Nexstar Media Group, Inc. (NASDAQ:NXST) Given Average Rating of “Buy” by Analysts

Nexstar Media Group, Inc. (NASDAQ:NXST) has received an average rating of “Buy” from the eight ratings firms that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation, six have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $259.6667.

A number of equities analysts recently issued reports on NXST shares. Deutsche Bank Aktiengesellschaft reduced their target price on Nexstar Media Group from $270.00 to $255.00 and set a “buy” rating for the company in a research note on Monday, May 11th. Zacks Research raised Nexstar Media Group from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. Barrington Research restated an “outperform” rating and issued a $290.00 price objective on shares of Nexstar Media Group in a research note on Tuesday, April 28th. Benchmark dropped their target price on Nexstar Media Group from $300.00 to $250.00 and set a “buy” rating on the stock in a research report on Monday, April 6th. Finally, Wells Fargo & Company cut their price target on shares of Nexstar Media Group from $290.00 to $253.00 and set an “overweight” rating on the stock in a report on Friday, May 8th.

Insider Activity

In related news, insider Brett Jenkins sold 301 shares of Nexstar Media Group stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $170.81, for a total transaction of $51,413.81. Following the completion of the transaction, the insider directly owned 28,798 shares in the company, valued at approximately $4,918,986.38. This trade represents a 1.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Dana Zimmer sold 876 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $170.81, for a total transaction of $149,629.56. Following the sale, the insider directly owned 5,800 shares in the company, valued at $990,698. This trade represents a 13.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 22,813 shares of company stock valued at $4,174,731 over the last 90 days. Company insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Nexstar Media Group

A number of hedge funds have recently bought and sold shares of NXST. CX Institutional lifted its holdings in Nexstar Media Group by 16.0% during the second quarter. CX Institutional now owns 40,423 shares of the company’s stock valued at $7,219,000 after purchasing an additional 5,567 shares in the last quarter. Western Wealth Management LLC purchased a new stake in shares of Nexstar Media Group during the first quarter worth about $1,229,000. NewEdge Advisors LLC increased its stake in shares of Nexstar Media Group by 7,750.4% during the first quarter. NewEdge Advisors LLC now owns 9,028 shares of the company’s stock worth $1,633,000 after purchasing an additional 8,913 shares in the last quarter. Bank of America Corp DE raised its position in shares of Nexstar Media Group by 17.0% during the 1st quarter. Bank of America Corp DE now owns 173,269 shares of the company’s stock worth $31,332,000 after purchasing an additional 25,193 shares during the last quarter. Finally, Janus Henderson Group PLC raised its position in shares of Nexstar Media Group by 1.8% during the 1st quarter. Janus Henderson Group PLC now owns 643,864 shares of the company’s stock worth $116,427,000 after purchasing an additional 11,477 shares during the last quarter. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Nexstar Media Group Stock Up 0.2%

NASDAQ NXST traded up $0.39 on Tuesday, hitting $183.17. The stock had a trading volume of 97,183 shares, compared to its average volume of 404,025. The business’s fifty day moving average price is $184.14 and its 200 day moving average price is $204.46. The company has a debt-to-equity ratio of 5.53, a current ratio of 1.76 and a quick ratio of 1.76. Nexstar Media Group has a 52-week low of $154.47 and a 52-week high of $254.30. The stock has a market cap of $5.59 billion, a price-to-earnings ratio of 39.37, a price-to-earnings-growth ratio of 0.46 and a beta of 0.91.

Nexstar Media Group Dividend Announcement

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

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.