Principal Financial Group Inc. Lowers Stock Holdings in Nexstar Media Group, Inc. $NXST

Key Points

• Principal Financial Group trimmed its stake in Nexstar by 1.5% in Q4, selling 7,209 shares and retaining 481,083 shares (about 1.59% of the company) worth $97.69 million.
• Nexstar declared a quarterly dividend of $1.86 (annualized $7.44) for a 3.8% yield, but the payout ratio is very high at 253.06%.
• Analysts hold a consensus rating of "Moderate Buy" (six Buys, two Holds) with an average price target of $268.33 versus the recent share price near $197, suggesting potential upside.

Principal Financial Group Inc. cut its position in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 1.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 481,083 shares of the company's stock after selling 7,209 shares during the quarter. Principal Financial Group Inc. owned 1.59% of Nexstar Media Group worth $97,689,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the company. Integrated Wealth Concepts LLC acquired a new position in Nexstar Media Group in the 1st quarter valued at about $499,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Nexstar Media Group by 49.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,870 shares of the company's stock worth $2,844,000 after purchasing an additional 5,251 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Nexstar Media Group by 571.4% in the first quarter. Millennium Management LLC now owns 72,650 shares of the company's stock valued at $13,020,000 after purchasing an additional 61,830 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Nexstar Media Group by 14.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 132,809 shares of the company's stock valued at $23,802,000 after purchasing an additional 16,637 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new position in shares of Nexstar Media Group in the first quarter valued at approximately $654,000. Institutional investors and hedge funds own 95.30% of the company's stock.

Nexstar Media Group Stock Down 1.0%

Shares of NASDAQ NXST opened at $197.21 on Thursday. The business has a 50-day moving average of $214.26 and a two-hundred day moving average of $207.94. The company has a market capitalization of $6.02 billion, a price-to-earnings ratio of 67.08, a price-to-earnings-growth ratio of 0.79 and a beta of 0.97. Nexstar Media Group, Inc. has a 1 year low of $154.64 and a 1 year high of $254.30. The company has a debt-to-equity ratio of 3.05, a current ratio of 2.07 and a quick ratio of 2.07.

Nexstar Media Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 15th will be issued a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Friday, May 15th. Nexstar Media Group's dividend payout ratio is 253.06%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on NXST. Barrington Research reiterated an "outperform" rating and set a $290.00 target price on shares of Nexstar Media Group in a report on Tuesday, April 28th. Citigroup raised Nexstar Media Group from a "neutral" rating to a "buy" rating and cut their price objective for the stock from $252.00 to $220.00 in a research report on Friday, April 10th. Wells Fargo & Company increased their price objective on Nexstar Media Group from $250.00 to $290.00 and gave the company an "overweight" rating in a research note on Friday, February 27th. Deutsche Bank Aktiengesellschaft lifted their target price on Nexstar Media Group from $250.00 to $270.00 and gave the company a "buy" rating in a report on Monday, March 23rd. Finally, Guggenheim upped their price target on Nexstar Media Group from $250.00 to $290.00 and gave the stock a "buy" rating in a report on Friday, February 27th. Six equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $268.33.

About Nexstar Media Group

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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