Nexstar Media Group, Inc. (NASDAQ:NXST) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Nexstar Media Group, Inc. (NASDAQ:NXST) have received a consensus recommendation of “Buy” from the eight research firms that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation, six have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $259.6667.

NXST has been the subject of a number of research reports. Wells Fargo & Company lowered their target price on Nexstar Media Group from $290.00 to $253.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Guggenheim increased their target price on Nexstar Media Group from $250.00 to $290.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Citigroup upgraded Nexstar Media Group from a “neutral” rating to a “buy” rating and lowered their target price for the company from $252.00 to $220.00 in a research report on Friday, April 10th. 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 report on Monday, May 11th. Finally, Benchmark lowered their target price on Nexstar Media Group from $300.00 to $250.00 and set a “buy” rating for the company in a research report on Monday, April 6th.

Insider Activity at Nexstar Media Group

In related news, insider Dana Zimmer sold 465 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $187.32, for a total transaction of $87,103.80. Following the sale, the insider owned 3,272 shares in the company, valued at approximately $612,911.04. This represents a 12.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Lee Ann Gliha sold 742 shares of the stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $187.32, for a total value of $138,991.44. Following the sale, the executive vice president owned 17,988 shares in the company, valued at $3,369,512.16. The trade was a 3.96% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 10,290 shares of company stock worth $1,970,979 in the last ninety days. Corporate insiders own 6.70% of the company’s stock.

Institutional Trading of Nexstar Media Group

Several hedge funds and other institutional investors have recently bought and sold shares of NXST. Allianz Asset Management GmbH increased its stake in Nexstar Media Group by 43.1% in the third quarter. Allianz Asset Management GmbH now owns 279,336 shares of the company’s stock worth $55,236,000 after purchasing an additional 84,163 shares during the period. Advisors Asset Management Inc. increased its stake in Nexstar Media Group by 19.9% in the third quarter. Advisors Asset Management Inc. now owns 27,849 shares of the company’s stock worth $5,507,000 after purchasing an additional 4,616 shares during the period. Alps Advisors Inc. increased its stake in Nexstar Media Group by 2,272.2% in the third quarter. Alps Advisors Inc. now owns 49,460 shares of the company’s stock worth $9,780,000 after purchasing an additional 47,375 shares during the period. M&T Bank Corp increased its stake in Nexstar Media Group by 2,573.4% in the fourth quarter. M&T Bank Corp now owns 140,112 shares of the company’s stock worth $28,494,000 after purchasing an additional 134,871 shares during the period. Finally, Envestnet Asset Management Inc. increased its stake in Nexstar Media Group by 5.2% in the third quarter. Envestnet Asset Management Inc. now owns 93,334 shares of the company’s stock worth $18,456,000 after purchasing an additional 4,609 shares during the period. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Nexstar Media Group Stock Down 0.3%

NASDAQ NXST opened at $181.01 on Friday. The company has a debt-to-equity ratio of 5.53, a quick ratio of 1.76 and a current ratio of 1.76. The company has a market capitalization of $5.53 billion, a P/E ratio of 38.84, a P/E/G ratio of 0.46 and a beta of 0.91. Nexstar Media Group has a one year low of $164.00 and a one year high of $254.30. The stock has a 50 day moving average price of $193.83 and a 200-day moving average price of $207.70.

Nexstar Media Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were given a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Friday, May 15th. Nexstar Media Group’s dividend payout ratio is currently 159.66%.

Nexstar Media Group Company Profile

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.