TEGNA Inc. (NYSE:TGNA) Shares Bought by Skandinaviska Enskilda Banken AB publ

Posted by on May 14th, 2023

Skandinaviska Enskilda Banken AB publ boosted its position in shares of TEGNA Inc. (NYSE:TGNA – Get Rating) by 321.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 27,800 shares of the company’s stock after acquiring an additional 21,200 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in TEGNA were worth $589,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Profund Advisors LLC lifted its position in TEGNA by 3.3% during the 4th quarter. Profund Advisors LLC now owns 15,645 shares of the company’s stock worth $332,000 after acquiring an additional 503 shares during the period. Russell Investments Group Ltd. raised its stake in shares of TEGNA by 0.7% during the 4th quarter. Russell Investments Group Ltd. now owns 70,071 shares of the company’s stock valued at $1,485,000 after buying an additional 516 shares during the last quarter. Mission Wealth Management LP raised its stake in shares of TEGNA by 1.5% during the 4th quarter. Mission Wealth Management LP now owns 37,782 shares of the company’s stock valued at $801,000 after buying an additional 560 shares during the last quarter. Bessemer Group Inc. raised its stake in shares of TEGNA by 28.8% during the 3rd quarter. Bessemer Group Inc. now owns 3,496 shares of the company’s stock valued at $72,000 after buying an additional 781 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC raised its stake in shares of TEGNA by 6.9% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 12,400 shares of the company’s stock valued at $256,000 after buying an additional 800 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

TEGNA Price Performance

Shares of TEGNA stock opened at $16.01 on Friday. The company has a quick ratio of 3.33, a current ratio of 3.33 and a debt-to-equity ratio of 1.00. TEGNA Inc. has a twelve month low of $15.09 and a twelve month high of $22.29. The firm has a market cap of $3.58 billion, a PE ratio of 5.70 and a beta of 0.60. The business has a 50-day moving average price of $16.39 and a 200 day moving average price of $18.73.

TEGNA (NYSE:TGNA – Get Rating) last posted its quarterly earnings data on Monday, February 27th. The company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.08. TEGNA had a return on equity of 22.51% and a net margin of 19.23%. The company had revenue of $917.30 million for the quarter, compared to analysts’ expectations of $944.90 million. During the same period in the previous year, the firm posted $0.57 EPS. TEGNA’s revenue was up 18.4% compared to the same quarter last year. Sell-side analysts predict that TEGNA Inc. will post 1.75 earnings per share for the current fiscal year.

TEGNA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Friday, June 9th will be issued a $0.095 dividend. This represents a $0.38 annualized dividend and a yield of 2.37%. The ex-dividend date is Thursday, June 8th. TEGNA’s payout ratio is 13.52%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TGNA. Benchmark reduced their price objective on TEGNA from $24.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, April 12th. Guggenheim reduced their price objective on TEGNA from $24.00 to $22.00 and set a “buy” rating for the company in a research note on Tuesday, February 28th. StockNews.com began coverage on TEGNA in a research note on Thursday, March 16th. They issued a “hold” rating for the company. Finally, Wells Fargo & Company cut their price target on TEGNA from $20.00 to $18.00 in a research note on Tuesday, March 28th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, TEGNA presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.67.

TEGNA Profile

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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.

Further Reading

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Institutional Ownership by Quarter for TEGNA (NYSE:TGNA)

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