Nexstar Media Group (NASDAQ:NXST) Upgraded by Zacks Research to “Strong-Buy” Rating

Zacks Research upgraded shares of Nexstar Media Group (NASDAQ:NXST) from a hold rating to a strong-buy rating in a research report report published on Wednesday morning,Zacks.com reports.

Several other equities research analysts also recently issued reports on the stock. Benchmark decreased their price objective on shares of 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. Wells Fargo & Company reduced their target price 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. Guggenheim raised their price objective on Nexstar Media Group from $250.00 to $290.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Citigroup raised Nexstar Media Group from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $252.00 to $220.00 in a research report on Friday, April 10th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on Nexstar Media Group from $270.00 to $255.00 and set a “buy” rating on the stock in a report on Monday. One 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. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $259.67.

Nexstar Media Group Stock Performance

Shares of NASDAQ:NXST opened at $197.30 on Wednesday. The firm has a market capitalization of $6.03 billion, a PE ratio of 42.34, a P/E/G ratio of 0.56 and a beta of 0.97. Nexstar Media Group has a 12 month low of $164.00 and a 12 month high of $254.30. The company has a debt-to-equity ratio of 5.53, a current ratio of 1.76 and a quick ratio of 2.07. The business has a 50-day moving average of $209.01 and a two-hundred day moving average of $208.18.

Nexstar Media Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 15th will be given a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Friday, May 15th. Nexstar Media Group’s dividend payout ratio is presently 159.66%.

Institutional Trading of Nexstar Media Group

Hedge funds have recently made changes to their positions in the stock. Dorsal Capital Management LP bought a new position in Nexstar Media Group during the 3rd quarter valued at $74,152,000. QVT Financial LP increased its stake in Nexstar Media Group by 200.0% during the fourth quarter. QVT Financial LP now owns 155,281 shares of the company’s stock valued at $31,530,000 after purchasing an additional 310,562 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Nexstar Media Group by 118.1% in the 2nd quarter. AQR Capital Management LLC now owns 543,612 shares of the company’s stock worth $93,795,000 after buying an additional 294,308 shares during the last quarter. JPMorgan Chase & Co. grew its position 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 valued at $73,960,000 after buying an additional 228,603 shares during the last quarter. Finally, Norges Bank acquired a new stake in Nexstar Media Group during the fourth quarter worth about $41,474,000. Institutional investors and hedge funds own 95.30% of the company’s stock.

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.