in the 4th quarter. Invesco Ltd. now owns 866,076 shares of the company's stock worth $15,841,000 after buying an additional 110,646 shares during the last quarter. Hedge funds and other institutional investors own 92.19% of the company's stock.

TEGNA Price Performance

TEGNA stock traded down $0.19 during mid-day trading on Friday, reaching $16.87. The company had a trading volume of 199,223 shares, compared to its average volume of 1,517,865. TEGNA Inc. has a 1 year low of $13.37 and a 1 year high of $19.62. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.40 and a quick ratio of 1.40. The company has a market capitalization of $2.71 billion, a P/E ratio of 5.94 and a beta of 0.30. The stock's 50-day simple moving average is $16.83 and its 200-day simple moving average is $17.26.

TEGNA (NYSE:TGNA - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating 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 company had revenue of $680.05 million during the quarter, compared to analysts' expectations of $677.24 million. During the same period last year, the company posted $0.45 earnings per share. The firm's quarterly revenue was down 4.8% compared to the same quarter last year. On average, equities analysts predict that TEGNA Inc. will post 3.02 EPS for the current year.

TEGNA Announces Dividend

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. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.96%. TEGNA's dividend payout ratio (DPR) is 17.61%.

Analysts Set New Price Targets

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

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.