NewEdge Advisors LLC raised its holdings in shares of Nexstar Media Group, Inc. (NASDAQ:NXST – Free Report) by 7,750.4% during the 1st quarter, HoldingsChannel reports. The fund owned 9,028 shares of the company’s stock after acquiring an additional 8,913 shares during the quarter. NewEdge Advisors LLC’s holdings in Nexstar Media Group were worth $1,633,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently modified their holdings of the business. Merit Financial Group LLC raised its holdings in Nexstar Media Group by 1.6% in the 4th quarter. Merit Financial Group LLC now owns 3,571 shares of the company’s stock worth $725,000 after purchasing an additional 56 shares during the period. Truist Financial Corp lifted its position in Nexstar Media Group by 5.2% during the fourth quarter. Truist Financial Corp now owns 1,139 shares of the company’s stock valued at $231,000 after purchasing an additional 56 shares in the last quarter. WPG Advisers LLC lifted its position in Nexstar Media Group by 65.7% during the fourth quarter. WPG Advisers LLC now owns 179 shares of the company’s stock valued at $36,000 after purchasing an additional 71 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in Nexstar Media Group by 15.7% during the second quarter. Geneos Wealth Management Inc. now owns 589 shares of the company’s stock valued at $102,000 after purchasing an additional 80 shares during the period. Finally, HighTower Advisors LLC grew its holdings in Nexstar Media Group by 3.2% during the fourth quarter. HighTower Advisors LLC now owns 2,975 shares of the company’s stock valued at $604,000 after purchasing an additional 93 shares during the period. Institutional investors own 95.30% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on NXST. Barrington Research reaffirmed an “outperform” rating and issued a $290.00 price objective on shares of Nexstar Media Group in a research note on Tuesday, April 28th. Deutsche Bank Aktiengesellschaft lowered their price objective on 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. Zacks Research downgraded Nexstar Media Group from a “hold” rating to a “strong sell” rating in a research note on Monday, August 10th. Wells Fargo & Company reduced their target price on shares of Nexstar Media Group from $253.00 to $249.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Finally, Wall Street Zen cut shares of Nexstar Media Group from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Nexstar Media Group presently has an average rating of “Moderate Buy” and an average price target of $259.00.
Insider Activity at Nexstar Media Group
In related news, EVP Blake Russell sold 261 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $170.81, for a total value of $44,581.41. Following the transaction, the executive vice president directly owned 28,296 shares of the company’s stock, valued at approximately $4,833,239.76. The trade was a 0.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $170.81, for a total value of $149,629.56. Following the completion of the transaction, the insider owned 5,800 shares of the company’s stock, valued at $990,698. The trade was 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 have sold 22,813 shares of company stock worth $4,174,731 in the last three months. Corporate insiders own 7.00% of the company’s stock.
Nexstar Media Group Trading Up 0.5%
Shares of NXST stock opened at $189.57 on Friday. Nexstar Media Group, Inc. has a 52-week low of $154.47 and a 52-week high of $254.30. The company has a debt-to-equity ratio of 5.09, a quick ratio of 1.76 and a current ratio of 1.56. The firm has a market capitalization of $5.84 billion, a PE ratio of 36.39, a PEG ratio of 0.58 and a beta of 0.91. The stock has a fifty day simple moving average of $179.90 and a two-hundred day simple moving average of $199.95.
Nexstar Media Group (NASDAQ:NXST – Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $3.61 EPS for the quarter, missing analysts’ consensus estimates of $5.98 by ($2.37). Nexstar Media Group had a net margin of 3.20% and a return on equity of 24.02%. The business had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the prior year, the business earned $3.06 earnings per share. Nexstar Media Group’s revenue was up 62.2% compared to the same quarter last year. On average, analysts predict that Nexstar Media Group, Inc. will post 32.88 EPS for the current fiscal year.
Nexstar Media Group Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be given a dividend of $1.86 per share. The ex-dividend date is Friday, August 14th. This represents a $7.44 annualized dividend and a dividend yield of 3.9%. Nexstar Media Group’s dividend payout ratio (DPR) is currently 142.80%.
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.
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