Hennessy Advisors Inc. Sells 10,700 Shares of Nexstar Media Group, Inc. $NXST

Key Points

• Hennessy Advisors trimmed its stake in Nexstar by 5.3%, selling 10,700 shares and leaving it with 191,700 shares (about 0.63% of the company), a holding valued at roughly $38.9M and representing ~1.4% of Hennessy’s portfolio.
• Nexstar paid a quarterly dividend of $1.86 (annualized $7.44, ~3.7% yield), but the payout ratio is an elevated 253%, suggesting the dividend may not be well-covered by earnings.
• Analysts have turned generally bullish—several firms raised price targets (Guggenheim and Wells Fargo to $290, Deutsche Bank to $270), with six Buys vs. two Holds and an average rating of "Moderate Buy" and average price target of $268.33.

Hennessy Advisors Inc. trimmed its stake in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 5.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 191,700 shares of the company's stock after selling 10,700 shares during the quarter. Nexstar Media Group makes up about 1.4% of Hennessy Advisors Inc.'s portfolio, making the stock its 20th biggest holding. Hennessy Advisors Inc. owned 0.63% of Nexstar Media Group worth $38,925,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of NXST. Pacer Advisors Inc. lifted its holdings in shares of Nexstar Media Group by 43.3% during the 3rd quarter. Pacer Advisors Inc. now owns 430,913 shares of the company's stock worth $85,209,000 after acquiring an additional 130,283 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of Nexstar Media Group by 13.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 642,609 shares of the company's stock valued at $127,070,000 after acquiring an additional 75,228 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Nexstar Media Group by 63.0% in the 3rd quarter. Principal Financial Group Inc. now owns 488,292 shares of the company's stock valued at $96,557,000 after buying an additional 188,695 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in Nexstar Media Group by 160.3% in the third quarter. Nisa Investment Advisors LLC now owns 12,131 shares of the company's stock valued at $2,399,000 after acquiring an additional 7,470 shares during the last quarter. Finally, CPC Advisors LLC bought a new stake in Nexstar Media Group in the third quarter valued at approximately $2,207,000. Institutional investors and hedge funds own 95.30% of the company's stock.

Nexstar Media Group Price Performance

Shares of NASDAQ:NXST opened at $200.78 on Monday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 2.07 and a current ratio of 2.07. The business's 50 day simple moving average is $221.14 and its two-hundred day simple moving average is $207.44. Nexstar Media Group, Inc. has a 52-week low of $141.66 and a 52-week high of $254.30. The firm has a market cap of $6.09 billion, a P/E ratio of 68.29, a PEG ratio of 0.79 and a beta of 0.93.

Nexstar Media Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Friday, February 13th were issued a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend was Friday, February 13th. Nexstar Media Group's payout ratio is currently 253.06%.

Analyst Ratings Changes

A number of equities research analysts have commented on NXST shares. Guggenheim raised their price target on shares of Nexstar Media Group from $250.00 to $290.00 and gave the stock a "buy" rating in a report on Friday, February 27th. Weiss Ratings restated a "hold (c+)" rating on shares of Nexstar Media Group in a report on Monday, December 29th. Wells Fargo & Company raised their price target on shares of Nexstar Media Group from $250.00 to $290.00 and gave the stock an "overweight" rating in a report on Friday, February 27th. Citigroup upgraded shares of Nexstar Media Group from a "neutral" rating to a "buy" rating and reduced their price target for the stock from $252.00 to $220.00 in a report on Friday, April 10th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Nexstar Media Group from $250.00 to $270.00 and gave the stock a "buy" rating in a report on Monday, March 23rd. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Nexstar Media Group presently has an average rating of "Moderate Buy" and an average price target of $268.33.

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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