Brett Jenkins Sells 229 Shares of Nexstar Media Group (NASDAQ:NXST) Stock

Nexstar Media Group, Inc. (NASDAQ:NXST) insider Brett Jenkins sold 229 shares of the stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $187.32, for a total value of $42,896.28. Following the transaction, the insider owned 27,061 shares of the company’s stock, valued at approximately $5,069,066.52. The trade was a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Nexstar Media Group Stock Up 0.4%

Nexstar Media Group stock opened at $185.94 on Friday. The company has a market cap of $5.68 billion, a P/E ratio of 39.90, a price-to-earnings-growth ratio of 0.50 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. The company has a fifty day simple moving average of $198.32 and a 200 day simple moving average of $207.93. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 5.53.

Nexstar Media Group Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend is Friday, May 15th. This represents a $7.44 dividend on an annualized basis and a yield of 4.0%. Nexstar Media Group’s dividend payout ratio (DPR) is 159.66%.

Key Stories Impacting Nexstar Media Group

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

• Positive Sentiment: NXST was highlighted in a Zacks piece on PEG-driven value stocks, which can support the bull case by keeping the name on investors’ radar as a relatively undervalued growth stock. Article title
• Neutral Sentiment: Several Nexstar executives and insiders sold shares at $187.32, but the filings say the transactions were made to cover tax withholding tied to equity award vesting, which usually limits the bearish signal. SEC filing reference
• Neutral Sentiment: Reported short interest was shown as zero shares, so there is no meaningful short-selling data in this update to explain the stock’s move. Article reference
• Negative Sentiment: The cluster of insider sales from multiple executives, including the COO and several EVPs, may weigh on sentiment in the near term even though the sales were non-discretionary. MarketBeat insider trades page

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NXST. Dorsal Capital Management LP bought a new position in shares of Nexstar Media Group during the 3rd quarter worth approximately $74,152,000. QVT Financial LP boosted its stake 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 worth $31,530,000 after acquiring an additional 310,562 shares during the period. AQR Capital Management LLC boosted its stake 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 worth $93,795,000 after acquiring an additional 294,308 shares during the period. JPMorgan Chase & Co. boosted its stake 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 worth $73,960,000 after acquiring an additional 228,603 shares during the period. Finally, Norges Bank bought a new position in shares of Nexstar Media Group during the 4th quarter worth approximately $41,474,000. 95.30% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on NXST shares. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Nexstar Media Group from $270.00 to $255.00 and set a “buy” rating for the company in a research report on Monday, May 11th. Wells Fargo & Company decreased their price target 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. Weiss Ratings restated a “hold (c)” rating on shares of Nexstar Media Group in a research note on Wednesday. Barrington Research restated an “outperform” rating and issued a $290.00 price target on shares of Nexstar Media Group in a research note on Tuesday, April 28th. Finally, Wall Street Zen upgraded Nexstar Media Group from a “hold” rating to a “buy” rating in a research note on Saturday, May 16th. One 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. According to MarketBeat, Nexstar Media Group has an average rating of “Buy” and a consensus price target of $259.67.

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.