Cibc World Markets Corp Takes Position in TEGNA Inc. (NYSE:TGNA)

Cibc World Markets Corp purchased a new stake in TEGNA Inc. (NYSE:TGNA) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 15,494 shares of the company’s stock, valued at approximately $283,000.

A number of other hedge funds have also recently added to or reduced their stakes in TGNA. Jones Financial Companies Lllp bought a new stake in TEGNA in the fourth quarter worth approximately $27,000. Smartleaf Asset Management LLC lifted its stake in shares of TEGNA by 95.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company’s stock valued at $31,000 after purchasing an additional 832 shares during the last quarter. GAMMA Investing LLC boosted its holdings in TEGNA by 59.0% in the fourth quarter. GAMMA Investing LLC now owns 2,040 shares of the company’s stock worth $37,000 after purchasing an additional 757 shares in the last quarter. Sound Income Strategies LLC acquired a new position in TEGNA during the fourth quarter worth $57,000. Finally, Quarry LP raised its holdings in TEGNA by 455.2% during the third quarter. Quarry LP now owns 4,025 shares of the company’s stock valued at $64,000 after buying an additional 3,300 shares in the last quarter. Institutional investors and hedge funds own 92.19% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Wells Fargo & Company upgraded TEGNA from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $21.00 to $23.00 in a research note on Thursday, December 19th. StockNews.com downgraded TEGNA from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Finally, Guggenheim restated a “buy” rating and issued a $22.00 price objective on shares of TEGNA in a research note on Friday, January 24th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $21.75.

TEGNA Price Performance

Shares of NYSE:TGNA opened at $18.91 on Wednesday. The company has a market cap of $3.02 billion, a price-to-earnings ratio of 6.68 and a beta of 0.45. The business has a 50 day moving average price of $18.02 and a 200 day moving average price of $17.45. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07. TEGNA Inc. has a twelve month low of $12.35 and a twelve month high of $19.62.

TEGNA Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th will be paid a $0.125 dividend. The ex-dividend date is Friday, March 7th. This represents a $0.50 annualized dividend and a dividend yield of 2.64%. TEGNA’s payout ratio is 14.12%.

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.