Wells Fargo & Company Cuts TEGNA (NYSE:TGNA) Price Target to $15.00

TEGNA (NYSE:TGNAFree Report) had its price objective reduced by Wells Fargo & Company from $17.00 to $15.00 in a research report released on Friday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Several other equities analysts have also issued reports on the stock. Benchmark reissued a buy rating and set a $22.00 price objective on shares of TEGNA in a report on Monday, October 30th. JPMorgan Chase & Co. reissued a neutral rating and set a $17.00 price objective on shares of TEGNA in a report on Wednesday, December 6th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $19.00.

View Our Latest Stock Analysis on TEGNA

TEGNA Price Performance

Shares of NYSE TGNA opened at $14.60 on Friday. TEGNA has a twelve month low of $13.65 and a twelve month high of $22.29. The firm has a market cap of $2.88 billion, a P/E ratio of 5.16 and a beta of 0.54. The company has a 50 day moving average of $15.32 and a 200 day moving average of $15.43. The company has a quick ratio of 3.47, a current ratio of 3.47 and a debt-to-equity ratio of 1.04.

Insider Activity

In other news, CEO David T. Lougee sold 100,000 shares of the firm’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $15.38, for a total value of $1,538,000.00. Following the sale, the chief executive officer now directly owns 786,262 shares in the company, valued at approximately $12,092,709.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other TEGNA news, CEO David T. Lougee sold 150,000 shares of the firm’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $15.21, for a total transaction of $2,281,500.00. Following the transaction, the chief executive officer now directly owns 636,262 shares of the company’s stock, valued at approximately $9,677,545.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David T. Lougee sold 100,000 shares of the firm’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $15.38, for a total transaction of $1,538,000.00. Following the transaction, the chief executive officer now directly owns 786,262 shares in the company, valued at $12,092,709.56. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.

Institutional Trading of TEGNA

Several hedge funds and other institutional investors have recently made changes to their positions in TGNA. Belpointe Asset Management LLC lifted its stake in shares of TEGNA by 189.5% in the first quarter. Belpointe Asset Management LLC now owns 1,459 shares of the company’s stock valued at $25,000 after purchasing an additional 955 shares during the period. Parallel Advisors LLC raised its position in TEGNA by 142.1% during the fourth quarter. Parallel Advisors LLC now owns 1,675 shares of the company’s stock worth $26,000 after acquiring an additional 983 shares during the last quarter. Mascoma Wealth Management LLC acquired a new position in TEGNA during the third quarter worth about $33,000. Headlands Technologies LLC acquired a new position in TEGNA during the second quarter worth about $40,000. Finally, Covestor Ltd raised its position in TEGNA by 94.3% during the third quarter. Covestor Ltd now owns 2,741 shares of the company’s stock worth $40,000 after acquiring an additional 1,330 shares during the last quarter. Hedge funds and other institutional investors own 89.99% of the company’s stock.

TEGNA Company Profile

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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.

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