Insider Selling: Nexstar Media Group (NASDAQ:NXST) EVP Sells 319 Shares of Stock

Nexstar Media Group, Inc. (NASDAQ:NXST) EVP Blake Russell sold 319 shares of Nexstar Media Group stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $182.42, for a total value of $58,191.98. Following the completion of the transaction, the executive vice president directly owned 27,390 shares of the company’s stock, valued at approximately $4,996,483.80. This represents a 1.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Blake Russell also recently made the following trade(s):

• On Wednesday, May 27th, Blake Russell sold 185 shares of Nexstar Media Group stock. The stock was sold at an average price of $187.32, for a total value of $34,654.20.

Nexstar Media Group Stock Performance

NXST traded up $1.01 during midday trading on Friday, hitting $182.02. 207,222 shares of the company traded hands, compared to its average volume of 333,002. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 5.53. The firm has a market capitalization of $5.56 billion, a PE ratio of 39.06, a price-to-earnings-growth ratio of 0.45 and a beta of 0.91. The company’s 50-day moving average is $193.11 and its 200 day moving average is $207.52. Nexstar Media Group, Inc. has a 52 week low of $164.00 and a 52 week high of $254.30.

Nexstar Media Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were paid a dividend of $1.86 per share. The ex-dividend date was Friday, May 15th. This represents a $7.44 annualized dividend and a yield of 4.1%. Nexstar Media Group’s dividend payout ratio is currently 159.66%.

Institutional Investors Weigh In On Nexstar Media Group

Several hedge funds and other institutional investors have recently made changes to their positions in NXST. Dorsal Capital Management LP purchased a new stake in shares of Nexstar Media Group during the 3rd quarter valued at about $74,152,000. QVT Financial LP increased its position in shares of Nexstar Media Group by 200.0% during the 4th quarter. QVT Financial LP now owns 155,281 shares of the company’s stock valued at $31,530,000 after purchasing an additional 310,562 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Nexstar Media Group by 118.1% during the 2nd quarter. AQR Capital Management LLC now owns 543,612 shares of the company’s stock valued at $93,795,000 after purchasing an additional 294,308 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Nexstar Media Group by 157.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 374,027 shares of the company’s stock valued at $73,960,000 after purchasing an additional 228,603 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Nexstar Media Group during the 4th quarter valued at about $41,474,000. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on NXST shares. Citigroup upgraded shares of Nexstar Media Group from a “neutral” rating to a “buy” rating and lowered their target price for the company from $252.00 to $220.00 in a research note on Friday, April 10th. Weiss Ratings restated a “hold (c)” rating on shares of Nexstar Media Group in a research note on Wednesday, May 27th. Benchmark lowered their target price on shares of Nexstar Media Group from $300.00 to $250.00 and set a “buy” rating on the stock in a research note on Monday, April 6th. Guggenheim upped their target price on shares of Nexstar Media Group from $250.00 to $290.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Finally, Wall Street Zen upgraded shares of Nexstar Media Group from a “hold” rating to a “buy” rating in a research note on Saturday, May 16th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $259.67.

About Nexstar Media Group

Nexstar Media Group, Inc is a diversified American media company engaged primarily in the ownership, operation and strategic affiliation of local television stations, digital platforms and cable networks. The company provides a range of broadcast content, including local news, sports coverage, entertainment programming and syndicated shows, reaching audiences in more than 100 television markets across the United States.

Founded in 1996 by entrepreneur Perry Sook and headquartered in Irving, Texas, Nexstar has built its presence through organic growth and a series of high-profile acquisitions.