Nexstar Media Group (NASDAQ:NXST) Insider Sells $58,191.98 in Stock

Nexstar Media Group, Inc. (NASDAQ:NXST) insider Gary Weitman sold 319 shares of the company’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $182.42, for a total transaction of $58,191.98. Following the sale, the insider directly owned 6,012 shares in the company, valued at approximately $1,096,709.04. The trade was a 5.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Gary Weitman also recently made the following trade(s):

• On Wednesday, May 27th, Gary Weitman sold 184 shares of Nexstar Media Group stock. The shares were sold at an average price of $187.32, for a total transaction of $34,466.88.

Nexstar Media Group Price Performance

Nexstar Media Group stock opened at $182.02 on Monday. The company has a market cap of $5.56 billion, a price-to-earnings ratio of 39.06, a PEG ratio of 0.46 and a beta of 0.91. The firm’s fifty day moving average is $193.11 and its 200 day moving average is $207.66. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 5.53. 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 firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were paid a dividend of $1.86 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $7.44 dividend on an annualized basis and a yield of 4.1%. Nexstar Media Group’s dividend payout ratio is presently 159.66%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on NXST shares. Citigroup raised shares of Nexstar Media Group from a “neutral” rating to a “buy” rating and decreased their price target for the company from $252.00 to $220.00 in a research note on Friday, April 10th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Nexstar Media Group from $270.00 to $255.00 and set a “buy” rating on the stock in a research note on Monday, May 11th. Wall Street Zen raised shares of Nexstar Media Group from a “hold” rating to a “buy” rating in a research note on Saturday, May 16th. Guggenheim increased 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, Benchmark reduced 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. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Nexstar Media Group has an average rating of “Buy” and a consensus price target of $259.67.

Nexstar Media Group News Summary

Here are the key news stories impacting Nexstar Media Group this week:

• Positive Sentiment: Brokerages currently maintain a consensus Buy rating on Nexstar Media Group, with a Street-average price target well above the stock’s recent trading range, suggesting analysts still see upside. Nexstar Media Group, Inc. (NASDAQ:NXST) Receives Consensus Recommendation of “Buy” from Brokerages
• Positive Sentiment: The company’s recent presentation at the Gabelli Sports & Media Symposium may have helped keep attention on the business and its strategy, which can support investor confidence. Nexstar Media Group, Inc. (NXST) Presents at Gabelli 18th Annual Sports & Media Symposium Transcript
• Neutral Sentiment: Nexstar also recently paid its quarterly dividend, reinforcing the stock’s income profile, though the payout ratio remains elevated and may limit enthusiasm. 3 Value Stocks with Room to Run
• Negative Sentiment: Several insiders, including EVP Lee Ann Gliha, Blake Russell, Gary Weitman, Andrew Alford, Brett Jenkins, Sean Compton, Dana Zimmer, and Lindsey Knapp, sold shares in recent filings. While the company said the transactions were mainly for tax withholding tied to equity vesting, the cluster of sales can still weigh on sentiment. Nexstar Media Group insider trades

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

Nexstar Media Group Company Profile

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.