CPC Advisors LLC Buys 14,217 Shares of Nexstar Media Group, Inc. $NXST

Key Points

• CPC Advisors LLC more than doubled its stake in Nexstar Media Group during the first quarter, buying 14,217 additional shares and bringing its total to 26,651 shares worth about $4.8 million.
• Nexstar’s stock was trading at $164.16, near its 52-week low of $163.46 and well below its 52-week high of $254.30. The company also has a dividend yield of about 4.5%, though its payout ratio is elevated at 159.66%.
• Analysts remain broadly positive on NXST, with a consensus Buy rating and average price target of $259.67, even as some firms recently trimmed their targets. Meanwhile, insiders have sold shares over the past 90 days, including recent sales by Dana Zimmer and COO Michael Biard.

CPC Advisors LLC increased its stake in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 114.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,651 shares of the company's stock after buying an additional 14,217 shares during the period. Nexstar Media Group accounts for about 0.8% of CPC Advisors LLC's portfolio, making the stock its 26th largest position. CPC Advisors LLC owned 0.09% of Nexstar Media Group worth $4,819,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC bought a new stake in shares of Nexstar Media Group during the first quarter valued at approximately $499,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Nexstar Media Group by 49.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,870 shares of the company's stock worth $2,844,000 after purchasing an additional 5,251 shares in the last quarter. Millennium Management LLC increased its holdings in Nexstar Media Group by 571.4% during the 1st quarter. Millennium Management LLC now owns 72,650 shares of the company's stock worth $13,020,000 after purchasing an additional 61,830 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Nexstar Media Group by 14.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 132,809 shares of the company's stock worth $23,802,000 after purchasing an additional 16,637 shares during the period. Finally, Acadian Asset Management LLC purchased a new position in Nexstar Media Group during the 1st quarter worth $654,000. 95.30% of the stock is owned by hedge funds and other institutional investors.

Nexstar Media Group Stock Performance

Shares of NASDAQ NXST opened at $164.16 on Monday. Nexstar Media Group, Inc. has a 1-year low of $163.46 and a 1-year high of $254.30. The business has a fifty day moving average price of $189.52 and a 200 day moving average price of $206.46. The stock has a market capitalization of $5.01 billion, a P/E ratio of 35.23, a price-to-earnings-growth ratio of 0.41 and a beta of 0.91. The company has a debt-to-equity ratio of 5.53, a current ratio of 1.76 and a quick ratio of 1.76.

Nexstar Media Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were given a $1.86 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 4.5%. Nexstar Media Group's payout ratio is presently 159.66%.

Insider Activity

In other news, insider Dana Zimmer sold 915 shares of the company's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $176.42, for a total transaction of $161,424.30. Following the transaction, the insider directly owned 5,738 shares of the company's stock, valued at approximately $1,012,297.96. This represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Michael Biard sold 1,227 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $174.21, for a total value of $213,755.67. Following the sale, the chief operating officer owned 17,105 shares of the company's stock, valued at approximately $2,979,862.05. This represents a 6.69% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 22,813 shares of company stock worth $4,174,731 over the last 90 days. 7.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NXST. Wells Fargo & Company cut their price target on Nexstar Media Group from $290.00 to $253.00 and set an "overweight" rating on the stock in a research note on Friday, May 8th. Wall Street Zen raised shares of Nexstar Media Group from a "hold" rating to a "buy" rating in a research note on Saturday, May 16th. Weiss Ratings reiterated a "hold (c)" rating on shares of Nexstar Media Group in a report on Wednesday, May 27th. Benchmark cut their target price on shares of 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. Finally, Guggenheim boosted their price target on shares of Nexstar Media Group from $250.00 to $290.00 and gave the company a "buy" rating in a report on Friday, February 27th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $259.67.

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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