Kovitz Investment Group Partners LLC Has $1.55 Million Position in Nexstar Media Group, Inc. $NXST

Key Points

• Kovitz Investment Group Partners LLC increased its stake in Nexstar Media Group by 36.3%, holding 8,628 shares valued at approximately $1.55 million.
• Insider trading activity included the sale of 17,021 shares by corporate insiders in the last three months, amounting to $2.89 million in value.
• Analysts have generally upgraded their outlook on Nexstar Media Group, with several raising target prices and assigning a consensus rating of "Moderate Buy" and an average target price of $220.00.

Kovitz Investment Group Partners LLC grew its stake in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 36.3% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 8,628 shares of the company's stock after buying an additional 2,300 shares during the period. Kovitz Investment Group Partners LLC's holdings in Nexstar Media Group were worth $1,546,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Whipplewood Advisors LLC raised its position in shares of 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 raised its position in shares of 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 stake in Nexstar Media Group by 62.3% in the first quarter. First Horizon Advisors Inc. now owns 401 shares of the company's stock valued at $72,000 after acquiring an additional 154 shares during the period. Versant Capital Management Inc increased its stake in Nexstar Media Group by 2,126.3% in the first quarter. Versant Capital Management Inc now owns 423 shares of the company's stock valued at $76,000 after acquiring an additional 404 shares during the period. Finally, SBI Securities Co. Ltd. increased its stake in Nexstar Media Group by 186.7% in the first quarter. SBI Securities Co. Ltd. now owns 453 shares of the company's stock valued at $81,000 after acquiring an additional 295 shares during the period. Institutional investors and hedge funds own 95.30% of the company's stock.

Insider Activity at Nexstar Media Group

In other news, insider Dana Zimmer sold 916 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $173.59, for a total transaction of $159,008.44. Following the transaction, the insider directly owned 4,225 shares in the company, valued at approximately $733,417.75. This represents a 17.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Michael Biard sold 2,182 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $173.59, for a total transaction of $378,773.38. Following the transaction, the chief operating officer owned 7,218 shares in the company, valued at $1,252,972.62. The trade was a 23.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,021 shares of company stock valued at $2,885,352 in the last three months. 6.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Zacks Research raised shares of Nexstar Media Group to a "hold" rating in a research note on Friday, August 8th. Benchmark upped their target price on shares of Nexstar Media Group from $220.00 to $225.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Wells Fargo & Company upped their target price on shares of Nexstar Media Group from $206.00 to $250.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Finally, Barrington Research upped their target price on shares of Nexstar Media Group from $200.00 to $225.00 and gave the company an "outperform" rating in a research note on Monday, August 11th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, Nexstar Media Group currently has an average rating of "Moderate Buy" and a consensus target price of $220.00.

Nexstar Media Group Price Performance

Shares of Nexstar Media Group stock opened at $206.38 on Tuesday. 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 stock has a market capitalization of $6.26 billion, a price-to-earnings ratio of 10.72, a P/E/G ratio of 1.53 and a beta of 1.05. Nexstar Media Group, Inc. has a 1-year low of $141.66 and a 1-year high of $212.43. The firm's 50-day moving average price is $182.86 and its two-hundred day moving average price is $169.76.

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

Nexstar Media Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Friday, August 15th. Nexstar Media Group's dividend payout ratio is presently 38.63%.

Nexstar Media Group Profile

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.

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