Principal Financial Group Inc. Increases Stock Position in Nexstar Media Group, Inc. $NXST

Key Points

• Principal Financial Group increased its stake in Nexstar Media Group by 1.6% in the first quarter, ending with 488,744 shares valued at about $88.4 million.
• Several other institutional investors also boosted their NXST holdings, and hedge funds and institutions now own 95.3% of the company’s stock.
• Wall Street remains broadly positive on Nexstar, with an average Moderate Buy rating and a consensus price target of $259.67, while the stock was trading around $183.20 and the company continues to pay a quarterly dividend of $1.86 per share.

Principal Financial Group Inc. boosted its position in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 1.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 488,744 shares of the company's stock after acquiring an additional 7,661 shares during the period. Principal Financial Group Inc. owned 1.61% of Nexstar Media Group worth $88,381,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of NXST. QVT Financial LP boosted its holdings in shares of Nexstar Media Group by 200.0% during the fourth quarter. QVT Financial LP now owns 155,281 shares of the company's stock worth $31,530,000 after purchasing an additional 310,562 shares during the period. AQR Capital Management LLC increased its holdings in Nexstar Media Group by 118.1% during the 2nd quarter. AQR Capital Management LLC now owns 543,612 shares of the company's stock valued at $93,795,000 after purchasing an additional 294,308 shares during the period. JPMorgan Chase & Co. increased its holdings in Nexstar Media Group by 157.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 374,027 shares of the company's stock valued at $73,960,000 after purchasing an additional 228,603 shares during the period. Norges Bank bought a new position in Nexstar Media Group during the 4th quarter valued at approximately $41,474,000. Finally, Alliancebernstein L.P. lifted its holdings in Nexstar Media Group by 27.1% in the 2nd quarter. Alliancebernstein L.P. now owns 882,322 shares of the company's stock worth $152,598,000 after buying an additional 187,864 shares during the period. Hedge funds and other institutional investors own 95.30% of the company's stock.

Insider Buying and Selling

In related news, insider Gary Weitman sold 261 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $170.81, for a total transaction of $44,581.41. Following the completion of the transaction, the insider owned 6,963 shares of the company's stock, valued at $1,189,350.03. This trade represents a 3.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Brett Jenkins sold 301 shares of Nexstar Media Group stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $170.81, for a total value of $51,413.81. Following the transaction, the insider owned 28,798 shares of the company's stock, valued at $4,918,986.38. The trade was a 1.03% 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. Insiders have sold a total of 22,813 shares of company stock worth $4,174,731 over the last three months. Corporate insiders own 7.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on NXST shares. Barrington Research reiterated an "outperform" rating and issued a $290.00 price objective on shares of Nexstar Media Group in a research report on Tuesday, April 28th. Wells Fargo & Company decreased their target price on Nexstar Media Group from $290.00 to $253.00 and set an "overweight" rating for the company in a report on Friday, May 8th. Citigroup upgraded shares of Nexstar Media Group from a "neutral" rating to a "buy" rating and cut their price target for the company from $252.00 to $220.00 in a report on Friday, April 10th. Benchmark reduced their price objective 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. Finally, Deutsche Bank Aktiengesellschaft dropped their target price 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. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Nexstar Media Group presently has an average rating of "Moderate Buy" and a consensus price target of $259.67.

Nexstar Media Group Trading Up 4.4%

NASDAQ:NXST opened at $183.20 on Thursday. Nexstar Media Group, Inc. has a one year low of $154.47 and a one year high of $254.30. The company has a debt-to-equity ratio of 5.53, a current ratio of 1.76 and a quick ratio of 1.76. The company's 50-day simple moving average is $180.55 and its 200 day simple moving average is $203.18. The firm has a market capitalization of $5.59 billion, a P/E ratio of 39.31, a PEG ratio of 0.44 and a beta of 0.91.

Nexstar Media Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were given a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Friday, May 15th. Nexstar Media Group's payout ratio is currently 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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