Geode Capital Management LLC Has $157.11 Million Stake in Nexstar Media Group, Inc. $NXST

Key Points

• Geode Capital Management increased its stake in Nexstar Media Group by 1.7% in the fourth quarter, bringing its holdings to 773,443 shares valued at about $157.1 million.
• Institutional ownership remains very high, with hedge funds and asset managers holding 95.3% of Nexstar’s stock; several firms, including Dimensional Fund Advisors and AQR, also expanded their positions recently.
• Nexstar’s stock and outlook: shares were trading around $181.52, the company pays a quarterly dividend of $1.86 per share (4.1% yield), and analysts currently rate the stock a consensus Buy with an average target price of $259.67.

Geode Capital Management LLC grew its position in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 1.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 773,443 shares of the company's stock after purchasing an additional 13,084 shares during the quarter. Geode Capital Management LLC owned about 2.55% of Nexstar Media Group worth $157,114,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its position in shares of Nexstar Media Group by 3.1% in the third quarter. Dimensional Fund Advisors LP now owns 1,391,323 shares of the company's stock valued at $275,121,000 after purchasing an additional 42,391 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Nexstar Media Group by 27.1% in the second quarter. Alliancebernstein L.P. now owns 882,322 shares of the company's stock valued at $152,598,000 after purchasing an additional 187,864 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Nexstar Media Group by 118.1% in the second quarter. AQR Capital Management LLC now owns 543,612 shares of the company's stock valued at $93,795,000 after purchasing an additional 294,308 shares during the last quarter. Dorsal Capital Management LP acquired a new position in shares of Nexstar Media Group in the third quarter valued at approximately $74,152,000. Finally, JPMorgan Chase & Co. grew its position in shares of Nexstar Media Group by 157.2% in the third quarter. JPMorgan Chase & Co. now owns 374,027 shares of the company's stock valued at $73,960,000 after purchasing an additional 228,603 shares during the last quarter. Institutional investors and hedge funds own 95.30% of the company's stock.

Nexstar Media Group Trading Up 0.2%

Shares of NASDAQ:NXST opened at $181.52 on Thursday. The company has a market capitalization of $5.54 billion, a P/E ratio of 38.95, a P/E/G ratio of 0.46 and a beta of 0.91. Nexstar Media Group, Inc. has a 1 year low of $164.00 and a 1 year high of $254.30. The company has a debt-to-equity ratio of 5.53, a current ratio of 1.76 and a quick ratio of 1.76. The business's 50 day simple moving average is $194.65 and its 200 day simple moving average is $207.71.

Nexstar Media Group Dividend Announcement

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

Insider Buying and Selling at Nexstar Media Group

In other Nexstar Media Group news, insider Andrew Alford sold 605 shares of the company's stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $185.33, for a total transaction of $112,124.65. Following the completion of the sale, the insider directly owned 11,689 shares in the company, valued at $2,166,322.37. This represents a 4.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lindsey Knapp sold 290 shares of the company's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $184.27, for a total value of $53,438.30. Following the sale, the executive vice president owned 870 shares of the company's stock, valued at $160,314.90. The trade was a 25.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 10,290 shares of company stock valued at $1,970,979 over the last ninety days. 6.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently commented on NXST. Benchmark decreased their target price 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. Barrington Research reissued an "outperform" rating and set a $290.00 price target on shares of Nexstar Media Group in a research report on Tuesday, April 28th. Zacks Research raised Nexstar Media Group from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 13th. Wells Fargo & Company reduced their price target on Nexstar Media Group from $290.00 to $253.00 and set an "overweight" rating on the stock in a research report on Friday, May 8th. Finally, Guggenheim increased their price target on Nexstar Media Group from $250.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday, February 27th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Nexstar Media Group has a consensus rating of "Buy" and an average target price of $259.67.

Nexstar Media Group Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.