Bank of New York Mellon Corp Sells 31,060 Shares of Nexstar Media Group, Inc. $NXST

Key Points

• Bank of New York Mellon trimmed its Nexstar Media Group stake by 8.2% in the fourth quarter, selling 31,060 shares and ending with 348,245 shares valued at about $70.7 million.
• Several other institutional investors recently boosted or initiated positions in NXST, and institutional ownership remains high at 95.3%.
• Analysts remain mostly positive: the stock has a “Buy” consensus rating with an average price target of $259.67, though some firms recently cut targets while keeping bullish ratings.

Bank of New York Mellon Corp reduced its holdings in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 8.2% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 348,245 shares of the company's stock after selling 31,060 shares during the quarter. Bank of New York Mellon Corp owned 1.15% of Nexstar Media Group worth $70,711,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Dorsal Capital Management LP bought a new position in Nexstar Media Group during the 3rd quarter worth approximately $74,152,000. AQR Capital Management LLC grew its holdings in Nexstar Media Group by 118.1% in the 2nd quarter. AQR Capital Management LLC now owns 543,612 shares of the company's stock worth $93,795,000 after acquiring an additional 294,308 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Nexstar Media Group by 157.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 374,027 shares of the company's stock worth $73,960,000 after acquiring an additional 228,603 shares during the last quarter. Norges Bank bought a new stake in Nexstar Media Group in the 4th quarter worth $41,474,000. Finally, Alliancebernstein L.P. grew its position in shares of Nexstar Media Group by 27.1% in the 2nd quarter. Alliancebernstein L.P. now owns 882,322 shares of the company's stock worth $152,598,000 after buying an additional 187,864 shares during the last quarter. 95.30% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on NXST shares. Benchmark cut their price objective on 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. Citigroup upgraded Nexstar Media Group from a "neutral" rating to a "buy" rating and cut their price objective for the stock from $252.00 to $220.00 in a research report on Friday, April 10th. Weiss Ratings reiterated a "hold (c)" rating on shares of Nexstar Media Group in a research report on Wednesday, May 27th. Barrington Research restated an "outperform" rating and set a $290.00 price target on shares of Nexstar Media Group in a research report on Tuesday, April 28th. Finally, Zacks Research upgraded Nexstar Media Group from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $259.67.

Nexstar Media Group Stock Up 1.1%

Shares of NASDAQ:NXST opened at $179.57 on Wednesday. Nexstar Media Group, Inc. has a 12-month low of $164.00 and a 12-month high of $254.30. The stock has a fifty day simple moving average of $191.60 and a two-hundred day simple moving average of $207.55. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 5.53. The stock has a market capitalization of $5.48 billion, a price-to-earnings ratio of 38.53, a PEG ratio of 0.45 and a beta of 0.91.

Nexstar Media Group Dividend Announcement

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

Insider Buying and Selling at Nexstar Media Group

In other Nexstar Media Group news, insider Dana Zimmer sold 433 shares of the business's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $182.42, for a total transaction of $78,987.86. Following the completion of the sale, the insider directly owned 3,777 shares in the company, valued at approximately $689,000.34. The trade was a 10.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Gary Weitman sold 319 shares of the company's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $182.42, for a total value of $58,191.98. Following the sale, the insider owned 6,012 shares of the company's stock, valued at approximately $1,096,709.04. This trade represents a 5.04% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 13,798 shares of company stock worth $2,608,489. 6.70% of the stock is 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.

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