JPMorgan Chase & Co. Cuts TEGNA (NYSE:TGNA) Price Target to $18.00

TEGNA (NYSE:TGNA - Free Report) had its target price trimmed by JPMorgan Chase & Co. from $19.00 to $18.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other analysts also recently weighed in on the stock. Wall Street Zen downgraded shares of TEGNA from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. Benchmark decreased their price target on shares of TEGNA from $21.00 to $20.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Guggenheim lifted their price target on shares of TEGNA from $20.00 to $22.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Finally, Wells Fargo & Company decreased their price target on shares of TEGNA from $23.00 to $21.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $20.25.

TEGNA Trading Down 0.4%

Shares of TGNA traded down $0.07 during mid-day trading on Wednesday, reaching $16.64. 1,008,721 shares of the company's stock traded hands, compared to its average volume of 1,966,945. The stock has a market cap of $2.67 billion, a P/E ratio of 5.88 and a beta of 0.31. The stock's 50-day moving average is $16.94 and its two-hundred day moving average is $17.76. TEGNA has a 12 month low of $12.35 and a 12 month high of $19.62. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60.

TEGNA (NYSE:TGNA - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.37 EPS for the quarter, beating analysts' consensus estimates of $0.34 by $0.03. The firm had revenue of $680.05 million for the quarter, compared to analysts' expectations of $677.24 million. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. The company's quarterly revenue was down 4.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.45 earnings per share. Research analysts forecast that TEGNA will post 3.02 earnings per share for the current fiscal year.

TEGNA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 6th will be paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date is Friday, June 6th. TEGNA's dividend payout ratio (DPR) is 17.61%.

Hedge Funds Weigh In On TEGNA

A number of large investors have recently bought and sold shares of TGNA. Jones Financial Companies Lllp bought a new position in TEGNA in the fourth quarter worth approximately $27,000. Neo Ivy Capital Management bought a new position in TEGNA in the fourth quarter worth approximately $28,000. Smartleaf Asset Management LLC raised its stake in TEGNA by 95.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company's stock worth $31,000 after buying an additional 832 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in TEGNA by 80.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,683 shares of the company's stock worth $31,000 after buying an additional 749 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new position in TEGNA in the fourth quarter worth approximately $32,000. Institutional investors own 92.19% of the company's stock.

About TEGNA

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.