Kingsview Wealth Management LLC Takes Position in TEGNA Inc. (NYSE:TGNA)

Kingsview Wealth Management LLC purchased a new stake in shares of TEGNA Inc. (NYSE:TGNA) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 184,879 shares of the company’s stock, valued at approximately $3,381,000.

A number of other large investors have also recently added to or reduced their stakes in TGNA. Principal Financial Group Inc. boosted its stake in TEGNA by 26.2% during the third quarter. Principal Financial Group Inc. now owns 891,488 shares of the company’s stock worth $14,068,000 after buying an additional 184,845 shares during the period. Capital Management Corp VA boosted its position in shares of TEGNA by 30.3% during the 3rd quarter. Capital Management Corp VA now owns 725,805 shares of the company’s stock worth $11,453,000 after purchasing an additional 168,667 shares during the period. EMC Capital Management raised its position in TEGNA by 648.8% in the fourth quarter. EMC Capital Management now owns 20,346 shares of the company’s stock valued at $372,000 after purchasing an additional 17,629 shares during the period. SG Americas Securities LLC acquired a new position in TEGNA during the third quarter worth $626,000. Finally, World Investment Advisors LLC purchased a new position in shares of TEGNA during the third quarter worth $528,000. 92.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on TGNA shares. Benchmark boosted their price objective on TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a report on Friday, November 8th. Wells Fargo & Company upgraded shares of TEGNA from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $21.00 to $23.00 in a research note on Thursday, December 19th. StockNews.com raised shares of TEGNA from a “hold” rating to a “buy” rating in a research note on Friday, December 13th. Guggenheim restated a “buy” rating and issued a $22.00 price objective on shares of TEGNA in a report on Friday, January 24th. Finally, JPMorgan Chase & Co. increased their target price on shares of TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $21.75.

TEGNA Stock Performance

Shares of TGNA opened at $18.17 on Monday. TEGNA Inc. has a 1 year low of $12.35 and a 1 year high of $19.62. The stock has a market capitalization of $2.93 billion, a PE ratio of 6.42 and a beta of 0.52. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.60 and a current ratio of 2.60. The stock has a 50-day simple moving average of $18.34 and a 200-day simple moving average of $16.63.

TEGNA (NYSE:TGNA) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.11. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The company had revenue of $806.83 million during the quarter, compared to the consensus estimate of $795.72 million. During the same quarter in the previous year, the firm earned $0.39 earnings per share. The firm’s quarterly revenue was up 13.1% on a year-over-year basis. On average, analysts predict that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th were given a dividend of $0.125 per share. The ex-dividend date was Friday, December 6th. This represents a $0.50 annualized dividend and a dividend yield of 2.75%. TEGNA’s dividend payout ratio (DPR) is currently 17.67%.

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.