Analysts Set TEGNA Inc. (NYSE:TGNA) PT at $23.31

Shares of TEGNA Inc. (NYSE:TGNA) have earned a consensus rating of “Hold” from the fourteen ratings firms that are covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and six have issued a buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $21.44.

A number of brokerages recently weighed in on TGNA. BidaskClub cut shares of TEGNA from a “buy” rating to a “hold” rating in a research note on Saturday, August 5th. Noble Financial restated a “buy” rating on shares of TEGNA in a research note on Thursday, August 3rd. Jefferies Group LLC restated a “hold” rating and set a $14.00 price objective (down from $16.00) on shares of TEGNA in a research note on Wednesday, August 2nd. FBR & Co cut their price objective on shares of TEGNA from $24.00 to $16.00 and set a “mkt perform” rating on the stock in a research note on Friday, July 28th. Finally, ValuEngine upgraded shares of TEGNA from a “hold” rating to a “buy” rating in a research note on Thursday, July 27th.

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its stake in TEGNA by 3,145.3% in the first quarter. BlackRock Inc. now owns 13,306,717 shares of the company’s stock valued at $340,917,000 after buying an additional 12,896,690 shares during the last quarter. Victory Capital Management Inc. increased its stake in TEGNA by 90.5% in the second quarter. Victory Capital Management Inc. now owns 12,895,698 shares of the company’s stock valued at $185,828,000 after buying an additional 6,127,293 shares during the last quarter. Diamond Hill Capital Management Inc. increased its stake in TEGNA by 31.7% in the second quarter. Diamond Hill Capital Management Inc. now owns 11,120,237 shares of the company’s stock valued at $160,243,000 after buying an additional 2,676,789 shares during the last quarter. Vaughan Nelson Investment Management L.P. bought a new stake in TEGNA during the second quarter valued at about $24,986,000. Finally, Renaissance Technologies LLC increased its stake in TEGNA by 1,523.6% in the first quarter. Renaissance Technologies LLC now owns 1,813,600 shares of the company’s stock valued at $46,464,000 after buying an additional 1,701,900 shares during the last quarter. Hedge funds and other institutional investors own 88.32% of the company’s stock.

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TEGNA (NYSE:TGNA) opened at 12.91 on Monday. The stock has a market cap of $2.78 billion, a P/E ratio of 15.78 and a beta of 1.75. The stock has a 50 day moving average of $14.40 and a 200-day moving average of $21.02. TEGNA has a one year low of $12.90 and a one year high of $26.65.

TEGNA (NYSE:TGNA) last issued its quarterly earnings data on Tuesday, August 1st. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. TEGNA had a net margin of 11.90% and a return on equity of 20.51%. The business had revenue of $489.36 million for the quarter, compared to analysts’ expectations of $486.29 million. During the same period in the previous year, the business earned $0.50 earnings per share. The company’s revenue was up 2.6% on a year-over-year basis. Analysts anticipate that TEGNA will post $1.08 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 8th will be issued a dividend of $0.07 per share. The ex-dividend date is Thursday, September 7th. This represents a $0.28 annualized dividend and a yield of 2.17%. TEGNA’s payout ratio is presently 16.97%.

About TEGNA

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.

Analyst Recommendations for TEGNA (NYSE:TGNA)

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