TEGNA Inc. (NYSE:) director Catherine Dunleavy has recently made transactions in the company’s stock, according to the latest SEC filings. On August 15, 2024, Dunleavy sold a total of 15.67 shares of common stock at an average price of $13.60 per share, totaling approximately $213. The sale reduced her holdings to zero shares following the transaction.
Earlier in the month, on August 6, Dunleavy acquired the same number of shares, 15.67, at a price of $14.69 per share, which amounted to a total investment of $230. These transactions were directly owned by Dunleavy, indicating a personal stake in the company’s performance.
TEGNA Inc., a company with a strong presence in the television broadcasting industry, has seen its executives actively participate in the trading of its stocks. These transactions provide insights into the actions of the company’s directors and can often be of interest to investors monitoring insider activity.
The transactions were executed during a period when insider trading reports are closely watched for indications of a company’s internal perspective on market conditions and their stock’s performance. As these trades have been publicly disclosed, investors and analysts will be analyzing the implications of these buy and sell activities.
Shareholders and potential investors in TEGNA Inc. can stay informed about insider transactions through SEC filings, which offer a transparent view of the moves made by company executives and directors.
In other recent news, TEGNA Inc. has appointed Jim Kizer as president and general manager of its Des Moines, Iowa stations WOI and KCWI. Kizer, with over a decade of leadership at WQAD, will retain his current role there. This appointment is part of TEGNA’s strategy to strengthen its leadership team across its network. On the financial front, TEGNA reported a decline in total company revenue for Q2 2024, primarily due to subscriber losses and a weaker national advertising market. However, the company saw resilience in local advertising, particularly from small and medium-sized businesses. TEGNA’s connected TV sales platform, Premion, showed positive growth, and the acquisition of Octillion is expected to boost this further. The company has returned $196 million to shareholders in the first half of 2024 and repurchased $72 million in common stock during Q2. TEGNA projects a rise in third-quarter revenue due to political ads and the Olympics, and reaffirms its adjusted free cash flow guidance of $900 million to $1.1 billion for 2024-2025. These developments highlight TEGNA’s strategic moves and financial performance in recent times.
InvestingPro Insights
TEGNA Inc. (NYSE:TGNA) director Catherine Dunleavy’s recent stock transactions coincide with notable insights from InvestingPro. The company has demonstrated a commitment to returning value to shareholders, as evidenced by its aggressive share buyback strategy and consistent dividend payments. Specifically, TEGNA has raised its dividend for three consecutive years and has maintained dividend payments for an impressive 54 years in total, underscoring its financial stability and commitment to shareholders. These are key InvestingPro Tips that may interest investors looking for companies with a strong track record of shareholder returns.
From a valuation perspective, TEGNA’s current P/E ratio stands at 5.81, with an adjusted P/E ratio for the last twelve months as of Q2 2024 at 7.33. This, coupled with a strong free cash flow yield, suggests that the company is potentially undervalued, which is another InvestingPro Tip highlighting a potential opportunity for value investors. Furthermore, TEGNA’s management’s confidence in the company’s profitability is reflected in the analysts’ prediction that the company will remain profitable this year, a sentiment supported by the company’s profitable performance over the last twelve months.
For those interested in the financial health and future prospects of TEGNA Inc., additional metrics such as a dividend yield of 3.58%, a price/book ratio of 0.83, and a gross profit margin of 39.86% for the last twelve months as of Q2 2024 provide further context to the company’s performance. These data points, along with additional InvestingPro Tips, are available to users looking to delve deeper into TEGNA’s financials and future outlook. For more detailed analysis and tips, there are 6 additional InvestingPro Tips available for TEGNA Inc. at https://www.investing.com/pro/TGNA.
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