Nexstar Media Group (NASDAQ:NXST) Insider Sells $87,103.80 in Stock

Nexstar Media Group, Inc. (NASDAQ:NXST) insider Dana Zimmer sold 465 shares of the business’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $187.32, for a total transaction of $87,103.80. Following the completion of the transaction, the insider owned 3,272 shares in the company, valued at $612,911.04. This represents a 12.44% decrease in their position. The sale was disclosed in a 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.

Nexstar Media Group Stock Down 1.5%

Shares of Nexstar Media Group stock traded down $2.91 during trading hours on Wednesday, hitting $185.12. 324,271 shares of the company’s stock traded hands, compared to its average volume of 384,860. Nexstar Media Group, Inc. has a twelve month low of $164.00 and a twelve month high of $254.30. The company has a market cap of $5.65 billion, a PE ratio of 39.73, a PEG ratio of 0.48 and a beta of 0.97. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 5.53. The stock has a 50 day simple moving average of $200.38 and a 200-day simple moving average of $207.99.

Nexstar Media Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 15th will be issued a $1.86 dividend. The ex-dividend date of this dividend is Friday, May 15th. This represents a $7.44 annualized dividend and a yield of 4.0%. Nexstar Media Group’s dividend payout ratio is currently 159.66%.

Analysts Set New Price Targets

Several research firms have recently weighed in on NXST. Benchmark dropped their target price on shares of Nexstar Media Group from $300.00 to $250.00 and set a “buy” rating for the company in a research report on Monday, April 6th. Citigroup raised shares of Nexstar Media Group from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $252.00 to $220.00 in a research report on Friday, April 10th. Deutsche Bank Aktiengesellschaft lowered their price objective on Nexstar Media Group from $270.00 to $255.00 and set a “buy” rating for the company in a report on Monday, May 11th. Guggenheim upped their price objective on Nexstar Media Group from $250.00 to $290.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Finally, Barrington Research reaffirmed an “outperform” rating and set a $290.00 target price on shares of Nexstar Media Group in a report on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Nexstar Media Group presently has an average rating of “Buy” and an average price target of $259.67.

Key Nexstar Media Group News

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

Institutional Trading of Nexstar Media Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its position in Nexstar Media Group by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,402,272 shares of the company’s stock valued at $284,738,000 after purchasing an additional 10,949 shares during the period. Charles Schwab Investment Management Inc. increased its position in Nexstar Media Group by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,181,727 shares of the company’s stock worth $239,950,000 after buying an additional 23,360 shares during the period. Alliancebernstein L.P. lifted its stake in Nexstar Media Group by 27.1% in the second quarter. Alliancebernstein L.P. now owns 882,322 shares of the company’s stock valued at $152,598,000 after buying an additional 187,864 shares during the last quarter. Geode Capital Management LLC lifted its stake in Nexstar Media Group by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 773,443 shares of the company’s stock valued at $157,114,000 after buying an additional 13,084 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in shares of Nexstar Media Group by 1.8% during the first quarter. Janus Henderson Group PLC now owns 643,864 shares of the company’s stock valued at $116,427,000 after acquiring an additional 11,477 shares during the period. 95.30% of the stock is currently owned by institutional investors and hedge funds.

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.