Microsoft shares jump after fourth-quarter earnings beat on AI-fueled cloud growth
Tegna Inc . (TGNA) stock has reached a 52-week high, trading at $16.57, as investors show confidence in the company's growth prospects. This peak reflects a significant uptrend from the previous year, with Tegna Inc. showcasing a robust 1-year change of 12.59%. The company's performance has evidently resonated well with the market, as shareholders enjoy the gains from this upward trajectory. The 52-week high milestone is a testament to Tegna's strategic initiatives and operational strength in a competitive media landscape.
In other recent news, TEGNA (NYSE:TGNA) Inc. has experienced a series of significant changes and developments. TEGNA reported a decrease in total company revenue for Q2 2024, primarily due to subscriber losses and a weaker national advertising market. However, the company's local advertising sector, particularly its connected TV sales platform, Premion, showed resilience. TEGNA also anticipates a rise in third-quarter revenue due to political ads and the Olympics, and maintains its adjusted free cash flow guidance of $900 million to $1.1 billion for 2024-2025.
TEGNA has also entered into a new multi-year broadcast rights agreement with the Dallas Mavericks, expanding the team's television reach to an estimated 10 million people in Texas. This deal will significantly increase the number of households able to watch the Mavericks play.
In terms of executive changes, TEGNA announced the upcoming departure of Senior Vice President and Chief Legal Officer Lauren S. Fisher, effective September 6, 2024. Simultaneously, the company appointed Jim Kizer as president and general manager of its Des Moines, Iowa stations WOI and KCWI. Lastly, TEGNA announced that Lynn Beall, its executive vice president and chief operating officer of media operations, will leave the company in mid-2025.
Benchmark has reiterated a Buy rating on TEGNA, highlighting the recent performance of TEGNA's shares and the strength in political advertising. The firm's analyst also noted that the upcoming Olympics might offer a boost due to the company's NBC affiliation. These are recent developments in TEGNA's operations and performance.
InvestingPro Insights
Tegna Inc.'s recent achievement of a 52-week high is further supported by real-time data from InvestingPro. The stock's current price of $16.25 is trading at 98.13% of its 52-week high, confirming the strong momentum mentioned in the article. This upward trend is also reflected in the impressive 1-month price total return of 12.61%, outpacing the 1-year change noted in the original text.
InvestingPro Tips highlight that Tegna has maintained dividend payments for 54 consecutive years, demonstrating long-term financial stability. Additionally, the company's management has been aggressively buying back shares, which often signals confidence in the company's future prospects and can contribute to stock price appreciation.
The company's P/E ratio of 6.76 suggests that the stock may be undervalued compared to its earnings, potentially explaining investor interest. Moreover, Tegna's dividend yield of 3.08% may be attractive to income-focused investors, especially considering the company has raised its dividend for three consecutive years.
For readers interested in a deeper analysis, InvestingPro offers 8 additional tips that could provide further insights into Tegna's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.