TEGNA Inc. (TGNA) Receives New Coverage from Analysts at Guggenheim
A number of other research analysts have also weighed in on the company. Zacks Investment Research raised TEGNA from a strong sell rating to a hold rating in a report on Wednesday, September 13th. TheStreet lowered TEGNA from a b rating to a c+ rating in a report on Thursday, July 13th. ValuEngine raised TEGNA from a hold rating to a buy rating in a report on Thursday, July 27th. Wells Fargo & Company reissued a hold rating and issued a $14.00 target price on shares of TEGNA in a report on Friday, September 22nd. Finally, BidaskClub lowered TEGNA from a hold rating to a sell rating in a report on Tuesday, September 12th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $18.44.
TEGNA (TGNA) traded down 0.31% during midday trading on Wednesday, reaching $12.75. 2,794,548 shares of the company were exchanged. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of 15.59 and a beta of 1.73. TEGNA has a 52-week low of $11.46 and a 52-week high of $17.06. The company has a 50 day moving average of $12.77 and a 200-day moving average of $14.26.
TEGNA (NYSE:TGNA) last announced its quarterly earnings data on Tuesday, August 1st. The company reported $0.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.02. TEGNA had a return on equity of 20.51% and a net margin of 11.90%. The firm had revenue of $489.36 million for the quarter, compared to analyst estimates of $486.29 million. During the same quarter in the prior year, the company posted $0.50 earnings per share. TEGNA’s quarterly revenue was up 2.6% on a year-over-year basis. On average, equities research analysts anticipate that TEGNA will post $1.10 earnings per share for the current fiscal year.
TEGNA announced that its Board of Directors has initiated a stock buyback plan on Tuesday, September 19th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 11.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 8th were given a $0.07 dividend. The ex-dividend date of this dividend was Thursday, September 7th. This represents a $0.28 annualized dividend and a dividend yield of 2.20%. TEGNA’s dividend payout ratio is currently 16.97%.
Several large investors have recently modified their holdings of the company. OppenheimerFunds Inc. lifted its position in shares of TEGNA by 0.4% in the first quarter. OppenheimerFunds Inc. now owns 15,799 shares of the company’s stock valued at $405,000 after acquiring an additional 67 shares in the last quarter. HPM Partners LLC lifted its position in shares of TEGNA by 0.6% in the second quarter. HPM Partners LLC now owns 12,764 shares of the company’s stock valued at $184,000 after acquiring an additional 77 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its position in shares of TEGNA by 0.5% in the first quarter. Nomura Asset Management Co. Ltd. now owns 28,193 shares of the company’s stock valued at $722,000 after acquiring an additional 153 shares in the last quarter. Synovus Financial Corp lifted its position in shares of TEGNA by 4.4% in the second quarter. Synovus Financial Corp now owns 10,304 shares of the company’s stock valued at $148,000 after acquiring an additional 438 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its position in shares of TEGNA by 4.1% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 12,599 shares of the company’s stock valued at $182,000 after acquiring an additional 499 shares in the last quarter. Institutional investors and hedge funds own 97.92% of the company’s stock.
TEGNA Company Profile
Tegna Inc has a portfolio of media and digital businesses that provide content. The Company’s segments include TEGNA Media (Media) and TEGNA Digital (Digital). As of December 31, 2016, its media business included 46 television stations operating in 38 markets and offered television programming and digital content.
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