Nexstar Media Group (NASDAQ:NXST) Insider Brett Jenkins Sells 229 Shares

Nexstar Media Group, Inc. (NASDAQ:NXST) insider Brett Jenkins sold 229 shares of the company’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $187.32, for a total value of $42,896.28. Following the sale, the insider owned 27,061 shares of the company’s stock, valued at approximately $5,069,066.52. This trade represents a 0.84% decrease in their position. The transaction was disclosed in a filing with the SEC, 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 Performance

Shares of NXST stock traded down $2.91 during 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 firm’s 50 day simple moving average is $200.38 and its two-hundred day simple moving average is $207.99. The company has a debt-to-equity ratio of 5.53, a current ratio of 1.76 and a quick ratio of 1.76. Nexstar Media Group, Inc. has a one year low of $164.00 and a one year high of $254.30. The company has a market capitalization of $5.65 billion, a PE ratio of 39.73, a PEG ratio of 0.48 and a beta of 0.97.

Nexstar Media Group Dividend Announcement

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

Hedge Funds Weigh In On Nexstar Media Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. CWA Asset Management Group LLC grew its position in Nexstar Media Group by 1.7% in the fourth quarter. CWA Asset Management Group LLC now owns 3,103 shares of the company’s stock valued at $630,000 after acquiring an additional 51 shares during the period. Merit Financial Group LLC boosted its stake in shares of Nexstar Media Group by 1.6% in the 4th quarter. Merit Financial Group LLC now owns 3,571 shares of the company’s stock valued at $725,000 after purchasing an additional 56 shares in the last quarter. Truist Financial Corp grew its holdings in shares of Nexstar Media Group by 5.2% in the 4th quarter. Truist Financial Corp now owns 1,139 shares of the company’s stock worth $231,000 after purchasing an additional 56 shares during the last quarter. WPG Advisers LLC increased its position in shares of Nexstar Media Group by 65.7% during the 4th quarter. WPG Advisers LLC now owns 179 shares of the company’s stock worth $36,000 after purchasing an additional 71 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its position in shares of Nexstar Media Group by 15.7% during the 2nd quarter. Geneos Wealth Management Inc. now owns 589 shares of the company’s stock worth $102,000 after purchasing an additional 80 shares in the last quarter. Institutional investors own 95.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on NXST shares. Wells Fargo & Company lowered 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 research note on Friday, May 8th. Barrington Research reissued an “outperform” rating and set a $290.00 target price on shares of Nexstar Media Group in a research report on Tuesday, April 28th. Zacks Research raised Nexstar Media Group from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 13th. Benchmark dropped their price objective on Nexstar Media Group from $300.00 to $250.00 and set a “buy” rating on the stock in a research note on Monday, April 6th. Finally, Guggenheim boosted their price objective on Nexstar Media Group from $250.00 to $290.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price 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

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.