Wells Fargo & Co. Reiterates Hold Rating for Tegna Inc. (TGNA)
Tegna Inc. (NYSE:TGNA)‘s stock had its “hold” rating restated by equities researchers at Wells Fargo & Co. in a research note issued to investors on Monday.
Several other equities analysts have also recently issued reports on the stock. FBR & Co reaffirmed a “hold” rating and issued a $24.00 price objective on shares of Tegna in a research note on Thursday, September 8th. TheStreet cut shares of Tegna from a “buy” rating to a “hold” rating in a research note on Monday, August 22nd. Benchmark Co. began coverage on shares of Tegna in a research note on Friday, August 19th. They issued a “buy” rating and a $26.00 price objective on the stock. Argus reaffirmed a “buy” rating and issued a $33.00 price objective on shares of Tegna in a research note on Saturday, August 13th. Finally, Jefferies Group lowered their price objective on shares of Tegna from $26.00 to $25.00 and set a “hold” rating on the stock in a research note on Wednesday, July 27th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $26.88.
Shares of Tegna (NYSE:TGNA) opened at 21.29 on Monday. The firm has a 50 day moving average of $21.10 and a 200 day moving average of $22.55. The stock has a market cap of $4.56 billion, a P/E ratio of 11.50 and a beta of 1.77. Tegna has a one year low of $20.10 and a one year high of $28.95.
Tegna (NYSE:TGNA) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.03. The company had revenue of $811.79 million for the quarter, compared to analysts’ expectations of $814.56 million. Tegna had a net margin of 13.69% and a return on equity of 17.02%. The business’s revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.30 EPS. On average, equities research analysts predict that Tegna will post $2.33 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 9th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.63%. The ex-dividend date is Wednesday, September 7th. Tegna’s dividend payout ratio is currently 28.72%.
Several hedge funds have recently bought and sold shares of the company. Norges Bank bought a new stake in Tegna during the fourth quarter valued at approximately $55,731,000. Chevy Chase Trust Holdings Inc. boosted its stake in Tegna by 3.5% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 187,227 shares of the company’s stock valued at $4,393,000 after buying an additional 6,277 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Tegna by 12.7% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 48,674 shares of the company’s stock valued at $1,142,000 after buying an additional 5,467 shares during the last quarter. Exxonmobil Investment Management Inc. TX raised its position in shares of Tegna by 7.7% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 53,496 shares of the company’s stock valued at $1,255,000 after buying an additional 3,805 shares during the last quarter. Finally, PGGM Investments raised its position in shares of Tegna by 2.5% in the first quarter. PGGM Investments now owns 149,242 shares of the company’s stock valued at $3,501,000 after buying an additional 3,633 shares during the last quarter. Institutional investors and hedge funds own 87.80% of the company’s stock.
Tegna Company Profile
TEGNA Inc, formerly Gannett Co, Inc, includes a portfolio of media and digital businesses that provide content. The Company operates through two segments: TEGNA Media (Media Segment) and TEGNA Digital (Digital Segment). Its media business includes approximately 50 television stations operating in over 40 markets and offers television programming and digital content.
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