State of Tennessee Department of Treasury Takes Position in TEGNA Inc. (NYSE:TGNA)

State of Tennessee Department of Treasury bought a new position in shares of TEGNA Inc. (NYSE:TGNA - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 68,317 shares of the company's stock, valued at approximately $1,250,000.

Other large investors have also modified their holdings of the company. Principal Financial Group Inc. raised its stake in shares of TEGNA by 26.2% in the third quarter. Principal Financial Group Inc. now owns 891,488 shares of the company's stock worth $14,068,000 after purchasing an additional 184,845 shares during the last quarter. EMC Capital Management increased its holdings in TEGNA by 648.8% in the 4th quarter. EMC Capital Management now owns 20,346 shares of the company's stock worth $372,000 after buying an additional 17,629 shares during the period. Charles Schwab Investment Management Inc. raised its position in TEGNA by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,873,167 shares of the company's stock worth $34,260,000 after buying an additional 93,894 shares during the last quarter. Guidance Capital Inc. acquired a new stake in TEGNA during the 4th quarter valued at approximately $476,000. Finally, World Investment Advisors LLC purchased a new stake in shares of TEGNA in the 3rd quarter valued at $528,000. Hedge funds and other institutional investors own 92.19% of the company's stock.

TEGNA Price Performance

Shares of NYSE:TGNA traded up $0.06 during midday trading on Tuesday, reaching $16.50. 86,844 shares of the company's stock traded hands, compared to its average volume of 2,005,541. The company has a market cap of $2.65 billion, a P/E ratio of 5.84 and a beta of 0.31. The company has a fifty day simple moving average of $17.12 and a two-hundred day simple moving average of $17.72. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.60 and a current ratio of 2.60. TEGNA Inc. has a 1 year low of $12.35 and a 1 year high of $19.62.

TEGNA Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th were given a $0.125 dividend. The ex-dividend date was Friday, March 7th. This represents a $0.50 annualized dividend and a dividend yield of 3.03%. TEGNA's dividend payout ratio (DPR) is 14.12%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on TGNA. Guggenheim decreased their target price on shares of TEGNA from $22.00 to $20.00 and set a "buy" rating for the company in a research report on Friday, April 11th. StockNews.com downgraded TEGNA from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. Benchmark reduced their price target on TEGNA from $21.00 to $20.00 and set a "buy" rating for the company in a research report on Tuesday. 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 research report on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $20.00.

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.