Several analysts have recently updated their ratings and price targets for TEGNA (NYSE: TGNA):

  • 5/15/2019 – TEGNA was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. According to Zacks, “TEGNA’s first-quarter 2019 top-line growth was primarily driven by an increase in subscription revenues, which were driven by higher rates negotiated in fourth-quarter 2018, impact of rate escalators and stable paying subscriber base. Additionally, TEGNA expects its paying subscriber base to exceed the industry’s base owing to its global presence in key markets. Moreover, the company’s continued acquisitions of local TV stations that comprise the Big Four affiliates is likely to aid political revenues as political spend is expected to increase owing to the 2020 presidential elections. Notably, its shares have significantly outperformed the industry over the past year. However, lack of political, Olympic and Super Bowl revenues in the reported quarter hurt the top line and advertising revenues. Moreover, increasing expenses are expected to hurt profits in the near term.”
  • 5/10/2019 – TEGNA was given a new $20.00 price target on by analysts at Noble Financial. They now have a “buy” rating on the stock.
  • 5/10/2019 – TEGNA had its “buy” rating reaffirmed by analysts at Benchmark Co.. They now have a $18.00 price target on the stock.
  • 5/6/2019 – TEGNA was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. According to Zacks, “TEGNA’s increasing expenses, primarily higher reverse compensation fees, is proving to be a drag on margins. Additionally, higher programming costs are expected to hurt profitability in the near term. Moreover, lack of benefit from political revenues may cause fluctuations in TEGNA’s overall results. Further, expenses associated with revenue growth, acquisition of KFMB and Premion investments are expected to hurt margins in the near term. Nevertheless, the company’s OTT subscriber growth and revenues benefit from its increasing presence in larger markets. Moreover, TEGNA with the help of its local OTT advertising network, Premion has been able to reach customers beyond its traditional business and serve additional markets. Notably, the service expanded the company’s reach to 200 markets in 2018 from the earlier 39 markets. Shares have outperformed the industry over the past year.”
  • 3/25/2019 – TEGNA was upgraded by analysts at Evercore ISI from an “in-line” rating to an “outperform” rating.

NYSE TGNA traded down $0.11 during trading hours on Monday, reaching $15.82. The company’s stock had a trading volume of 1,914,644 shares, compared to its average volume of 2,433,249. TEGNA Inc. has a 1-year low of $10.11 and a 1-year high of $16.57. The stock has a market capitalization of $3.45 billion, a price-to-earnings ratio of 8.64, a PEG ratio of 1.21 and a beta of 1.60. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 2.12.

TEGNA (NYSE:TGNA) last announced its earnings results on Thursday, May 9th. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. TEGNA had a return on equity of 30.61% and a net margin of 18.91%. The business had revenue of $516.80 million during the quarter, compared to analysts’ expectations of $512.45 million. During the same quarter in the prior year, the firm earned $0.33 earnings per share. The business’s revenue was up 2.9% compared to the same quarter last year. Equities analysts predict that TEGNA Inc. will post 1.31 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 7th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.77%. TEGNA’s payout ratio is currently 15.30%.

In other TEGNA news, Director Neal Shapiro sold 27,613 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $14.72, for a total transaction of $406,463.36. Following the completion of the transaction, the director now owns 17,478 shares of the company’s stock, valued at $257,276.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.48% of the stock is owned by corporate insiders.

Hedge funds have recently bought and sold shares of the company. Dubuque Bank & Trust Co. purchased a new stake in shares of TEGNA in the first quarter valued at approximately $28,000. Advisor Group Inc. grew its position in shares of TEGNA by 138.8% in the first quarter. Advisor Group Inc. now owns 3,825 shares of the company’s stock valued at $54,000 after purchasing an additional 2,223 shares in the last quarter. Advisory Services Network LLC purchased a new stake in shares of TEGNA in the fourth quarter valued at approximately $52,000. First Quadrant L P CA purchased a new stake in shares of TEGNA in the fourth quarter valued at approximately $77,000. Finally, First Hawaiian Bank grew its position in shares of TEGNA by 354.3% in the fourth quarter. First Hawaiian Bank now owns 8,772 shares of the company’s stock valued at $95,000 after purchasing an additional 6,841 shares in the last quarter. Institutional investors and hedge funds own 96.10% of the company’s stock.

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.

Further Reading: Beige Book

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