Nexstar Media Group (NASDAQ:NXST) EVP Blake Russell Sells 185 Shares

Nexstar Media Group, Inc. (NASDAQ:NXST) EVP Blake Russell sold 185 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $187.32, for a total value of $34,654.20. Following the completion of the transaction, the executive vice president owned 26,396 shares of the company’s stock, valued at approximately $4,944,498.72. This represents a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 traded down $2.91 during mid-day trading on Wednesday, reaching $185.12. The company had a trading volume of 324,271 shares, compared to its average volume of 384,860. The company has a debt-to-equity ratio of 5.53, a current ratio of 1.76 and a quick ratio of 1.76. The stock has a 50 day simple moving average of $200.38 and a two-hundred day simple moving average of $207.99. The company has a market capitalization of $5.65 billion, a price-to-earnings ratio of 39.73, a PEG ratio of 0.48 and a beta of 0.97. Nexstar Media Group, Inc. has a 52 week low of $164.00 and a 52 week high of $254.30.

Nexstar Media Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 15th will be paid a dividend of $1.86 per share. 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 payout ratio is currently 159.66%.

Hedge Funds Weigh In On Nexstar Media Group

A number of hedge funds have recently bought and sold shares of the business. Integrated Wealth Concepts LLC acquired a new stake in Nexstar Media Group in the 1st quarter worth about $499,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Nexstar Media Group by 49.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,870 shares of the company’s stock worth $2,844,000 after purchasing an additional 5,251 shares in the last quarter. Millennium Management LLC grew its position in shares of Nexstar Media Group by 571.4% during the 1st quarter. Millennium Management LLC now owns 72,650 shares of the company’s stock worth $13,020,000 after purchasing an additional 61,830 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Nexstar Media Group by 14.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 132,809 shares of the company’s stock worth $23,802,000 after purchasing an additional 16,637 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new position in shares of Nexstar Media Group during the 1st quarter worth approximately $654,000. 95.30% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on NXST. Benchmark reduced their target price on Nexstar Media Group from $300.00 to $250.00 and set a “buy” rating for the company in a research note on Monday, April 6th. Zacks Research upgraded shares of Nexstar Media Group from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. Deutsche Bank Aktiengesellschaft decreased their price target 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 upgraded Nexstar Media Group from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Finally, Barrington Research restated an “outperform” rating and set a $290.00 price objective on shares of Nexstar Media Group in a report on Tuesday, April 28th. 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, the company presently has an average rating of “Buy” and a consensus target price of $259.67.

Nexstar Media Group News Summary

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

• Neutral Sentiment: Multiple Nexstar insiders sold shares at $187.32, but the filings say the transactions were to satisfy tax withholding obligations related to equity vesting. SEC filing for Michael Biard
• Neutral Sentiment: Additional insider sales were disclosed by Lee Ann Gliha, Andrew Alford, Sean Compton, Dana Zimmer, Brett Jenkins, Lindsey Knapp, Dan Lanzano, Rachel Morgan, Blake Russell, and Gary Weitman, adding to the near-term overhang on sentiment. SEC filing for Lee Ann Gliha
• Negative Sentiment: The cluster of insider sales may cause investors to question whether management sees limited near-term upside, even though the trades appear to be routine and not necessarily a negative fundamental signal. SEC filing for Gary Weitman

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.