Assetmark Inc. Lowers Stock Holdings in Nexstar Media Group, Inc. $NXST

Key Points

• Assetmark Inc. cut its stake in Nexstar Media Group (NXST) by 16.9% in Q4, selling 8,819 shares and ending the period with 43,231 shares valued at $8.78 million.
• Analysts are generally bullish—six "Buy" and two "Hold" ratings—with an average price target of $268.33 versus the recent open near $200.78, implying notable upside.
• Nexstar pays a quarterly dividend of $1.86 (annualized $7.44, 3.7% yield), but the dividend payout ratio is an elevated 253%, suggesting potential sustainability concerns.

Assetmark Inc. lowered its holdings in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 16.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,231 shares of the company's stock after selling 8,819 shares during the period. Assetmark Inc. owned 0.14% of Nexstar Media Group worth $8,778,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Dimensional Fund Advisors LP grew its position in Nexstar Media Group by 3.1% during the third quarter. Dimensional Fund Advisors LP now owns 1,391,323 shares of the company's stock valued at $275,121,000 after acquiring an additional 42,391 shares during the period. Alliancebernstein L.P. grew its position 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 acquiring an additional 187,864 shares during the period. Massachusetts Financial Services Co. MA grew its position 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 valued at $127,070,000 after acquiring an additional 75,228 shares during the period. AQR Capital Management LLC grew its position in Nexstar Media Group by 118.1% during the second quarter. AQR Capital Management LLC now owns 543,612 shares of the company's stock valued at $93,795,000 after acquiring an additional 294,308 shares during the period. Finally, Principal Financial Group Inc. grew its position in Nexstar Media Group by 63.0% during the third quarter. Principal Financial Group Inc. now owns 488,292 shares of the company's stock valued at $96,557,000 after acquiring an additional 188,695 shares during the period. Hedge funds and other institutional investors own 95.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on NXST shares. Guggenheim boosted 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. Citigroup raised Nexstar Media Group from a "neutral" rating to a "buy" rating and lowered their price target for the company from $252.00 to $220.00 in a research report on Friday, April 10th. Weiss Ratings reissued a "hold (c+)" rating on shares of Nexstar Media Group in a research report on Monday, December 29th. Deutsche Bank Aktiengesellschaft boosted their price target on Nexstar Media Group from $250.00 to $270.00 and gave the company a "buy" rating in a research report on Monday, March 23rd. Finally, Wells Fargo & Company boosted their price target on Nexstar Media Group from $250.00 to $290.00 and gave the company an "overweight" rating in a research report on Friday, February 27th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $268.33.

Nexstar Media Group Stock Performance

Shares of NASDAQ NXST opened at $200.78 on Friday. The stock has a fifty day moving average price of $221.14 and a two-hundred day moving average price of $207.30. The company has a debt-to-equity ratio of 3.05, a quick ratio of 2.07 and a current ratio of 2.07. The firm has a market cap of $6.09 billion, a P/E ratio of 68.29, a PEG ratio of 0.78 and a beta of 0.93. Nexstar Media Group, Inc. has a 1 year low of $141.66 and a 1 year high of $254.30.

Nexstar Media Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 13th were issued a $1.86 dividend. The ex-dividend date was Friday, February 13th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 3.7%. Nexstar Media Group's dividend payout ratio is presently 253.06%.

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.

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