Cinctive Capital Management LP Invests $2.54 Million in Nexstar Media Group, Inc. $NXST

Key Points

• Cinctive Capital Management LP has acquired a new position in Nexstar Media Group, purchasing 14,197 shares valued at approximately $2.54 million.
• Nexstar reported earnings of $3.06 per share for the last quarter, surpassing analysts' expectations and generating revenue of $1.23 billion, although down 3.2% year-over-year.
• The company recently announced a quarterly dividend of $1.86 per share, which gives an annualized dividend yield of 3.6%.

Cinctive Capital Management LP bought a new stake in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 14,197 shares of the company's stock, valued at approximately $2,544,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Whipplewood Advisors LLC increased its holdings in Nexstar Media Group by 830.3% during the first 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 last quarter. Caitong International Asset Management Co. Ltd increased its holdings in 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 valued at $69,000 after buying an additional 367 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in Nexstar Media Group by 62.3% during the first 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 last quarter. Versant Capital Management Inc boosted its position in shares of Nexstar Media Group by 2,126.3% in 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. boosted its position in shares of Nexstar Media Group by 186.7% in 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. 95.30% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Benchmark upped their price target on shares of Nexstar Media Group from $220.00 to $225.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Barrington Research reiterated an "outperform" rating and issued a $225.00 price target on shares of Nexstar Media Group in a research report on Tuesday, August 19th. Wells Fargo & Company upped their price target on shares of Nexstar Media Group from $206.00 to $250.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Zacks Research upgraded shares of Nexstar Media Group to a "hold" rating in a research report on Friday, August 8th. Finally, Guggenheim upped their price target on shares of Nexstar Media Group from $220.00 to $250.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $225.00.

Nexstar Media Group Price Performance

Shares of NASDAQ:NXST traded down $5.52 during midday trading on Wednesday, reaching $197.15. 89,097 shares of the company were exchanged, compared to its average volume of 414,991. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 2.80. The business's fifty day moving average is $193.79 and its two-hundred day moving average is $175.50. Nexstar Media Group, Inc. has a one year low of $141.66 and a one year high of $223.36. The stock has a market cap of $5.98 billion, a PE ratio of 10.24, a price-to-earnings-growth ratio of 1.55 and a beta of 1.04.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $3.06 earnings per share for the quarter, topping analysts' consensus estimates of $2.95 by $0.11. Nexstar Media Group had a net margin of 11.90% and a return on equity of 28.40%. The firm had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same quarter in the prior year, the business earned $3.54 earnings per share. Nexstar Media Group's revenue for the quarter was down 3.2% on a year-over-year basis. As a group, analysts predict that Nexstar Media Group, Inc. will post 21.62 earnings per share for the current year.

Nexstar Media Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued a $1.86 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 3.8%. Nexstar Media Group's dividend payout ratio (DPR) is presently 38.63%.

Insider Transactions at Nexstar Media Group

In related news, insider Sean Compton sold 850 shares of the stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $165.25, for a total value of $140,462.50. Following the completion of the transaction, the insider owned 15,272 shares of the company's stock, valued at approximately $2,523,698. This trade represents a 5.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Brett Jenkins sold 610 shares of the firm's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $165.25, for a total transaction of $100,802.50. Following the completion of the sale, the insider owned 25,616 shares of the company's stock, valued at $4,233,044. This trade represents a 2.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,209 shares of company stock worth $860,787 in the last quarter. Company 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.