Bank of New York Mellon Corp Reduces Stock Holdings in Nexstar Media Group, Inc. (NASDAQ:NXST)

Bank of New York Mellon Corp lowered its position in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 3.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 391,472 shares of the company's stock after selling 12,256 shares during the quarter. Bank of New York Mellon Corp owned 1.28% of Nexstar Media Group worth $70,160,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. SBI Securities Co. Ltd. purchased a new stake in Nexstar Media Group during the 4th quarter worth about $25,000. Whipplewood Advisors LLC grew its holdings in Nexstar Media Group by 830.3% in the 1st quarter. Whipplewood Advisors LLC now owns 307 shares of the company's stock valued at $55,000 after buying an additional 274 shares during the period. First Horizon Advisors Inc. grew its holdings in Nexstar Media Group by 62.3% in the 1st quarter. First Horizon Advisors Inc. now owns 401 shares of the company's stock valued at $72,000 after buying an additional 154 shares during the period. Versant Capital Management Inc grew its holdings in Nexstar Media Group by 2,126.3% in the 1st quarter. Versant Capital Management Inc now owns 423 shares of the company's stock valued at $76,000 after buying an additional 404 shares during the period. Finally, Jones Financial Companies Lllp grew its holdings in Nexstar Media Group by 15.3% in the 4th quarter. Jones Financial Companies Lllp now owns 550 shares of the company's stock valued at $87,000 after buying an additional 73 shares during the period. Hedge funds and other institutional investors own 95.30% of the company's stock.

Insider Buying and Selling

In related news, insider Sean Compton sold 1,088 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $175.53, for a total transaction of $190,976.64. Following the transaction, the insider directly owned 12,096 shares of the company's stock, valued at approximately $2,123,210.88. The trade was a 8.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Dana Zimmer sold 1,151 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $175.53, for a total value of $202,035.03. Following the transaction, the insider directly owned 3,141 shares in the company, valued at $551,339.73. This trade represents a 26.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,474 shares of company stock valued at $3,666,988. Insiders own 6.70% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on NXST shares. Wells Fargo & Company lowered their price target on Nexstar Media Group from $216.00 to $200.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Benchmark lowered their price target on Nexstar Media Group from $225.00 to $215.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Finally, Barrington Research restated an "outperform" rating and issued a $200.00 price target on shares of Nexstar Media Group in a report on Tuesday, May 13th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Nexstar Media Group currently has an average rating of "Moderate Buy" and an average target price of $205.71.

Nexstar Media Group Stock Performance

NASDAQ NXST opened at $180.02 on Friday. The firm has a market capitalization of $5.49 billion, a P/E ratio of 9.12, a P/E/G ratio of 1.36 and a beta of 1.04. Nexstar Media Group, Inc. has a 1-year low of $141.66 and a 1-year high of $191.86. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.74 and a quick ratio of 1.74. The business's 50-day simple moving average is $171.66 and its 200-day simple moving average is $163.46.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $3.37 earnings per share for the quarter, beating the consensus estimate of $3.26 by $0.11. The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.23 billion. Nexstar Media Group had a return on equity of 29.21% and a net margin of 12.21%. The company's revenue was down 3.9% compared to the same quarter last year. During the same period in the previous year, the company posted $5.16 EPS. Equities analysts predict that Nexstar Media Group, Inc. will post 21.62 EPS for the current year.

Nexstar Media Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were given a dividend of $1.86 per share. This represents a $7.44 annualized dividend and a yield of 4.13%. The ex-dividend date of this dividend was Monday, May 19th. Nexstar Media Group's dividend payout ratio (DPR) is presently 37.69%.

Nexstar Media Group Company 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.

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