Plato Investment Management Ltd Takes Position in Nexstar Media Group, Inc. $NXST

Key Points

• Plato Investment Management acquired a new 6,882-share stake in Nexstar Media Group worth approximately $246,000. Institutional investors own 95.3% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $259, despite recent target reductions from Wells Fargo and Deutsche Bank.
• Nexstar reported quarterly revenue of $1.99 billion, up 62.2% year over year, but missed EPS estimates. The company also declared a $1.86 quarterly dividend, representing a 4.0% annualized yield, though its payout ratio is elevated at 142.8%.

Plato Investment Management Ltd acquired a new stake in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 6,882 shares of the company's stock, valued at approximately $246,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Torren Management LLC bought a new position in shares of Nexstar Media Group during the 4th quarter worth about $28,000. Measured Wealth Private Client Group LLC acquired a new position in shares of Nexstar Media Group during the third quarter valued at about $28,000. WPG Advisers LLC lifted its stake in shares of Nexstar Media Group by 65.7% in the fourth 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 period. State of Wyoming bought a new stake in shares of Nexstar Media Group in the second quarter valued at about $54,000. Finally, Danske Bank A S acquired a new stake in Nexstar Media Group during the third quarter worth about $59,000. 95.30% of the stock is owned by institutional investors.

Insider Activity at Nexstar Media Group

In other news, insider Sean Compton sold 875 shares of the business's stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $176.42, for a total value of $154,367.50. Following the sale, the insider owned 14,332 shares in the company, valued at approximately $2,528,451.44. The trade was a 5.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Michael Biard sold 1,227 shares of the company's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $174.21, for a total transaction of $213,755.67. Following the sale, the chief operating officer directly owned 17,105 shares in the company, valued at $2,979,862.05. This represents a 6.69% decrease in their ownership of the stock. 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 21,584 shares of company stock valued at $3,899,531. Insiders own 7.00% of the company's stock.

Analysts Set New Price Targets

NXST has been the subject of several recent research reports. Wells Fargo & Company cut their price target on Nexstar Media Group from $253.00 to $249.00 and set an "overweight" rating for the company in a report on Friday, August 7th. Deutsche Bank Aktiengesellschaft cut their target price on Nexstar Media Group from $270.00 to $255.00 and set a "buy" rating for the company in a research note on Monday, May 11th. Barrington Research reaffirmed an "outperform" rating and issued a $290.00 target price on shares of Nexstar Media Group in a research report on Tuesday, April 28th. Wall Street Zen downgraded shares of Nexstar Media Group from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Nexstar Media Group in a report on Wednesday, May 27th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $259.00.

Nexstar Media Group Stock Up 2.6%

NASDAQ NXST opened at $187.37 on Thursday. Nexstar Media Group, Inc. has a 1-year low of $154.47 and a 1-year high of $254.30. The company has a market capitalization of $5.77 billion, a price-to-earnings ratio of 35.96 and a beta of 0.91. The stock's 50 day moving average is $180.38 and its two-hundred day moving average is $199.38. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 5.09.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $3.61 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.98 by ($2.37). The company had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.97 billion. Nexstar Media Group had a return on equity of 24.02% and a net margin of 3.20%.The company's quarterly revenue was up 62.2% on a year-over-year basis. During the same period in the previous year, the company posted $3.06 earnings per share. Equities analysts forecast that Nexstar Media Group, Inc. will post 32.88 earnings per share for the current fiscal year.

Nexstar Media Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be paid a dividend of $1.86 per share. This represents a $7.44 annualized dividend and a yield of 4.0%. The ex-dividend date is Friday, August 14th. Nexstar Media Group's dividend payout ratio is currently 142.80%.

Nexstar Media Group Company 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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