Vanguard Group Inc. Cuts Holdings in TEGNA Inc. (NYSE:TGNA)

Vanguard Group Inc. lowered its stake in shares of TEGNA Inc. (NYSE:TGNA) by 1.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 25,790,898 shares of the company’s stock after selling 261,721 shares during the quarter. Vanguard Group Inc. owned 16.01% of TEGNA worth $471,716,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in TGNA. KLP Kapitalforvaltning AS bought a new stake in TEGNA during the fourth quarter worth about $1,692,000. AXQ Capital LP purchased a new position in shares of TEGNA during the 4th quarter valued at about $238,000. Hillsdale Investment Management Inc. lifted its position in TEGNA by 13,258.8% in the 4th quarter. Hillsdale Investment Management Inc. now owns 227,100 shares of the company’s stock worth $4,154,000 after buying an additional 225,400 shares during the last quarter. Quantbot Technologies LP boosted its stake in TEGNA by 288.0% in the fourth quarter. Quantbot Technologies LP now owns 32,783 shares of the company’s stock worth $600,000 after buying an additional 24,333 shares in the last quarter. Finally, Teacher Retirement System of Texas grew its position in TEGNA by 84.8% during the fourth quarter. Teacher Retirement System of Texas now owns 205,660 shares of the company’s stock valued at $3,762,000 after acquiring an additional 94,356 shares during the last quarter. 92.19% of the stock is owned by institutional investors.

TEGNA Price Performance

Shares of TEGNA stock opened at $18.54 on Wednesday. The firm has a market cap of $2.96 billion, a PE ratio of 6.55 and a beta of 0.45. The company’s fifty day simple moving average is $18.05 and its two-hundred day simple moving average is $17.61. 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 12-month low of $12.35 and a 12-month high of $19.62.

TEGNA Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 7th were issued a dividend of $0.125 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.50 dividend on an annualized basis and a yield of 2.70%. TEGNA’s dividend payout ratio is presently 14.12%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. StockNews.com lowered shares of TEGNA from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Wells Fargo & Company raised TEGNA from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $21.00 to $23.00 in a research note on Thursday, December 19th. Finally, Guggenheim restated a “buy” rating and set a $22.00 target price on shares of TEGNA in a report on Friday, January 24th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.75.

TEGNA Company Profile

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.