Bridgewater Associates LP Sells 72,535 Shares of TEGNA Inc. (NYSE:TGNA)

Bridgewater Associates LP lowered its stake in TEGNA Inc. (NYSE:TGNA) by 20.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 274,909 shares of the company’s stock after selling 72,535 shares during the quarter. Bridgewater Associates LP’s holdings in TEGNA were worth $4,338,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Pacer Advisors Inc. lifted its stake in TEGNA by 2,898.4% in the 3rd quarter. Pacer Advisors Inc. now owns 10,806,130 shares of the company’s stock valued at $170,521,000 after purchasing an additional 10,445,739 shares during the last quarter. LSV Asset Management lifted its stake in shares of TEGNA by 29.5% in the 2nd quarter. LSV Asset Management now owns 8,024,562 shares of the company’s stock valued at $111,862,000 after acquiring an additional 1,827,471 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of TEGNA by 395.9% during the 2nd quarter. Millennium Management LLC now owns 930,722 shares of the company’s stock valued at $12,974,000 after acquiring an additional 743,052 shares in the last quarter. Empowered Funds LLC grew its position in TEGNA by 757.4% during the 3rd quarter. Empowered Funds LLC now owns 662,417 shares of the company’s stock worth $10,453,000 after acquiring an additional 585,156 shares during the last quarter. Finally, Squarepoint Ops LLC increased its holdings in TEGNA by 132.9% in the 2nd quarter. Squarepoint Ops LLC now owns 916,760 shares of the company’s stock worth $12,780,000 after purchasing an additional 523,120 shares in the last quarter. 92.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently weighed in on TGNA shares. StockNews.com cut TEGNA from a “buy” rating to a “hold” rating in a report on Saturday, November 23rd. JPMorgan Chase & Co. boosted 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. Finally, Benchmark raised their price target on shares of TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, November 8th.

Insider Activity

In other news, COO Lynn B. Trelstad sold 25,000 shares of TEGNA stock in a transaction on Friday, October 25th. The shares were sold at an average price of $16.40, for a total value of $410,000.00. Following the completion of the sale, the chief operating officer now owns 154,617 shares in the company, valued at $2,535,718.80. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.88% of the stock is owned by company insiders.

TEGNA Price Performance

Shares of TGNA opened at $18.77 on Friday. The business has a 50-day moving average of $16.78 and a 200-day moving average of $15.19. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60. The company has a market capitalization of $3.02 billion, a price-to-earnings ratio of 6.63 and a beta of 0.49. TEGNA Inc. has a 1 year low of $12.35 and a 1 year high of $19.62.

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

TEGNA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 2.66%. The ex-dividend date is Friday, December 6th. TEGNA’s dividend payout ratio (DPR) is presently 17.67%.

TEGNA Company 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.