5 Best Broadcasting Stocks To Buy

3. TEGNA Inc. (NYSE:TGNA)

Number of Hedge Fund Holders: 50

TEGNA Inc. (NYSE:TGNA) is a media company based in the United States. Its operations revolve around television stations that provide television programming and digital content. The company delivers news content to consumers through multiple platforms, including online, mobile devices, connected televisions, and social media. TEGNA Inc. (NYSE:TGNA) is one of the best broadcasting stocks to buy. 

On April 12, Benchmark maintained a Buy rating on TEGNA Inc. (NYSE:TGNA) but lowered the firm’s price target on the shares to $22 from $24. The firm acknowledged that, from a broad perspective, the shares appear undervalued based on blended EBITDA estimates for 2022 and 2023. Furthermore, they consider the shares even more attractively priced based on estimates for 2023 and 2024. However, the analyst noted uncertainty regarding a potential retest of the stock’s recent lows in the short term. 

According to Insider Monkey’s fourth quarter database, 50 hedge funds were bullish on TEGNA Inc. (NYSE:TGNA), compared to 45 funds in the prior quarter. Carl Tiedemann and Michael Tiedemann’s TIG Advisors is the largest stakeholder of the company, with 6.4 million shares worth $137.5 million. 

Here is what Hourglass Capital has to say about TEGNA Inc. (NYSE:TGNA) in its Q1 2022 investor letter:

“At the portfolio level, clients fully invested at the start of the year saw an average return of 5.4% in the first quarter after all associated fees. I made three sales during the quarter, all for very different reasons. First, I sold the entirety of our position in TEGNA, Inc., a broadcasting and digital media business, after the company received a leveraged buyout offer by two joint-venture private equity investors, Standard General and Apollo.”