Nexstar Media Group (NASDAQ:NXST) Insider Gary Weitman Sells 184 Shares of Stock

Nexstar Media Group, Inc. (NASDAQ:NXST) insider Gary Weitman sold 184 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $187.32, for a total transaction of $34,466.88. Following the completion of the transaction, the insider owned 5,018 shares in the company, valued at approximately $939,971.76. This trade represents a 3.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Nexstar Media Group Stock Down 1.5%

NXST stock opened at $185.12 on Thursday. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 5.53. The company’s 50 day moving average is $199.35 and its 200 day moving average is $207.96. The stock has a market cap of $5.65 billion, a price-to-earnings ratio of 39.73, a price-to-earnings-growth ratio of 0.51 and a beta of 0.97. Nexstar Media Group, Inc. has a 1-year low of $164.00 and a 1-year high of $254.30.

Nexstar Media Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 15th will be given a $1.86 dividend. This represents a $7.44 annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Friday, May 15th. Nexstar Media Group’s dividend payout ratio is 159.66%.

Institutional Trading of Nexstar Media Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Western Wealth Management LLC purchased a new stake in Nexstar Media Group in the first quarter worth $1,229,000. Bank of America Corp DE lifted its stake in Nexstar Media Group by 17.0% in the first quarter. Bank of America Corp DE now owns 173,269 shares of the company’s stock worth $31,332,000 after acquiring an additional 25,193 shares during the period. Janus Henderson Group PLC lifted its stake in Nexstar Media Group by 1.8% in the first quarter. Janus Henderson Group PLC now owns 643,864 shares of the company’s stock worth $116,427,000 after acquiring an additional 11,477 shares during the period. Strategic Investment Advisors MI purchased a new stake in Nexstar Media Group in the first quarter worth $154,000. Finally, Amundi lifted its stake in Nexstar Media Group by 120.0% in the first quarter. Amundi now owns 5,130 shares of the company’s stock worth $928,000 after acquiring an additional 2,798 shares during the period. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Nexstar Media Group from a “hold” rating to a “buy” rating in a research report on Saturday, May 16th. Zacks Research upgraded shares of Nexstar Media Group from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 13th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Nexstar Media Group from $270.00 to $255.00 and set a “buy” rating on the stock in a research report on Monday, May 11th. Wells Fargo & Company cut their target price on Nexstar Media Group from $290.00 to $253.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $290.00 target price on shares of Nexstar Media Group in a research note on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Nexstar Media Group presently has a consensus 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:

• Neutral Sentiment: Multiple Nexstar executives and insiders, including Brett Jenkins, Michael Biard, Lee Ann Gliha, Andrew Alford, Sean Compton, Dana Zimmer, Lindsey Knapp, Dan Lanzano, Rachel Morgan, Blake Russell, and Gary Weitman, sold shares at $187.32 as part of equity vesting tax obligations. SEC filing reference
• Positive Sentiment: Several analysts remain constructive on NXST, with recent upgrades and raised price targets helping offset some of the insider-sale concern. MarketBeat NXST page
• Negative Sentiment: The cluster of insider sales may create a short-term overhang, since investors often view repeated insider disposals as a cautious signal even when they are non-discretionary. SEC filing reference

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.