Kestra Investment Management LLC Acquires New Stake in Nexstar Media Group, Inc. $NXST

Key Points

• Kestra Investment Management LLC has acquired 3,204 shares of Nexstar Media Group, valued at approximately $574,000, reflecting ongoing interest from institutional investors.
• Nexstar Media Group reported earnings of $3.06 per share for the last quarter, exceeding analyst estimates by $0.11, alongside a revenue of $1.23 billion.
• The company declared a quarterly dividend of $1.86 per share, offering an annualized yield of 3.6%, with institutional investors owning approximately 95.30% of the company's stock.

Kestra Investment Management LLC bought a new position in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 3,204 shares of the company's stock, valued at approximately $574,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Whipplewood Advisors LLC lifted its holdings in shares of Nexstar Media Group by 830.3% during the first quarter. Whipplewood Advisors LLC now owns 307 shares of the company's stock worth $55,000 after purchasing an additional 274 shares during the period. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Nexstar Media Group by 2,293.8% during the first quarter. Caitong International Asset Management Co. Ltd now owns 383 shares of the company's stock worth $69,000 after purchasing an additional 367 shares during the period. First Horizon Advisors Inc. lifted its holdings in shares of Nexstar Media Group by 62.3% during the first quarter. First Horizon Advisors Inc. now owns 401 shares of the company's stock worth $72,000 after purchasing an additional 154 shares during the period. Versant Capital Management Inc lifted its holdings in shares of Nexstar Media Group by 2,126.3% during the first quarter. Versant Capital Management Inc now owns 423 shares of the company's stock worth $76,000 after purchasing an additional 404 shares during the period. Finally, SBI Securities Co. Ltd. lifted its holdings in shares of Nexstar Media Group by 186.7% during the first quarter. SBI Securities Co. Ltd. now owns 453 shares of the company's stock worth $81,000 after purchasing an additional 295 shares during the period. Institutional investors and hedge funds own 95.30% of the company's stock.

Insiders Place Their Bets

In related news, EVP Rachel Morgan sold 329 shares of the business's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $165.25, for a total transaction of $54,367.25. Following the completion of the sale, the executive vice president directly owned 2,122 shares in the company, valued at approximately $350,660.50. The trade was a 13.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Dana Zimmer sold 889 shares of the stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $165.25, for a total value of $146,907.25. Following the completion of the transaction, the insider directly owned 6,201 shares of the company's stock, valued at approximately $1,024,715.25. This represents a 12.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,209 shares of company stock valued at $860,787. 6.70% of the stock is owned by insiders.

Nexstar Media Group Price Performance

Shares of Nexstar Media Group stock traded up $0.73 on Friday, reaching $206.95. The company's stock had a trading volume of 301,153 shares, compared to its average volume of 363,957. The company has a market capitalization of $6.27 billion, a P/E ratio of 10.75, a PEG ratio of 1.54 and a beta of 1.04. Nexstar Media Group, Inc. has a 52-week low of $141.66 and a 52-week high of $223.36. The stock has a 50-day moving average price of $195.15 and a 200-day moving average price of $176.74. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 2.80.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $3.06 EPS for the quarter, beating analysts' consensus estimates of $2.95 by $0.11. The business had revenue of $1.23 billion during the quarter, compared to analysts' expectations of $1.21 billion. Nexstar Media Group had a return on equity of 28.40% and a net margin of 11.90%.The business's revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the business earned $3.54 earnings per share. Analysts expect that Nexstar Media Group, Inc. will post 21.62 EPS for the current year.

Nexstar Media Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were given a $1.86 dividend. The ex-dividend date was Friday, August 15th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 3.6%. Nexstar Media Group's payout ratio is 38.63%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Benchmark lifted their target price on Nexstar Media Group from $220.00 to $225.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Barrington Research reissued an "outperform" rating and issued a $225.00 price target on shares of Nexstar Media Group in a report on Tuesday, August 19th. Wells Fargo & Company boosted their price target on Nexstar Media Group from $206.00 to $250.00 and gave the company an "overweight" rating in a report on Friday, August 8th. Guggenheim boosted their price target on Nexstar Media Group from $220.00 to $250.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Finally, Zacks Research raised Nexstar Media Group to a "hold" rating in a report on Friday, August 8th. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Nexstar Media Group has an average rating of "Moderate Buy" and an average price target of $225.00.

Nexstar Media Group Profile

Nexstar Media Group, Inc operates as a diversified media company that produces and distributes engaging local and national news, sports and entertainment content across the television and digital platforms in the United States. It owns, operates, programs, or provides sales and other services to various markets; and offers television programming services.