Dorsal Capital Management LP Makes New $74.15 Million Investment in Nexstar Media Group, Inc. $NXST

Dorsal Capital Management LP bought a new stake in Nexstar Media Group, Inc. (NASDAQ:NXST) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 375,000 shares of the company’s stock, valued at approximately $74,152,000. Nexstar Media Group accounts for about 2.0% of Dorsal Capital Management LP’s holdings, making the stock its 21st biggest holding. Dorsal Capital Management LP owned about 1.24% of Nexstar Media Group at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in NXST. Root Financial Partners LLC acquired a new stake in shares of Nexstar Media Group during the 3rd quarter worth approximately $31,000. Allworth Financial LP lifted its stake in Nexstar Media Group by 617.2% during the second quarter. Allworth Financial LP now owns 208 shares of the company’s stock worth $36,000 after purchasing an additional 179 shares during the last quarter. Hantz Financial Services Inc. lifted its stake in Nexstar Media Group by 164.5% during the third quarter. Hantz Financial Services Inc. now owns 201 shares of the company’s stock worth $40,000 after purchasing an additional 125 shares during the last quarter. Caldwell Trust Co acquired a new stake in shares of Nexstar Media Group in the 2nd quarter valued at $44,000. Finally, First Horizon Corp acquired a new stake in shares of Nexstar Media Group in the 3rd quarter valued at $44,000. 95.30% of the stock is currently owned by institutional investors and hedge funds.

Nexstar Media Group Trading Down 2.3%

Shares of NXST stock opened at $233.61 on Friday. The firm has a market capitalization of $7.09 billion, a P/E ratio of 79.46, a P/E/G ratio of 0.92 and a beta of 0.79. Nexstar Media Group, Inc. has a twelve month low of $141.66 and a twelve month high of $254.30. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 3.05. The stock’s fifty day simple moving average is $225.86 and its 200 day simple moving average is $207.57.

Nexstar Media Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Friday, February 13th were issued a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Friday, February 13th. Nexstar Media Group’s dividend payout ratio (DPR) is 253.06%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on NXST shares. Deutsche Bank Aktiengesellschaft boosted their price target on Nexstar Media Group from $225.00 to $250.00 and gave the stock a “buy” rating in a report on Tuesday, February 10th. Wells Fargo & Company raised their price objective on Nexstar Media Group from $250.00 to $290.00 and gave the company an “overweight” rating in a research note on Friday, February 27th. Benchmark lifted their target price on Nexstar Media Group from $250.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Weiss Ratings reissued a “hold (c+)” rating on shares of Nexstar Media Group in a research note on Monday, December 29th. Finally, Citigroup increased their target price on shares of Nexstar Media Group from $204.00 to $252.00 and gave the stock a “neutral” rating in a report on Monday, March 2nd. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Nexstar Media Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $278.67.

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.