Retirement Systems of Alabama Increases Position in Nexstar Media Group, Inc. (NASDAQ:NXST)

Retirement Systems of Alabama lifted its holdings in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 163.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 93,391 shares of the company's stock after purchasing an additional 57,934 shares during the period. Retirement Systems of Alabama owned about 0.31% of Nexstar Media Group worth $16,738,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Jones Financial Companies Lllp grew its holdings in shares of Nexstar Media Group by 15.3% during the 4th quarter. Jones Financial Companies Lllp now owns 550 shares of the company's stock valued at $87,000 after purchasing an additional 73 shares during the last quarter. Mariner LLC grew its holdings in shares of Nexstar Media Group by 5.3% during the 4th quarter. Mariner LLC now owns 2,300 shares of the company's stock valued at $363,000 after purchasing an additional 115 shares during the last quarter. Focus Partners Wealth grew its holdings in shares of Nexstar Media Group by 7.3% during the 4th quarter. Focus Partners Wealth now owns 1,726 shares of the company's stock valued at $273,000 after purchasing an additional 117 shares during the last quarter. Trust Point Inc. grew its holdings in shares of Nexstar Media Group by 5.4% during the 1st quarter. Trust Point Inc. now owns 2,334 shares of the company's stock valued at $418,000 after purchasing an additional 119 shares during the last quarter. Finally, Integrated Advisors Network LLC grew its holdings in shares of Nexstar Media Group by 9.6% during the 4th quarter. Integrated Advisors Network LLC now owns 1,461 shares of the company's stock valued at $231,000 after purchasing an additional 128 shares during the last quarter. Institutional investors own 95.30% of the company's stock.

Analyst Ratings Changes

NXST has been the topic of several recent research reports. Barrington Research reaffirmed an "outperform" rating and set a $200.00 target price on shares of Nexstar Media Group in a report on Tuesday, May 13th. Wall Street Zen lowered shares of Nexstar Media Group from a "buy" rating to a "hold" rating in a report on Monday, March 3rd. Loop Capital raised shares of Nexstar Media Group from a "hold" rating to a "buy" rating and raised their price target for the stock from $190.00 to $200.00 in a report on Friday, February 28th. Wells Fargo & Company cut their price target on shares of Nexstar Media Group from $216.00 to $200.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $200.00 target price on shares of Nexstar Media Group in a research note on Monday, March 10th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $205.71.

Insider Activity

In related news, insider Andrew Alford sold 3,768 shares of Nexstar Media Group stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.98, for a total value of $685,700.64. Following the completion of the transaction, the insider now owns 5,405 shares in the company, valued at approximately $983,601.90. This trade represents a 41.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Michael Biard sold 2,182 shares of Nexstar Media Group stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $173.59, for a total value of $378,773.38. Following the completion of the transaction, the chief operating officer now owns 7,218 shares of the company's stock, valued at approximately $1,252,972.62. This represents a 23.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,242 shares of company stock worth $4,352,688 over the last 90 days. Corporate insiders own 6.70% of the company's stock.

Nexstar Media Group Price Performance

NASDAQ:NXST traded up $5.20 on Friday, reaching $171.79. 585,722 shares of the company's stock traded hands, compared to its average volume of 377,571. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 2.86. The stock has a 50-day simple moving average of $163.22 and a 200-day simple moving average of $161.89. The firm has a market cap of $5.24 billion, a PE ratio of 8.70, a P/E/G ratio of 1.26 and a beta of 1.05. Nexstar Media Group, Inc. has a 12 month low of $141.66 and a 12 month high of $191.86.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $3.37 earnings per share for the quarter, beating analysts' consensus estimates of $3.26 by $0.11. The firm had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.23 billion. Nexstar Media Group had a return on equity of 29.21% and a net margin of 12.21%. The business's quarterly revenue was down 3.9% compared to the same quarter last year. During the same quarter last year, the business posted $5.16 earnings per share. Equities research analysts forecast that Nexstar Media Group, Inc. will post 21.62 earnings per share for the current year.

Nexstar Media Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were given a dividend of $1.86 per share. The ex-dividend date was Monday, May 19th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 4.33%. Nexstar Media Group's payout ratio is 37.69%.

About Nexstar Media Group

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.