Burney Co. Sells 2,900 Shares of Nexstar Media Group, Inc. (NASDAQ:NXST)

Key Points

• Burney Co. has decreased its stake in Nexstar Media Group, selling 2,900 shares to hold a total of 4,609 shares, reducing its holdings by 38.6% during the first quarter.
• Several institutional investors have increased their positions in Nexstar Media Group significantly, with Whipplewood Advisors LLC raising its holdings by 830.3% in the same quarter.
• Nexstar Media Group announced a quarterly dividend of $1.86, which reflects an annualized yield of 3.92% and a payout ratio of 37.69%.

Burney Co. lessened its stake in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 38.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,609 shares of the company's stock after selling 2,900 shares during the period. Burney Co.'s holdings in Nexstar Media Group were worth $826,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of NXST. Universal Beteiligungs und Servicegesellschaft mbH lifted its position in Nexstar Media Group by 1.0% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 41,541 shares of the company's stock worth $7,445,000 after purchasing an additional 418 shares during the period. Y Intercept Hong Kong Ltd lifted its position in Nexstar Media Group by 17.4% in the first quarter. Y Intercept Hong Kong Ltd now owns 4,395 shares of the company's stock worth $788,000 after purchasing an additional 652 shares during the period. HighPoint Advisor Group LLC lifted its position in Nexstar Media Group by 5.0% in the first quarter. HighPoint Advisor Group LLC now owns 1,930 shares of the company's stock worth $346,000 after purchasing an additional 92 shares during the period. Allianz Asset Management GmbH lifted its position in Nexstar Media Group by 48.6% in the first quarter. Allianz Asset Management GmbH now owns 139,926 shares of the company's stock worth $25,078,000 after purchasing an additional 45,767 shares during the period. Finally, Kestra Private Wealth Services LLC lifted its holdings in shares of Nexstar Media Group by 17.4% during the first quarter. Kestra Private Wealth Services LLC now owns 2,253 shares of the company's stock valued at $404,000 after acquiring an additional 334 shares during the period. Institutional investors and hedge funds own 95.30% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on NXST shares. Benchmark cut their price objective 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. Barrington Research reissued an "outperform" rating and set a $200.00 price objective on shares of Nexstar Media Group in a report on Tuesday, May 13th. Finally, Wells Fargo & Company lowered their target price on Nexstar Media Group from $216.00 to $200.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Nexstar Media Group presently has an average rating of "Moderate Buy" and a consensus target price of $205.71.

Nexstar Media Group Stock Down 0.1%

Shares of NASDAQ NXST traded down $0.27 during midday trading on Friday, hitting $189.60. 282,307 shares of the stock traded hands, compared to its average volume of 290,214. The company has a market cap of $5.78 billion, a PE ratio of 9.60, a P/E/G ratio of 1.39 and a beta of 1.04. Nexstar Media Group, Inc. has a one year low of $141.66 and a one year high of $192.21. The business has a 50 day moving average price of $175.32 and a two-hundred day moving average price of $165.26. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.74 and a current ratio of 1.74.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $3.37 EPS for the quarter, beating analysts' consensus estimates of $3.26 by $0.11. Nexstar Media Group had a return on equity of 29.21% and a net margin of 12.21%. The firm had revenue of $1.23 billion for the quarter, compared to analysts' expectations of $1.23 billion. During the same quarter in the prior year, the firm earned $5.16 EPS. The business's revenue for the quarter was down 3.9% compared to the same quarter last year. On average, equities analysts predict that Nexstar Media Group, Inc. will post 21.62 EPS for the current year.

Nexstar Media Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were issued a dividend of $1.86 per share. This represents a $7.44 annualized dividend and a yield of 3.92%. The ex-dividend date was Monday, May 19th. Nexstar Media Group's dividend payout ratio is presently 37.69%.

Insider Activity at Nexstar Media Group

In other Nexstar Media Group news, EVP Rachel Morgan sold 329 shares of Nexstar Media Group stock in a transaction 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 transaction, the executive vice president 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Gary Weitman sold 510 shares of Nexstar Media Group stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $165.25, for a total value of $84,277.50. Following the transaction, the insider owned 8,229 shares of the company's stock, valued at $1,359,842.25. The trade was a 5.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 21,474 shares of company stock worth $3,666,988 over the last three months. Corporate insiders own 6.70% of the company's stock.

About Nexstar Media Group

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.