Vestcor Inc Has $1.19 Million Stake in Nexstar Media Group, Inc. (NASDAQ:NXST)

Key Points

• Vestcor Inc increased its stake in Nexstar Media Group by 38.5%, acquiring an additional 1,849 shares to own a total of 6,646 shares valued at approximately $1,191,000.
• Nexstar Media Group announced a quarterly dividend of $1.86 per share, with a dividend yield of 4.0%, set to be paid on August 29th.
• Recently, Wells Fargo & Company and Benchmark lowered their price targets for Nexstar Media Group, reflecting cautious outlooks even as several analysts maintain a "buy" rating.

Vestcor Inc lifted its position in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 38.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 6,646 shares of the company's stock after purchasing an additional 1,849 shares during the quarter. Vestcor Inc's holdings in Nexstar Media Group were worth $1,191,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Whipplewood Advisors LLC boosted its stake in shares of Nexstar Media Group by 830.3% in the 1st quarter. Whipplewood Advisors LLC now owns 307 shares of the company's stock valued at $55,000 after purchasing an additional 274 shares during the last quarter. First Horizon Advisors Inc. boosted its stake in Nexstar Media Group by 62.3% during the 1st quarter. First Horizon Advisors Inc. now owns 401 shares of the company's stock worth $72,000 after acquiring an additional 154 shares during the last quarter. Versant Capital Management Inc boosted its stake in Nexstar Media Group by 2,126.3% during the 1st quarter. Versant Capital Management Inc now owns 423 shares of the company's stock worth $76,000 after acquiring an additional 404 shares during the last quarter. SBI Securities Co. Ltd. boosted its stake in Nexstar Media Group by 186.7% during the 1st quarter. SBI Securities Co. Ltd. now owns 453 shares of the company's stock worth $81,000 after acquiring an additional 295 shares during the last quarter. Finally, UMB Bank n.a. boosted its stake in Nexstar Media Group by 68.6% during the 1st quarter. UMB Bank n.a. now owns 536 shares of the company's stock worth $96,000 after acquiring an additional 218 shares during the last quarter. Institutional investors own 95.30% of the company's stock.

Wall Street Analysts Forecast Growth

NXST has been the topic of several recent analyst reports. Benchmark reduced their price objective on shares of Nexstar Media Group from $225.00 to $215.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Barrington Research reissued an "outperform" rating and set a $200.00 price objective on shares of Nexstar Media Group in a research note on Wednesday, July 30th. Finally, Wells Fargo & Company reduced their price objective on shares of Nexstar Media Group from $216.00 to $200.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $205.71.

Insider Buying and Selling at Nexstar Media Group

In related news, insider Sean Compton sold 1,088 shares of the business's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $175.53, for a total transaction of $190,976.64. Following the transaction, the insider directly owned 12,096 shares in the company, valued at approximately $2,123,210.88. The trade was a 8.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Michael Biard sold 2,182 shares of the business's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $173.59, for a total transaction of $378,773.38. Following the transaction, the chief operating officer owned 7,218 shares in the company, valued at approximately $1,252,972.62. The trade was a 23.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,474 shares of company stock worth $3,666,988. Company insiders own 6.70% of the company's stock.

Nexstar Media Group Stock Down 0.7%

NXST stock traded down $1.36 during mid-day trading on Tuesday, hitting $187.22. 69,444 shares of the company were exchanged, compared to its average volume of 416,267. The firm's 50 day simple moving average is $177.20 and its 200 day simple moving average is $166.83. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.74 and a current ratio of 1.74. The firm has a market cap of $5.71 billion, a P/E ratio of 9.48, a P/E/G ratio of 1.32 and a beta of 1.05. Nexstar Media Group, Inc. has a 1-year low of $141.66 and a 1-year high of $192.36.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $3.37 EPS for the quarter, topping the consensus estimate of $3.26 by $0.11. Nexstar Media Group had a net margin of 12.21% and a return on equity of 29.21%. The business had revenue of $1.23 billion during the quarter, compared to analysts' expectations of $1.23 billion. During the same quarter in the prior year, the company posted $5.16 earnings per share. The firm's revenue was down 3.9% on a year-over-year basis. On average, sell-side analysts predict that Nexstar Media Group, Inc. will post 21.62 EPS for the current fiscal year.

Nexstar Media Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be issued a dividend of $1.86 per share. The ex-dividend date is Friday, August 15th. This represents a $7.44 annualized dividend and a yield of 4.0%. Nexstar Media Group's dividend payout ratio is presently 37.69%.

Nexstar Media Group Company Profile

Nexstar Media Group, Inc operates as a diversified media company that produces and distributes engaging local and national news, sports and entertainment content across the television and digital platforms in the United States. It owns, operates, programs, or provides sales and other services to various markets; and offers television programming services.