Massachusetts Financial Services Co. MA Sells 12,472 Shares of Nexstar Media Group, Inc. $NXST

Key Points

• Massachusetts Financial Services Co. trimmed its Nexstar position by 1.9%, selling 12,472 shares to end the quarter with 630,137 shares (about 2.08% of the company) valued at roughly $127.95 million per its 13F filing.
• Nexstar paid a quarterly dividend of $1.86 (annualized $7.44), implying a 4.0% yield but a very high payout ratio of 253.06%.
• Analysts are broadly positive: six Buy and two Hold ratings give a consensus “Moderate Buy” and a $268.33 price target, with several firms raising targets into the $270–$290 range.

Massachusetts Financial Services Co. MA cut its holdings in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 1.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 630,137 shares of the company's stock after selling 12,472 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 2.08% of Nexstar Media Group worth $127,949,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Pacer Advisors Inc. grew its stake in shares of Nexstar Media Group by 43.3% in the third quarter. Pacer Advisors Inc. now owns 430,913 shares of the company's stock worth $85,209,000 after purchasing an additional 130,283 shares during the last quarter. Momentum Wealth Planning LLC bought a new stake in shares of Nexstar Media Group in the second quarter worth about $2,798,000. Principal Financial Group Inc. grew its stake in shares of Nexstar Media Group by 63.0% in the third quarter. Principal Financial Group Inc. now owns 488,292 shares of the company's stock worth $96,557,000 after purchasing an additional 188,695 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Nexstar Media Group by 160.3% in the third quarter. Nisa Investment Advisors LLC now owns 12,131 shares of the company's stock worth $2,399,000 after purchasing an additional 7,470 shares during the last quarter. Finally, CPC Advisors LLC bought a new stake in shares of Nexstar Media Group in the third quarter worth about $2,207,000. 95.30% of the stock is owned by institutional investors.

Nexstar Media Group Stock Performance

Shares of NXST opened at $184.30 on Tuesday. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 3.05. The business's 50 day moving average price is $222.58 and its 200-day moving average price is $207.45. Nexstar Media Group, Inc. has a 52 week low of $141.66 and a 52 week high of $254.30. The stock has a market cap of $5.59 billion, a P/E ratio of 62.69, a P/E/G ratio of 0.72 and a beta of 0.93.

Nexstar Media Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 13th were given a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend was Friday, February 13th. Nexstar Media Group's payout ratio is currently 253.06%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on NXST. Barrington Research reaffirmed an "outperform" rating and set a $290.00 price objective on shares of Nexstar Media Group in a research report on Tuesday, March 3rd. Deutsche Bank Aktiengesellschaft lifted their price objective on Nexstar Media Group from $250.00 to $270.00 and gave the company a "buy" rating in a research report on Monday, March 23rd. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Nexstar Media Group in a research report on Monday, December 29th. Wells Fargo & Company lifted their price objective on Nexstar Media Group from $250.00 to $290.00 and gave the company an "overweight" rating in a research report on Friday, February 27th. Finally, Guggenheim lifted their price objective on Nexstar Media Group from $250.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, February 27th. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, Nexstar Media Group presently has a consensus rating of "Moderate Buy" and a consensus 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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