Guggenheim Cuts TEGNA (NYSE:TGNA) Price Target to $21.00

TEGNA (NYSE:TGNA) had its price target reduced by Guggenheim from $22.00 to $21.00 in a research report report published on Wednesday morning,Benzinga reports. Guggenheim currently has a buy rating on the stock.

A number of other research analysts also recently commented on TGNA. JPMorgan Chase & Co. dropped their price target on TEGNA from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, May 21st. Wells Fargo & Company dropped their price target on TEGNA from $23.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, May 1st. Finally, Benchmark dropped their price target on TEGNA from $21.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $20.00.

TEGNA Stock Up 0.6%

Shares of NYSE TGNA opened at $17.24 on Wednesday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.40 and a current ratio of 1.40. TEGNA has a 52 week low of $13.37 and a 52 week high of $19.62. The stock has a market capitalization of $2.77 billion, a P/E ratio of 6.07 and a beta of 0.30. The stock’s fifty day moving average is $16.77 and its 200 day moving average is $17.40.

TEGNA (NYSE:TGNA) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.03. The business had revenue of $680.05 million during the quarter, compared to the consensus estimate of $677.24 million. TEGNA had a return on equity of 17.13% and a net margin of 15.29%. TEGNA’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.45 earnings per share. Sell-side analysts forecast that TEGNA will post 3.02 earnings per share for the current fiscal year.

TEGNA Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th were paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend was Friday, June 6th. TEGNA’s payout ratio is 17.61%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its stake in TEGNA by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,873,167 shares of the company’s stock worth $34,260,000 after acquiring an additional 93,894 shares in the last quarter. Whitebox Advisors LLC increased its stake in shares of TEGNA by 459.6% in the fourth quarter. Whitebox Advisors LLC now owns 142,703 shares of the company’s stock valued at $2,610,000 after buying an additional 117,203 shares during the period. Janney Montgomery Scott LLC increased its stake in shares of TEGNA by 1,454.5% in the first quarter. Janney Montgomery Scott LLC now owns 179,765 shares of the company’s stock valued at $3,275,000 after buying an additional 168,201 shares during the period. Hillsdale Investment Management Inc. increased its stake in shares of TEGNA by 13,258.8% in the fourth quarter. Hillsdale Investment Management Inc. now owns 227,100 shares of the company’s stock valued at $4,154,000 after buying an additional 225,400 shares during the period. Finally, Invesco Ltd. increased its stake in shares of TEGNA by 14.6% in the fourth quarter. Invesco Ltd. now owns 866,076 shares of the company’s stock valued at $15,841,000 after buying an additional 110,646 shares during the period. Institutional investors and hedge funds own 92.19% of the company’s stock.

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.