Tegna (TGNA) Raised to Strong-Buy at ValuEngine

ValuEngine upgraded shares of Tegna (NYSE:TGNA) from a buy rating to a strong-buy rating in a report issued on Sunday morning.

Several other equities analysts have also commented on TGNA. FBR & Co reaffirmed a hold rating and set a $15.00 target price on shares of Tegna in a report on Wednesday, November 1st. BidaskClub raised shares of Tegna from a sell rating to a hold rating in a report on Thursday, September 28th. Noble Financial reaffirmed a buy rating on shares of Tegna in a report on Wednesday, October 11th. Zacks Investment Research raised shares of Tegna from a strong sell rating to a hold rating in a report on Wednesday, September 13th. Finally, Royal Bank of Canada started coverage on shares of Tegna in a report on Tuesday, September 26th. They set a sector perform rating and a $14.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $17.88.

Tegna (NYSE:TGNA) opened at $14.17 on Friday. The company has a market cap of $3,050.00, a price-to-earnings ratio of 9.14, a PEG ratio of 10.59 and a beta of 1.57. Tegna has a twelve month low of $11.59 and a twelve month high of $17.08. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 4.30.

Tegna (NYSE:TGNA) last issued its quarterly earnings results on Wednesday, November 8th. The company reported $0.23 EPS for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.01. The firm had revenue of $464.26 million for the quarter, compared to analyst estimates of $463.23 million. Tegna had a net margin of 10.93% and a return on equity of 31.71%. The business’s revenue for the quarter was down 10.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.65 EPS. equities research analysts expect that Tegna will post 1.08 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Friday, December 8th were issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.98%. The ex-dividend date was Thursday, December 7th. Tegna’s dividend payout ratio is currently 18.06%.

Tegna announced that its Board of Directors has initiated a share repurchase program on Tuesday, September 19th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 11.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

In other Tegna news, SVP Clifton A. Mcclelland III sold 7,740 shares of the firm’s stock in a transaction on Wednesday, December 6th. The shares were sold at an average price of $13.69, for a total value of $105,960.60. Following the sale, the senior vice president now owns 32,335 shares of the company’s stock, valued at approximately $442,666.15. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Todd A. Mayman sold 36,830 shares of the firm’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $12.63, for a total transaction of $465,162.90. Following the completion of the sale, the executive vice president now directly owns 19,420 shares in the company, valued at approximately $245,274.60. The disclosure for this sale can be found here. 0.81% of the stock is owned by company insiders.

Institutional investors have recently made changes to their positions in the business. Point72 Asset Management L.P. bought a new stake in Tegna in the 3rd quarter worth $110,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Tegna by 523.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,337 shares of the company’s stock worth $138,000 after purchasing an additional 8,678 shares during the period. Synovus Financial Corp lifted its position in shares of Tegna by 4.4% in the 2nd quarter. Synovus Financial Corp now owns 10,304 shares of the company’s stock worth $148,000 after purchasing an additional 438 shares during the period. FNY Partners Fund LP purchased a new stake in shares of Tegna in the 2nd quarter worth about $158,000. Finally, Beacon Investment Advisory Services Inc. purchased a new stake in shares of Tegna in the 3rd quarter worth about $162,000. 99.71% of the stock is currently owned by institutional investors and hedge funds.

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Tegna Company Profile

Tegna Inc has a portfolio of media and digital businesses that provide content. The Company’s segments include TEGNA Media (Media) and TEGNA Digital (Digital). As of December 31, 2016, its media business included 46 television stations operating in 38 markets and offered television programming and digital content.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Tegna (NYSE:TGNA)

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