Analysts Set Nexstar Media Group, Inc. (NASDAQ:NXST) PT at $259.00

Nexstar Media Group, Inc. (NASDAQ:NXST) has been assigned a consensus rating of “Moderate Buy” from the eight ratings firms that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $259.00.

Several research firms have issued reports on NXST. Weiss Ratings restated a “hold (c)” rating on shares of Nexstar Media Group in a research report on Wednesday, May 27th. Wall Street Zen downgraded Nexstar Media Group from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Deutsche Bank Aktiengesellschaft lowered their target price on Nexstar Media Group from $270.00 to $255.00 and set a “buy” rating for the company in a research note on Monday, May 11th. Barrington Research restated an “outperform” rating and set a $290.00 target price on shares of Nexstar Media Group in a report on Tuesday, April 28th. Finally, Zacks Research lowered Nexstar Media Group from a “hold” rating to a “strong sell” rating in a research report on Monday, August 10th.

Insider Activity

In related news, EVP Blake Russell sold 261 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $170.81, for a total transaction of $44,581.41. Following the completion of the sale, the executive vice president directly owned 28,296 shares in the company, valued at $4,833,239.76. This represents a 0.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Brett Jenkins sold 301 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $170.81, for a total transaction of $51,413.81. Following the sale, the insider owned 28,798 shares of the company’s stock, valued at $4,918,986.38. This represents a 1.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 21,584 shares of company stock valued at $3,899,531. Corporate insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Nexstar Media Group

A number of hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new stake in shares of Nexstar Media Group during the second quarter worth about $27,241,000. QVT Financial LP increased its holdings in Nexstar Media Group by 200.0% during the 4th 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 period. AQR Capital Management LLC increased its holdings in Nexstar Media Group by 118.1% during the 2nd quarter. AQR Capital Management LLC now owns 543,612 shares of the company’s stock valued at $93,795,000 after purchasing an additional 294,308 shares during the period. Norges Bank bought a new position in Nexstar Media Group during the 4th quarter valued at approximately $41,474,000. Finally, Alliancebernstein L.P. raised its position in Nexstar Media Group by 27.1% during the 2nd quarter. Alliancebernstein L.P. now owns 882,322 shares of the company’s stock valued at $152,598,000 after purchasing an additional 187,864 shares during the last quarter. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Nexstar Media Group Price Performance

Shares of Nexstar Media Group stock opened at $186.14 on Wednesday. Nexstar Media Group has a 52-week low of $154.47 and a 52-week high of $254.30. The stock has a market capitalization of $5.73 billion, a price-to-earnings ratio of 35.73 and a beta of 0.91. The company has a fifty day moving average of $180.87 and a 200-day moving average of $199.11. The company has a debt-to-equity ratio of 5.09, a quick ratio of 1.56 and a current ratio of 1.56.

Nexstar Media Group (NASDAQ:NXST) last released its earnings results on Thursday, August 6th. The company reported $3.61 EPS for the quarter, missing the consensus estimate of $5.98 by ($2.37). The business had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.97 billion. Nexstar Media Group had a net margin of 3.20% and a return on equity of 24.02%. Nexstar Media Group’s revenue for the quarter was up 62.2% on a year-over-year basis. During the same period in the prior year, the business posted $3.06 EPS. Equities research analysts expect that Nexstar Media Group will post 32.88 EPS for the current year.

Nexstar Media Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be given a $1.86 dividend. The ex-dividend date is Friday, August 14th. This represents a $7.44 annualized dividend and a yield of 4.0%. Nexstar Media Group’s payout ratio is presently 142.80%.

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.