Geode Capital Management LLC Purchases 81,827 Shares of TEGNA Inc. (NYSE:TGNA)

Posted by on Jun 9th, 2023

Geode Capital Management LLC boosted its position in shares of TEGNA Inc. (NYSE:TGNA – Get Rating) by 1.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,390,401 shares of the company’s stock after purchasing an additional 81,827 shares during the quarter. Geode Capital Management LLC owned about 1.97% of TEGNA worth $93,032,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. International Assets Investment Management LLC boosted its stake in TEGNA by 27,586.2% in the fourth quarter. International Assets Investment Management LLC now owns 24,087 shares of the company’s stock valued at $25,000 after acquiring an additional 24,000 shares during the last quarter. U.S. Capital Wealth Advisors LLC bought a new position in shares of TEGNA in the 4th quarter worth $53,000. Quadrant Capital Group LLC grew its stake in shares of TEGNA by 35.4% during the fourth quarter. Quadrant Capital Group LLC now owns 2,653 shares of the company’s stock worth $56,000 after purchasing an additional 693 shares during the period. Bessemer Group Inc. increased its holdings in TEGNA by 28.8% in the third quarter. Bessemer Group Inc. now owns 3,496 shares of the company’s stock valued at $72,000 after purchasing an additional 781 shares during the last quarter. Finally, Covestor Ltd lifted its stake in TEGNA by 87.0% in the first quarter. Covestor Ltd now owns 3,390 shares of the company’s stock valued at $76,000 after buying an additional 1,577 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

TEGNA Stock Performance

Shares of TGNA opened at $16.35 on Friday. The firm’s 50 day moving average price is $16.40 and its two-hundred day moving average price is $18.23. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.70 and a current ratio of 3.70. 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 $3.68 billion, a P/E ratio of 6.12 and a beta of 0.60.

TEGNA (NYSE:TGNA – Get Rating) last announced its earnings results on Wednesday, May 10th. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The firm had revenue of $740.33 million during the quarter, compared to analyst estimates of $746.00 million. TEGNA had a net margin of 18.50% and a return on equity of 20.62%. On average, analysts forecast that TEGNA Inc. will post 1.75 EPS for the current fiscal year.

TEGNA Announces Dividend

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 dividend of $0.095 per share. The ex-dividend date of this dividend is Thursday, June 8th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.32%. TEGNA’s payout ratio is presently 14.23%.

Wall Street Analysts Forecast Growth

TGNA has been the subject of a number of recent analyst reports. Wells Fargo & Company lowered their price target on TEGNA from $20.00 to $18.00 in a research note on Tuesday, March 28th. StockNews.com initiated coverage on shares of TEGNA in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Guggenheim decreased their price target on shares of TEGNA from $24.00 to $22.00 and set a “buy” rating for the company in a report on Tuesday, February 28th. Finally, Benchmark dropped their price objective on TEGNA from $24.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, April 12th.

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.

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Institutional Ownership by Quarter for TEGNA (NYSE:TGNA)

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