New Vernon Capital Holdings II LLC Acquires Shares of 335,141 Nexstar Media Group, Inc. $NXST

Key Points

• New Vernon Capital Holdings II LLC has acquired a $60.06 million position in Nexstar Media Group, purchasing 335,141 shares, which represents around 0.3% of its portfolio.
• Nexstar Media Group's stock price has fluctuated between a 52-week low of $141.66 and a high of $223.36, currently trading at $206.66, with a market cap of $6.27 billion.
• The company declared a quarterly dividend of $1.86, resulting in an annualized yield of 3.6%, and plans to report earnings of 21.62 EPS for the current fiscal year.

New Vernon Capital Holdings II LLC acquired a new stake in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 335,141 shares of the company's stock, valued at approximately $60,064,000. Nexstar Media Group accounts for approximately 0.3% of New Vernon Capital Holdings II LLC's portfolio, making the stock its 22nd biggest position. New Vernon Capital Holdings II LLC owned approximately 1.10% of Nexstar Media Group at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Millennium Management LLC grew its stake in shares of Nexstar Media Group by 571.4% during the 1st quarter. Millennium Management LLC now owns 72,650 shares of the company's stock valued at $13,020,000 after acquiring an additional 61,830 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Nexstar Media Group by 49.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,870 shares of the company's stock valued at $2,844,000 after acquiring an additional 5,251 shares during the period. Integrated Wealth Concepts LLC bought a new position in shares of Nexstar Media Group during the 1st quarter valued at approximately $499,000. Gotham Asset Management LLC grew its stake in shares of Nexstar Media Group by 60.2% during the 1st quarter. Gotham Asset Management LLC now owns 79,988 shares of the company's stock valued at $14,335,000 after acquiring an additional 30,073 shares during the period. Finally, Hancock Whitney Corp grew its stake in shares of Nexstar Media Group by 27.5% during the 1st quarter. Hancock Whitney Corp now owns 3,126 shares of the company's stock valued at $560,000 after acquiring an additional 675 shares during the period. 95.30% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Zacks Research raised Nexstar Media Group to a "hold" rating in a report on Friday, August 8th. Barrington Research reissued an "outperform" rating and issued a $225.00 price target on shares of Nexstar Media Group in a report on Tuesday, August 19th. Wells Fargo & Company boosted their price target on Nexstar Media Group from $206.00 to $250.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Guggenheim boosted their price target on Nexstar Media Group from $220.00 to $250.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Finally, Benchmark boosted their price target on Nexstar Media Group from $220.00 to $225.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, Nexstar Media Group has an average rating of "Moderate Buy" and an average price target of $225.00.

Nexstar Media Group Price Performance

Shares of NXST traded down $6.35 during mid-day trading on Wednesday, hitting $196.32. 123,020 shares of the stock were exchanged, compared to its average volume of 415,226. The company has a market cap of $5.95 billion, a PE ratio of 10.19, a price-to-earnings-growth ratio of 1.55 and a beta of 1.04. Nexstar Media Group, Inc. has a 52-week low of $141.66 and a 52-week high of $223.36. The firm has a 50-day moving average of $193.79 and a two-hundred day moving average of $175.50. The company has a debt-to-equity ratio of 2.80, a quick ratio of 1.69 and a current ratio of 1.69.

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 (EPS) for the quarter, topping the consensus estimate of $2.95 by $0.11. The business had revenue of $1.23 billion for the quarter, compared to analysts' expectations of $1.21 billion. Nexstar Media Group had a return on equity of 28.40% and a net margin of 11.90%.The company's revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the prior year, the firm earned $3.54 EPS. On average, equities analysts predict that Nexstar Media Group, Inc. will post 21.62 earnings per share for the current year.

Nexstar Media Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were given a dividend of $1.86 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $7.44 annualized dividend and a dividend yield of 3.8%. Nexstar Media Group's payout ratio is currently 38.63%.

Insider Activity

In other news, insider Sean Compton sold 850 shares of the business's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $165.25, for a total transaction of $140,462.50. Following the transaction, the insider owned 15,272 shares of the company's stock, valued at approximately $2,523,698. The trade was a 5.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Brett Jenkins sold 610 shares of the business's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $165.25, for a total value of $100,802.50. Following the transaction, the insider directly owned 25,616 shares in the company, valued at approximately $4,233,044. This represents a 2.33% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,209 shares of company stock worth $860,787. Company insiders own 6.70% of the company's stock.

Nexstar Media Group Company 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.