Northwestern Mutual Wealth Management Co. Purchases 63,261 Shares of Nexstar Media Group, Inc. $NXST

Key Points

• Northwestern Mutual Wealth Management Co. increased its Nexstar Media Group stake by 3,648.3% in the fourth quarter, buying 63,261 additional shares and bringing its total holdings to 64,995 shares valued at about $13.2 million.
• Other institutional investors also added to NXST, and the stock remains heavily institutionally owned at 95.3%.
• Several analysts remain constructive on Nexstar, with a consensus rating of Buy and an average price target of $259.67, while the company also recently declared a $1.86 quarterly dividend payable May 29.

Northwestern Mutual Wealth Management Co. boosted its position in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 3,648.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 64,995 shares of the company's stock after purchasing an additional 63,261 shares during the period. Northwestern Mutual Wealth Management Co. owned about 0.21% of Nexstar Media Group worth $13,197,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA lifted its holdings in Nexstar Media Group by 13.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 642,609 shares of the company's stock valued at $127,070,000 after purchasing an additional 75,228 shares during the last quarter. Principal Financial Group Inc. increased its position in Nexstar Media Group by 63.0% in the 3rd quarter. Principal Financial Group Inc. now owns 488,292 shares of the company's stock valued at $96,557,000 after acquiring an additional 188,695 shares in the last quarter. Allianz Asset Management GmbH increased its position in Nexstar Media Group by 43.1% in the 3rd quarter. Allianz Asset Management GmbH now owns 279,336 shares of the company's stock valued at $55,236,000 after acquiring an additional 84,163 shares in the last quarter. Advisors Asset Management Inc. increased its position in Nexstar Media Group by 19.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 27,849 shares of the company's stock valued at $5,507,000 after acquiring an additional 4,616 shares in the last quarter. Finally, Alps Advisors Inc. increased its position in Nexstar Media Group by 2,272.2% in the 3rd quarter. Alps Advisors Inc. now owns 49,460 shares of the company's stock valued at $9,780,000 after acquiring an additional 47,375 shares in the last quarter. 95.30% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Dan Lanzano sold 237 shares of the firm's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $196.37, for a total value of $46,539.69. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Sean Compton sold 5,000 shares of the firm's stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $196.00, for a total transaction of $980,000.00. Following the completion of the transaction, the insider directly owned 11,252 shares in the company, valued at $2,205,392. This trade represents a 30.77% decrease in their position. The disclosure for this sale is available in the SEC filing. 6.70% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Nexstar Media Group from $270.00 to $255.00 and set a "buy" rating for the company in a research report on Monday, May 11th. Wells Fargo & Company lowered their price objective 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. Zacks Research upgraded shares of Nexstar Media Group from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 13th. Barrington Research restated an "outperform" rating and issued a $290.00 price objective on shares of Nexstar Media Group in a research report on Tuesday, April 28th. Finally, Wall Street Zen upgraded shares of Nexstar Media Group from a "hold" rating to a "buy" rating in a research report on Saturday, May 16th. One investment 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. According to data from MarketBeat.com, Nexstar Media Group currently has an average rating of "Buy" and a consensus target price of $259.67.

Nexstar Media Group Stock Up 0.4%

Shares of NASDAQ NXST opened at $189.39 on Thursday. The firm has a market capitalization of $5.78 billion, a PE ratio of 40.64, a price-to-earnings-growth ratio of 0.57 and a beta of 0.97. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 5.53. Nexstar Media Group, Inc. has a 1 year low of $164.00 and a 1 year high of $254.30. The firm's 50-day moving average is $204.54 and its 200-day moving average is $208.20.

Nexstar Media Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 15th will be paid a $1.86 dividend. This represents a $7.44 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Friday, May 15th. Nexstar Media Group's dividend payout ratio (DPR) is 159.66%.

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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