Kingsview Wealth Management LLC Sells 41,566 Shares of TEGNA Inc. (NYSE:TGNA)

Kingsview Wealth Management LLC lessened its holdings in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 22.5% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 143,313 shares of the company's stock after selling 41,566 shares during the quarter. Kingsview Wealth Management LLC owned about 0.09% of TEGNA worth $2,611,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its holdings in TEGNA by 1.1% in the first quarter. Victory Capital Management Inc. now owns 918,416 shares of the company's stock valued at $16,734,000 after acquiring an additional 10,249 shares during the period. Alps Advisors Inc. boosted its holdings in TEGNA by 11.4% in the 1st quarter. Alps Advisors Inc. now owns 522,568 shares of the company's stock worth $9,521,000 after acquiring an additional 53,273 shares during the period. Linden Thomas Advisory Services LLC boosted its stake in shares of TEGNA by 9.6% during the 1st quarter. Linden Thomas Advisory Services LLC now owns 69,755 shares of the company's stock valued at $1,271,000 after buying an additional 6,114 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of TEGNA by 3.5% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 467,656 shares of the company's stock valued at $8,387,000 after buying an additional 15,728 shares during the last quarter. Finally, Crossmark Global Holdings Inc. boosted its stake in shares of TEGNA by 7.8% during the 1st quarter. Crossmark Global Holdings Inc. now owns 563,207 shares of the company's stock valued at $10,262,000 after buying an additional 40,987 shares during the last quarter. Institutional investors and hedge funds own 92.19% of the company's stock.

TEGNA Stock Performance

Shares of NYSE:TGNA traded down $0.31 during trading on Friday, hitting $16.71. 1,186,800 shares of the stock were exchanged, compared to its average volume of 1,818,870. TEGNA Inc. has a 1-year low of $13.37 and a 1-year high of $19.62. The company has a market capitalization of $2.69 billion, a price-to-earnings ratio of 5.88 and a beta of 0.30. The company's fifty day simple moving average is $16.87 and its 200-day simple moving average is $17.30. 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 data on Thursday, May 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.03. TEGNA had a return on equity of 17.13% and a net margin of 15.29%. The firm 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 company posted $0.45 EPS. The business's revenue for the quarter was down 4.8% compared to the same quarter last year. Sell-side analysts expect that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 6th were given 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 2.99%. TEGNA's payout ratio is currently 17.61%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on TGNA. Guggenheim dropped their target price on TEGNA from $22.00 to $21.00 and set a "buy" rating on the stock in a research report on Wednesday, July 2nd. JPMorgan Chase & Co. decreased their target price on TEGNA from $19.00 to $18.00 and set a "neutral" rating for the company in a research note on Wednesday, May 21st. Wells Fargo & Company decreased their price target on TEGNA from $23.00 to $21.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Finally, Benchmark reduced their price objective on TEGNA from $21.00 to $20.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $20.00.

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.