Tegna Inc (TGNA) Receives $27.88 Average Target Price from Analysts
Shares of Tegna Inc (NYSE:TGNA) have received an average rating of “Hold” from the twelve analysts that are presently covering the company. One research analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation and four have given a buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $27.88.
Several equities analysts recently issued reports on TGNA shares. FBR & Co boosted their price objective on Tegna from $26.00 to $28.00 and gave the company an “outperform” rating in a research report on Thursday, December 8th. JPMorgan Chase & Co. lowered Tegna from an “overweight” rating to a “neutral” rating and set a $23.00 price objective for the company. in a research report on Wednesday, November 23rd. They noted that the move was a valuation call. Benchmark Co. boosted their price objective on Tegna from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, February 28th. Barrington Research reiterated an “outperform” rating and issued a $36.00 price objective (up from $28.00) on shares of Tegna in a research report on Tuesday, March 7th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $26.00 price objective on shares of Tegna in a research report on Tuesday, February 28th.
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In other Tegna news, SVP William A. Behan sold 24,644 shares of the business’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $25.87, for a total value of $637,540.28. Following the sale, the senior vice president now owns 8,005 shares in the company, valued at approximately $207,089.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Todd A. Mayman sold 11,554 shares of the business’s stock in a transaction that occurred on Tuesday, February 28th. The shares were sold at an average price of $25.69, for a total value of $296,822.26. Following the completion of the sale, the executive vice president now owns 56,250 shares in the company, valued at approximately $1,445,062.50. The disclosure for this sale can be found here. Insiders sold a total of 44,421 shares of company stock worth $1,148,472 in the last 90 days. Company insiders own 0.68% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. State of Tennessee Treasury Department boosted its stake in Tegna by 44.5% in the third quarter. State of Tennessee Treasury Department now owns 70,478 shares of the company’s stock valued at $1,541,000 after buying an additional 21,702 shares during the last quarter. LGT Capital Partners LTD. purchased a new stake in Tegna during the third quarter valued at approximately $9,892,000. First Trust Advisors LP boosted its stake in Tegna by 3.2% in the third quarter. First Trust Advisors LP now owns 706,820 shares of the company’s stock valued at $15,451,000 after buying an additional 21,802 shares during the last quarter. BlackRock Fund Advisors boosted its stake in Tegna by 4.0% in the third quarter. BlackRock Fund Advisors now owns 3,502,581 shares of the company’s stock valued at $76,566,000 after buying an additional 133,930 shares during the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. boosted its stake in Tegna by 23.2% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 844,577 shares of the company’s stock valued at $18,462,000 after buying an additional 158,859 shares during the last quarter. Hedge funds and other institutional investors own 85.01% of the company’s stock.
Tegna (NYSE:TGNA) opened at 25.87 on Thursday. The firm’s 50-day moving average price is $24.72 and its 200 day moving average price is $22.17. The firm has a market cap of $5.55 billion, a P/E ratio of 13.03 and a beta of 1.69. Tegna has a one year low of $17.91 and a one year high of $26.65.
Tegna (NYSE:TGNA) last issued its quarterly earnings data on Monday, February 27th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.08. Tegna had a return on equity of 19.14% and a net margin of 14.33%. The business earned $887.42 million during the quarter, compared to analyst estimates of $887.46 million. During the same period in the previous year, the firm earned $0.53 EPS. Tegna’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, equities research analysts forecast that Tegna will post $1.83 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Friday, March 10th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.16%. The ex-dividend date is Wednesday, March 8th. Tegna’s payout ratio is 26.67%.
TEGNA Inc, formerly Gannett Co, Inc, includes a portfolio of media and digital businesses that provide content. The Company operates through two segments: TEGNA Media (Media Segment) and TEGNA Digital (Digital Segment). As of December 31, 2015, the Company’s media business included 46 television stations operating in 38 markets, offering television programing and digital content.
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