Brett Jenkins Sells 229 Shares of Nexstar Media Group (NASDAQ:NXST) Stock

Key Points

• Insider Brett Jenkins sold 229 shares of Nexstar Media Group at an average price of $187.32, for total proceeds of about $42,896. The filing says the sale was made to cover tax withholding obligations tied to vested equity awards.
• Several Nexstar insiders have recently sold shares, adding to short-term sentiment pressure, though the transactions appear routine rather than a sign of deteriorating fundamentals.
• Nexstar also maintained a quarterly dividend of $1.86 per share, implying a 4.0% annualized yield, while analysts currently rate the stock a consensus Buy with an average price target of $259.67.

Nexstar Media Group, Inc. (NASDAQ:NXST - Get Free Report) insider Brett Jenkins sold 229 shares of the company's stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $187.32, for a total value of $42,896.28. Following the completion of the sale, the insider owned 27,061 shares of the company's stock, valued at approximately $5,069,066.52. This trade represents a 0.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Nexstar Media Group Price Performance

NASDAQ:NXST traded down $2.91 during mid-day trading on Wednesday, reaching $185.12. 324,271 shares of the stock were exchanged, compared to its average volume of 384,860. The business has a fifty day moving average price of $200.38 and a 200 day moving average price of $207.99. The firm has a market capitalization of $5.65 billion, a PE ratio of 39.73, a PEG ratio of 0.48 and a beta of 0.97. Nexstar Media Group, Inc. has a 1-year low of $164.00 and a 1-year high of $254.30. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 5.53.

Nexstar Media Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 15th will be given a $1.86 dividend. The ex-dividend date is Friday, May 15th. This represents a $7.44 annualized dividend and a yield of 4.0%. Nexstar Media Group's payout ratio is 159.66%.

Nexstar Media Group News Summary

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

Hedge Funds Weigh In On Nexstar Media Group

A number of hedge funds have recently added to or reduced their stakes in NXST. Dimensional Fund Advisors LP raised its position in Nexstar Media Group by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,402,272 shares of the company's stock valued at $284,738,000 after acquiring an additional 10,949 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Nexstar Media Group by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,181,727 shares of the company's stock worth $239,950,000 after purchasing an additional 23,360 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of Nexstar Media Group by 27.1% during the 2nd quarter. Alliancebernstein L.P. now owns 882,322 shares of the company's stock worth $152,598,000 after purchasing an additional 187,864 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Nexstar Media Group by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 773,443 shares of the company's stock valued at $157,114,000 after purchasing an additional 13,084 shares in the last quarter. Finally, Janus Henderson Group PLC raised its holdings in shares of Nexstar Media Group by 1.8% during the 1st quarter. Janus Henderson Group PLC now owns 643,864 shares of the company's stock valued at $116,427,000 after purchasing an additional 11,477 shares in the last quarter. Institutional investors and hedge funds own 95.30% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on NXST. Citigroup upgraded shares of Nexstar Media Group from a "neutral" rating to a "buy" rating and lowered their price objective for the stock from $252.00 to $220.00 in a research report on Friday, April 10th. Guggenheim upped their price target 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. Deutsche Bank Aktiengesellschaft lowered their target price on 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 upgraded shares of Nexstar Media Group from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 13th. Finally, Benchmark lowered their price objective on shares of Nexstar Media Group from $300.00 to $250.00 and set a "buy" rating on the stock in a research report on Monday, April 6th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $259.67.

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.

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