Wedge Capital Management L L P NC Has $2.53 Million Stock Holdings in Nexstar Media Group, Inc. (NASDAQ:NXST)

Wedge Capital Management L L P NC reduced its position in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 24.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,123 shares of the company's stock after selling 4,588 shares during the period. Wedge Capital Management L L P NC's holdings in Nexstar Media Group were worth $2,531,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Demars Financial Group LLC increased its holdings in Nexstar Media Group by 16,009.5% in the fourth quarter. Demars Financial Group LLC now owns 773,737 shares of the company's stock worth $122,227,000 after buying an additional 768,934 shares during the last quarter. Norges Bank acquired a new position in shares of Nexstar Media Group during the 4th quarter worth $44,460,000. Proficio Capital Partners LLC acquired a new stake in shares of Nexstar Media Group in the 4th quarter valued at $35,560,000. Invesco Ltd. boosted its stake in shares of Nexstar Media Group by 185.0% during the 4th quarter. Invesco Ltd. now owns 219,561 shares of the company's stock worth $34,684,000 after acquiring an additional 142,520 shares in the last quarter. Finally, Northern Trust Corp boosted its position in Nexstar Media Group by 22.3% during the fourth quarter. Northern Trust Corp now owns 463,139 shares of the company's stock worth $73,162,000 after purchasing an additional 84,367 shares during the period. 95.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NXST has been the subject of a number of analyst reports. Guggenheim boosted their price objective on shares of Nexstar Media Group from $210.00 to $220.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Wall Street Zen lowered shares of Nexstar Media Group from a "buy" rating to a "hold" rating in a research report on Monday, March 3rd. Benchmark decreased their price target on shares of 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 lowered their target price on 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, Barrington Research reiterated an "outperform" rating and set a $200.00 price target on shares of Nexstar Media Group in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $205.71.

Insider Buying and Selling at Nexstar Media Group

In related news, COO Michael Biard sold 2,182 shares of the 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 completion of the sale, the chief operating officer now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andrew Alford sold 3,768 shares of the 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 transaction, the insider now owns 5,405 shares of the company's stock, valued at approximately $983,601.90. This trade represents a 41.08% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,033 shares of company stock worth $3,491,901. 6.70% of the stock is currently owned by corporate insiders.

Nexstar Media Group Price Performance

Shares of NXST traded down $2.38 during mid-day trading on Thursday, reaching $170.00. The company had a trading volume of 68,656 shares, compared to its average volume of 387,188. The company has a debt-to-equity ratio of 2.98, a current ratio of 1.68 and a quick ratio of 1.68. The company has a market capitalization of $5.19 billion, a P/E ratio of 9.83, a P/E/G ratio of 0.45 and a beta of 1.05. Nexstar Media Group, Inc. has a twelve month low of $141.66 and a twelve month high of $191.86. The company's 50-day moving average is $161.11 and its 200-day moving average is $162.18.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $3.37 earnings per share (EPS) for the quarter, topping the consensus estimate 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 26.03% and a net margin of 11.39%. The business's revenue for the quarter was down 3.9% compared to the same quarter last year. During the same period in the prior year, the company posted $5.16 earnings per share. On average, equities analysts anticipate that Nexstar Media Group, Inc. will post 21.62 EPS for the current year.

Nexstar Media Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were issued a dividend of $1.86 per share. This represents a $7.44 annualized dividend and a dividend yield of 4.38%. The ex-dividend date of this dividend was Monday, May 19th. Nexstar Media Group's payout ratio is presently 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.