California Public Employees Retirement System Raises Holdings in Nexstar Media Group, Inc. $NXST

California Public Employees Retirement System grew its holdings in Nexstar Media Group, Inc. (NASDAQ:NXST) by 5.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,092 shares of the company’s stock after purchasing an additional 2,960 shares during the period. California Public Employees Retirement System’s holdings in Nexstar Media Group were worth $10,505,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Merit Financial Group LLC raised its stake in shares of Nexstar Media Group by 1.6% in the fourth 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 last quarter. Truist Financial Corp increased its holdings in 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 buying an additional 56 shares in the last quarter. WPG Advisers LLC increased its holdings in Nexstar Media Group by 65.7% in the 4th quarter. WPG Advisers LLC now owns 179 shares of the company’s stock worth $36,000 after buying an additional 71 shares in the last quarter. Geneos Wealth Management Inc. raised its position in Nexstar Media Group by 15.7% in the 2nd 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. Finally, Trust Point Inc. raised its position in Nexstar Media Group by 4.1% in the 4th quarter. Trust Point Inc. now owns 2,199 shares of the company’s stock worth $447,000 after buying an additional 87 shares during the last quarter. Institutional investors own 95.30% of the company’s stock.

Nexstar Media Group Stock Up 1.2%

NXST stock opened at $183.31 on Friday. The company has a market cap of $5.60 billion, a price-to-earnings ratio of 39.34, a P/E/G ratio of 0.49 and a beta of 0.91. 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 business’s 50-day moving average is $178.48 and its two-hundred day moving average is $202.15. Nexstar Media Group, Inc. has a fifty-two week low of $154.47 and a fifty-two week high of $254.30.

Nexstar Media Group Announces Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Nexstar Media Group from $270.00 to $255.00 and set a “buy” rating on the stock in a research note on Monday, May 11th. Zacks Research cut shares of Nexstar Media Group from a “strong-buy” rating to a “hold” rating in a report on Friday, July 10th. Weiss Ratings restated a “hold (c)” rating on shares of Nexstar Media Group in a research report on Wednesday, May 27th. Citigroup upgraded shares of Nexstar Media Group from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $252.00 to $220.00 in a report on Friday, April 10th. Finally, Wells Fargo & Company cut their target price on shares of 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. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Nexstar Media Group currently has a consensus rating of “Moderate Buy” and an average price target of $259.67.

Insider Transactions at Nexstar Media Group

In other Nexstar Media Group news, CEO Perry A. Sook bought 12,235 shares of Nexstar Media Group stock in a transaction on Friday, June 26th. The stock was acquired at an average cost of $162.26 per share, with a total value of $1,985,251.10. Following the completion of the acquisition, the chief executive officer owned 899,044 shares in the company, valued at approximately $145,878,879.44. This represents a 1.38% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Michael Biard sold 1,227 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $174.21, for a total transaction of $213,755.67. Following the completion of the transaction, the chief operating officer owned 17,105 shares in the company, valued at $2,979,862.05. The trade was a 6.69% decrease in their ownership of the stock. 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. Over the last ninety days, insiders have sold 22,813 shares of company stock worth $4,174,731. 7.00% of the stock is currently owned by corporate insiders.

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.