Insider Selling: Nexstar Media Group (NASDAQ:NXST) EVP Sells 742 Shares of Stock

Nexstar Media Group, Inc. (NASDAQ:NXST) EVP Lee Ann Gliha sold 742 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $187.32, for a total transaction of $138,991.44. Following the sale, the executive vice president directly owned 17,988 shares in the company, valued at $3,369,512.16. This trade represents a 3.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Nexstar Media Group Stock Down 1.5%

Nexstar Media Group stock traded down $2.91 during trading hours on Wednesday, hitting $185.12. The stock had a trading volume of 324,271 shares, compared to its average volume of 384,860. 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 market capitalization of $5.65 billion, a P/E ratio of 39.73, a price-to-earnings-growth ratio of 0.48 and a beta of 0.97. Nexstar Media Group, Inc. has a 12-month low of $164.00 and a 12-month high of $254.30. The stock’s 50-day moving average price is $200.38 and its 200-day moving average price is $207.99.

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 paid a dividend of $1.86 per share. This represents a $7.44 annualized dividend and a yield of 4.0%. The ex-dividend date is Friday, May 15th. Nexstar Media Group’s dividend payout ratio (DPR) is currently 159.66%.

Key Stories Impacting Nexstar Media Group

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

Analysts Set New Price Targets

Several research firms recently commented on NXST. Barrington Research reaffirmed an “outperform” rating and set a $290.00 price objective on shares of Nexstar Media Group in a research report on Tuesday, April 28th. Deutsche Bank Aktiengesellschaft decreased their target price on Nexstar Media Group from $270.00 to $255.00 and set a “buy” rating for the company in a research report on Monday, May 11th. Guggenheim raised their price target on shares of Nexstar Media Group from $250.00 to $290.00 and gave the company a “buy” rating in a report on Friday, February 27th. Wells Fargo & Company decreased their price objective on shares of Nexstar Media Group from $290.00 to $253.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Finally, Wall Street Zen upgraded shares of Nexstar Media Group from a “hold” rating to a “buy” rating in a research report on Saturday, May 16th. One equities research 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $259.67.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. CWA Asset Management Group LLC grew its stake in shares of Nexstar Media Group by 1.7% during the 4th quarter. CWA Asset Management Group LLC now owns 3,103 shares of the company’s stock valued at $630,000 after purchasing an additional 51 shares during the period. Merit Financial Group LLC lifted 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 worth $725,000 after purchasing an additional 56 shares during the period. Truist Financial Corp lifted its stake 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 period. WPG Advisers LLC boosted its holdings in shares of Nexstar Media Group by 65.7% in the fourth quarter. WPG Advisers LLC now owns 179 shares of the company’s stock worth $36,000 after buying an additional 71 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of Nexstar Media Group by 15.7% in the second quarter. Geneos Wealth Management Inc. now owns 589 shares of the company’s stock worth $102,000 after buying an additional 80 shares during the last quarter. 95.30% of the stock is owned by hedge funds and other institutional investors.

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.