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

TEGNA (NYSE:TGNAFree Report) had its target price trimmed by Wells Fargo & Company from $17.00 to $15.00 in a report issued on Friday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other research analysts have also recently commented on the company. JPMorgan Chase & Co. reaffirmed a neutral rating and set a $17.00 price target on shares of TEGNA in a research report on Wednesday, December 6th. Benchmark reiterated a buy rating and set a $22.00 price objective on shares of TEGNA in a research note on Monday, October 30th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $19.00.

Check Out Our Latest Stock Report on TEGNA

TEGNA Stock Up 1.8 %

Shares of NYSE TGNA opened at $14.60 on Friday. TEGNA has a one year low of $13.65 and a one year high of $22.29. The company has a debt-to-equity ratio of 1.04, a current ratio of 3.47 and a quick ratio of 3.47. The business’s fifty day moving average price is $15.32 and its 200-day moving average price is $15.43. The stock has a market capitalization of $2.88 billion, a PE ratio of 5.16 and a beta of 0.54.

Insiders Place Their Bets

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

Hedge Funds Weigh In On TEGNA

Several institutional investors have recently modified their holdings of TGNA. Belpointe Asset Management LLC boosted its holdings in TEGNA by 189.5% during the 1st quarter. Belpointe Asset Management LLC now owns 1,459 shares of the company’s stock valued at $25,000 after acquiring an additional 955 shares during the period. Parallel Advisors LLC lifted its holdings in TEGNA by 142.1% in the 4th quarter. Parallel Advisors LLC now owns 1,675 shares of the company’s stock worth $26,000 after buying an additional 983 shares during the period. Mascoma Wealth Management LLC purchased a new stake in TEGNA in the 3rd quarter worth approximately $33,000. Headlands Technologies LLC purchased a new stake in TEGNA in the 2nd quarter worth approximately $40,000. Finally, Covestor Ltd lifted its holdings in TEGNA by 94.3% in the 3rd quarter. Covestor Ltd now owns 2,741 shares of the company’s stock worth $40,000 after buying an additional 1,330 shares during the period. 89.99% of the stock is currently owned by institutional investors.

About TEGNA

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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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