Axa S.A. Reduces Stock Holdings in TEGNA Inc. (NYSE:TGNA)

Axa S.A. lessened its stake in shares of TEGNA Inc. (NYSE:TGNA) by 7.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 527,196 shares of the company’s stock after selling 44,961 shares during the quarter. Axa S.A. owned about 0.33% of TEGNA worth $9,642,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. World Investment Advisors LLC purchased a new position in TEGNA during the 3rd quarter worth approximately $528,000. Principal Financial Group Inc. boosted its holdings in shares of TEGNA by 26.2% in the third quarter. Principal Financial Group Inc. now owns 891,488 shares of the company’s stock valued at $14,068,000 after acquiring an additional 184,845 shares during the period. GAMMA Investing LLC grew its position in shares of TEGNA by 59.0% during the fourth quarter. GAMMA Investing LLC now owns 2,040 shares of the company’s stock worth $37,000 after acquiring an additional 757 shares during the last quarter. Sound Income Strategies LLC acquired a new position in shares of TEGNA in the 4th quarter valued at $57,000. Finally, Linden Thomas Advisory Services LLC raised its position in TEGNA by 16.2% in the 4th quarter. Linden Thomas Advisory Services LLC now owns 63,641 shares of the company’s stock valued at $1,164,000 after purchasing an additional 8,855 shares during the last quarter. Institutional investors and hedge funds own 92.19% of the company’s stock.

TEGNA Price Performance

Shares of NYSE:TGNA opened at $16.47 on Tuesday. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07. The company has a 50-day moving average price of $17.12 and a 200 day moving average price of $17.72. TEGNA Inc. has a 52 week low of $12.35 and a 52 week high of $19.62. The company has a market cap of $2.65 billion, a P/E ratio of 5.82 and a beta of 0.31.

TEGNA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 7th were issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date of this dividend was Friday, March 7th. TEGNA’s dividend payout ratio is presently 14.12%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TGNA. StockNews.com downgraded shares of TEGNA from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Guggenheim lowered their price target on TEGNA from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Finally, Wells Fargo & Company reduced their price objective on TEGNA from $23.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, May 1st. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.75.

TEGNA Profile

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.