Brokers Set Expectations for TEGNA Inc.’s FY2023 Earnings (NYSE:TGNA)

TEGNA Inc. (NYSE:TGNAFree Report) – Stock analysts at Barrington Research cut their FY2023 earnings per share estimates for shares of TEGNA in a research report issued to clients and investors on Tuesday, February 6th. Barrington Research analyst J. Goss now forecasts that the company will post earnings of $1.74 per share for the year, down from their prior estimate of $1.80. The consensus estimate for TEGNA’s current full-year earnings is $1.80 per share. Barrington Research also issued estimates for TEGNA’s Q1 2024 earnings at $0.62 EPS, Q2 2024 earnings at $0.56 EPS, Q3 2024 earnings at $0.78 EPS and FY2025 earnings at $1.68 EPS.

TEGNA (NYSE:TGNAGet Free Report) last announced its quarterly earnings results on Tuesday, November 7th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.05. TEGNA had a return on equity of 16.65% and a net margin of 19.96%. The company had revenue of $713.24 million during the quarter, compared to analyst estimates of $715.00 million.

Several other brokerages also recently commented on TGNA. Benchmark reaffirmed a “buy” rating and set a $22.00 target price on shares of TEGNA in a report on Monday, October 30th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $17.00 target price on shares of TEGNA in a report on Wednesday, December 6th. Finally, Wells Fargo & Company dropped their price target on TEGNA from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 8th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $19.50.

Read Our Latest Stock Analysis on TGNA

TEGNA Trading Down 0.6 %

Shares of TEGNA stock opened at $14.19 on Thursday. The company has a quick ratio of 3.47, a current ratio of 3.47 and a debt-to-equity ratio of 1.04. The firm has a market cap of $2.79 billion, a price-to-earnings ratio of 5.01 and a beta of 0.54. The business has a fifty day simple moving average of $15.37 and a 200-day simple moving average of $15.49. TEGNA has a fifty-two week low of $13.65 and a fifty-two week high of $22.29.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Belpointe Asset Management LLC lifted its holdings in TEGNA by 189.5% during the first quarter. Belpointe Asset Management LLC now owns 1,459 shares of the company’s stock worth $25,000 after acquiring an additional 955 shares in the last quarter. Mascoma Wealth Management LLC bought a new stake in shares of TEGNA in the third quarter valued at about $33,000. Headlands Technologies LLC bought a new stake in shares of TEGNA in the second quarter valued at about $40,000. Covestor Ltd lifted its holdings in shares of TEGNA by 94.3% in the third quarter. Covestor Ltd now owns 2,741 shares of the company’s stock valued at $40,000 after purchasing an additional 1,330 shares in the last quarter. Finally, Fifth Third Bancorp raised its holdings in TEGNA by 103.3% during the second quarter. Fifth Third Bancorp now owns 2,690 shares of the company’s stock worth $44,000 after acquiring an additional 1,367 shares in the last quarter. 89.99% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other TEGNA news, CEO David T. Lougee sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $15.38, for a total value of $1,538,000.00. Following the completion of the sale, the chief executive officer now 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 this hyperlink. In related news, 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 completion of the sale, the chief executive officer now directly owns 786,262 shares of the company’s stock, valued at approximately $12,092,709.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David T. Lougee sold 150,000 shares of TEGNA stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 636,262 shares of the company’s stock, 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.

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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