Millennium Management LLC Sells 135,055 Shares of Nexstar Media Group, Inc. (NASDAQ:NXST)

Millennium Management LLC lessened its stake in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 92.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,820 shares of the company's stock after selling 135,055 shares during the quarter. Millennium Management LLC's holdings in Nexstar Media Group were worth $1,709,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. SBI Securities Co. Ltd. bought a new stake in Nexstar Media Group during the fourth quarter worth $25,000. Jones Financial Companies Lllp grew its position in shares of Nexstar Media Group by 15.3% in the fourth quarter. Jones Financial Companies Lllp now owns 550 shares of the company's stock valued at $87,000 after purchasing an additional 73 shares in the last quarter. Steward Partners Investment Advisory LLC grew its position in shares of Nexstar Media Group by 99.5% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 786 shares of the company's stock valued at $124,000 after purchasing an additional 392 shares in the last quarter. Venturi Wealth Management LLC grew its position in shares of Nexstar Media Group by 31.0% in the fourth quarter. Venturi Wealth Management LLC now owns 883 shares of the company's stock valued at $139,000 after purchasing an additional 209 shares in the last quarter. Finally, Covestor Ltd grew its position in shares of Nexstar Media Group by 49.7% in the fourth quarter. Covestor Ltd now owns 949 shares of the company's stock valued at $150,000 after purchasing an additional 315 shares in the last quarter. Institutional investors own 95.30% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Benchmark cut their price objective on Nexstar Media Group from $225.00 to $215.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Wells Fargo & Company reduced their price objective on Nexstar Media Group from $216.00 to $200.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Rosenblatt Securities reiterated a "buy" rating and set a $200.00 target price on shares of Nexstar Media Group in a research note on Monday, March 10th. Wall Street Zen downgraded Nexstar Media Group from a "buy" rating to a "hold" rating in a research note on Monday, March 3rd. Finally, Loop Capital upgraded Nexstar Media Group from a "hold" rating to a "buy" rating and increased their target price for the company from $190.00 to $200.00 in a research note on Friday, February 28th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $205.71.

Nexstar Media Group Stock Performance

Shares of NXST stock traded down $4.15 on Wednesday, reaching $165.73. The stock had a trading volume of 326,725 shares, compared to its average volume of 390,187. The stock has a market cap of $5.06 billion, a P/E ratio of 9.59, a price-to-earnings-growth ratio of 0.45 and a beta of 1.06. Nexstar Media Group, Inc. has a 1 year low of $141.66 and a 1 year high of $191.86. The company has a debt-to-equity ratio of 2.98, a quick ratio of 1.68 and a current ratio of 1.68. The company has a 50 day simple moving average of $161.60 and a 200 day simple moving average of $162.06.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $3.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.26 by $0.11. The firm had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.23 billion. Nexstar Media Group had a return on equity of 26.03% and a net margin of 11.39%. The company's revenue for the quarter was down 3.9% on a year-over-year basis. During the same period last year, the business posted $5.16 EPS. Equities research analysts expect that Nexstar Media Group, Inc. will post 21.62 EPS for the current year.

Nexstar Media Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were given a dividend of $1.86 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $7.44 annualized dividend and a yield of 4.49%. Nexstar Media Group's dividend payout ratio (DPR) is presently 37.69%.

Insider Activity at Nexstar Media Group

In related news, COO Michael Biard sold 2,182 shares of Nexstar Media Group stock in a transaction 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 now directly owns 7,218 shares in the company, valued at approximately $1,252,972.62. The trade was a 23.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Andrew Alford sold 3,768 shares of Nexstar Media Group stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.98, for a total value of $685,700.64. Following the transaction, the insider now owns 5,405 shares in the company, valued at $983,601.90. This trade represents a 41.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,192 shares of company stock worth $3,029,104. Corporate insiders own 6.70% of the company's stock.

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.