TEGNA Inc. (NYSE:TGNA) CEO, David T. Lougee, has completed a sale of company stock, offloading 43,750 shares at an average price of $14.70, resulting in a total transaction value of approximately $643,125. The sales took place on April 1, 2024, and were executed under a pre-established trading plan.
According to the filing, the shares were sold at prices ranging from $14.63 to $14.99. This indicates a carefully planned sale, taking advantage of market conditions within this price range. Following the transaction, Lougee's direct holdings in the company amount to 725,651 shares. Additionally, Lougee has an indirect ownership of 8,131.98 shares through a 401(k) plan.
The sale was conducted in accordance with a Rule 10b5-1 trading plan, which Lougee had previously adopted on August 30, 2023. Such plans allow company insiders to establish predetermined trading arrangements for selling stocks at a time when they are not in possession of material non-public information.
Investors often monitor insider transactions as they can provide insights into the executive's view of the company's stock value and financial health. However, sales under a 10b5-1 trading plan are generally considered routine and less indicative of an insider's discretionary economic decision.
TEGNA Inc., with its headquarters in Tysons, Virginia, is a prominent player in the television broadcasting industry and continues to be a significant name in media circles. The recent transaction by its CEO will likely be of interest to current and potential investors as they assess the company's stock performance and insider confidence.
InvestingPro Insights
Following the recent stock sale by TEGNA Inc. (NYSE:TGNA) CEO, David T. Lougee, investors may be keen to understand the company's financial health and market position. TEGNA's current market capitalization stands at approximately $2.53 billion, underlining its substantial presence in the television broadcasting industry. With a P/E ratio of 6.26 and an adjusted P/E ratio for the last twelve months as of Q4 2023 at 6.75, the company presents an interesting valuation picture to potential investors.
InvestingPro Tips suggest that TEGNA has demonstrated a commitment to shareholder returns, having raised its dividend for three consecutive years and maintained dividend payments for an impressive 54 consecutive years. This consistent dividend history could be a reassuring signal for investors looking for stable income. Additionally, the company's valuation implies a strong free cash flow yield, which may indicate that the stock is generating sufficient cash to return value to shareholders.
On the performance front, TEGNA's revenue for the last twelve months as of Q4 2023 was reported at $2.91 billion, although it has experienced a revenue decline of 11.23% during this period. Despite this decrease, the company's gross profit margin remains robust at 41.01%, demonstrating the company's ability to maintain profitability in its operations.
For investors interested in further insights and metrics, there are additional InvestingPro Tips available at InvestingPro, which can provide a more comprehensive analysis of TEGNA's financial standing. To access these valuable insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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