Nexstar Media Group, Inc. $NXST Shares Sold by Kingsview Wealth Management LLC

Key Points

• Kingsview Wealth Management reduced its Nexstar Media Group stake by 11.4% in the fourth quarter, selling 5,812 shares and ending with 44,996 shares worth about $9.1 million.
• Several analysts remain positive on NXST, with the stock holding a Buy consensus rating and an average price target of $259.67, even though some firms recently lowered their targets.
• Insiders sold shares in late May, but the company says those transactions were primarily to cover tax withholding tied to equity award vesting; Nexstar also declared a quarterly dividend of $1.86 per share, yielding about 4.0%.

Kingsview Wealth Management LLC trimmed its holdings in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 11.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 44,996 shares of the company's stock after selling 5,812 shares during the quarter. Kingsview Wealth Management LLC owned 0.15% of Nexstar Media Group worth $9,136,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NXST. CWA Asset Management Group LLC grew its stake in Nexstar Media Group by 1.7% during the 4th quarter. CWA Asset Management Group LLC now owns 3,103 shares of the company's stock valued at $630,000 after purchasing an additional 51 shares in the last quarter. Merit Financial Group LLC raised its position in shares of Nexstar Media Group by 1.6% in the 4th quarter. Merit Financial Group LLC now owns 3,571 shares of the company's stock valued at $725,000 after purchasing an additional 56 shares in the last quarter. Truist Financial Corp raised its position in shares of Nexstar Media Group by 5.2% in the 4th quarter. Truist Financial Corp now owns 1,139 shares of the company's stock valued at $231,000 after purchasing an additional 56 shares in the last quarter. WPG Advisers LLC boosted its stake in shares of Nexstar Media Group by 65.7% during the 4th quarter. WPG Advisers LLC now owns 179 shares of the company's stock valued at $36,000 after buying an additional 71 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in shares of Nexstar Media Group by 15.7% during the 2nd quarter. Geneos Wealth Management Inc. now owns 589 shares of the company's stock valued at $102,000 after buying an additional 80 shares during the last quarter. Hedge funds and other institutional investors own 95.30% of the company's stock.

Analyst Upgrades and Downgrades

NXST has been the subject of a number of research analyst reports. Citigroup upgraded shares of Nexstar Media Group from a "neutral" rating to a "buy" rating and dropped their price target for the stock from $252.00 to $220.00 in a research note on Friday, April 10th. Barrington Research reiterated an "outperform" rating and set a $290.00 price objective on shares of Nexstar Media Group in a research note on Tuesday, April 28th. Wells Fargo & Company dropped their target price on shares of Nexstar Media Group from $290.00 to $253.00 and set an "overweight" rating for the company in a research report on Friday, May 8th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Nexstar Media Group from $270.00 to $255.00 and set a "buy" rating on the stock in a research note on Monday, May 11th. Finally, Benchmark reduced their price target on shares of Nexstar Media Group from $300.00 to $250.00 and set a "buy" rating on the stock in a research report on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $259.67.

Insider Buying and Selling

In other news, EVP Lee Ann Gliha sold 742 shares of Nexstar Media Group stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $187.32, for a total value of $138,991.44. Following the completion of the transaction, the executive vice president directly owned 17,988 shares of the company's stock, valued at approximately $3,369,512.16. The trade was a 3.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Dana Zimmer sold 465 shares of the business's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $187.32, for a total transaction of $87,103.80. Following the sale, the insider directly owned 3,272 shares of the company's stock, valued at approximately $612,911.04. This represents a 12.44% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 9,395 shares of company stock worth $1,805,416. Company insiders own 6.70% of the company's stock.

Nexstar Media Group Stock Performance

Shares of NXST opened at $185.94 on Friday. The business's fifty day moving average price is $198.32 and its 200 day moving average price is $207.93. Nexstar Media Group, Inc. has a 12-month low of $164.00 and a 12-month high of $254.30. The stock has a market capitalization of $5.68 billion, a PE ratio of 39.90, a price-to-earnings-growth ratio of 0.50 and a beta of 0.97. The company has a debt-to-equity ratio of 5.53, a current ratio of 1.76 and a quick ratio of 1.76.

Nexstar Media Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 15th will be 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 is Friday, May 15th. Nexstar Media Group's dividend payout ratio (DPR) is presently 159.66%.

More Nexstar Media Group News

Here are the key news stories impacting Nexstar Media Group this week:

• Positive Sentiment: NXST was highlighted in a Zacks piece on PEG-driven value stocks, which can support the bull case by keeping the name on investors’ radar as a relatively undervalued growth stock. Article title
• Neutral Sentiment: Several Nexstar executives and insiders sold shares at $187.32, but the filings say the transactions were made to cover tax withholding tied to equity award vesting, which usually limits the bearish signal. SEC filing reference
• Neutral Sentiment: Reported short interest was shown as zero shares, so there is no meaningful short-selling data in this update to explain the stock’s move. Article reference
• Negative Sentiment: The cluster of insider sales from multiple executives, including the COO and several EVPs, may weigh on sentiment in the near term even though the sales were non-discretionary. MarketBeat insider trades page

Nexstar Media Group Profile

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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