Nexstar Media Group, Inc. (NASDAQ:NXST) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Nexstar Media Group, Inc. (NASDAQ:NXST) have been assigned an average recommendation of “Moderate Buy” from the eight research firms that are covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $278.6667.

A number of brokerages recently weighed in on NXST. Weiss Ratings restated a “hold (c+)” rating on shares of Nexstar Media Group in a research note on Monday, December 29th. Benchmark raised their target price on shares of Nexstar Media Group from $250.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Wells Fargo & Company boosted their price target on shares of Nexstar Media Group from $250.00 to $290.00 and gave the stock an “overweight” rating in a research report on Friday, February 27th. Barrington Research reaffirmed an “outperform” rating and issued a $290.00 price target on shares of Nexstar Media Group in a research note on Tuesday, March 3rd. Finally, Citigroup increased their price objective on shares of Nexstar Media Group from $204.00 to $252.00 and gave the company a “neutral” rating in a report on Monday, March 2nd.

Hedge Funds Weigh In On Nexstar Media Group

Several hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in shares of Nexstar Media Group by 0.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,402,272 shares of the company’s stock worth $284,738,000 after buying an additional 10,949 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Nexstar Media Group by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,181,727 shares of the company’s stock valued at $239,950,000 after buying an additional 23,360 shares in the last quarter. Alliancebernstein L.P. boosted its stake in Nexstar Media Group by 27.1% during 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 in the last quarter. Geode Capital Management LLC grew its holdings in Nexstar Media Group by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 773,443 shares of the company’s stock worth $157,114,000 after acquiring an additional 13,084 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its holdings in Nexstar Media Group by 13.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 642,609 shares of the company’s stock worth $127,070,000 after acquiring an additional 75,228 shares during the period. 95.30% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Nexstar Media Group

Here are the key news stories impacting Nexstar Media Group this week:

• Positive Sentiment: Regulatory approvals and close — Nexstar announced the closing of its acquisition of TEGNA after FCC and DOJ approval, creating the largest U.S. broadcast station group and supporting revenue/scale synergies. Nexstar Closes Acquisition
• Neutral Sentiment: Debt financing to fund the deal — Nexstar announced offerings of $3.39B in senior secured notes due 2033 and $1.725B in senior notes due 2034 (aggregate > $5B), giving the company liquidity to execute the combination but materially increasing near-term leverage. Debt Offering Announcement
• Negative Sentiment: State lawsuits and requests to block integration — eight state attorneys general have sued to block the merger and asked a judge for a temporary restraining order to halt integration, creating legal and operational uncertainty that could delay or alter expected synergies. States Ask Judge to Block Merger
• Negative Sentiment: Market/valuation scrutiny — analysts and commentators note Nexstar’s shares are no longer as cheap after the deal and the enlarged company now carries greater execution and balance-sheet risk; this may temper near-term upside. Seeking Alpha Valuation Piece

Nexstar Media Group Trading Up 1.7%

Shares of NXST stock opened at $226.81 on Friday. Nexstar Media Group has a 1 year low of $141.66 and a 1 year high of $254.30. The firm has a market capitalization of $6.88 billion, a PE ratio of 77.15, a price-to-earnings-growth ratio of 0.90 and a beta of 0.79. The stock has a fifty day moving average of $228.18 and a two-hundred day moving average of $208.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 2.07 and a current ratio of 2.07.

Nexstar Media Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Friday, February 13th were given a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Friday, February 13th. Nexstar Media Group’s dividend payout ratio is 253.06%.

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.