Geode Capital Management LLC Reduces Stock Position in TEGNA Inc. (NYSE:TGNA)

Geode Capital Management LLC lessened its position in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 1.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,833,280 shares of the company's stock after selling 72,308 shares during the quarter. Geode Capital Management LLC owned approximately 3.00% of TEGNA worth $88,416,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of TGNA. Schroder Investment Management Group acquired a new stake in shares of TEGNA during the 4th quarter worth about $4,429,000. Pictet Asset Management Holding SA grew its position in TEGNA by 4.1% during the 4th quarter. Pictet Asset Management Holding SA now owns 23,193 shares of the company's stock worth $424,000 after acquiring an additional 910 shares during the last quarter. Norges Bank acquired a new stake in TEGNA during the 4th quarter valued at $12,170,000. JPMorgan Chase & Co. raised its position in TEGNA by 49.5% in the 4th quarter. JPMorgan Chase & Co. now owns 425,565 shares of the company's stock valued at $7,784,000 after purchasing an additional 140,987 shares during the last quarter. Finally, Elo Mutual Pension Insurance Co bought a new stake in shares of TEGNA during the fourth quarter worth $206,000. 92.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

TGNA has been the topic of several research reports. Wells Fargo & Company upgraded shares of TEGNA from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $21.00 to $23.00 in a research report on Thursday, December 19th. StockNews.com cut shares of TEGNA from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. Finally, Guggenheim dropped their price objective on shares of TEGNA from $22.00 to $20.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $21.25.

TEGNA Stock Performance

NYSE:TGNA traded down $0.07 during trading hours on Wednesday, reaching $16.08. The stock had a trading volume of 206,154 shares, compared to its average volume of 2,010,305. The stock has a market cap of $2.58 billion, a P/E ratio of 5.69 and a beta of 0.25. The stock has a 50 day simple moving average of $17.62 and a 200 day simple moving average of $17.68. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.60 and a current ratio of 2.60. TEGNA Inc. has a 12-month low of $12.35 and a 12-month high of $19.62.

TEGNA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 7th were issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend was Friday, March 7th. TEGNA's dividend payout ratio (DPR) is presently 14.12%.

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.