Walleye Capital LLC Sells 33,375 Shares of Nexstar Media Group, Inc. $NXST

Key Points

• Walleye Capital LLC reduced its Nexstar Media Group stake by 28.6% in the first quarter, selling 33,375 shares and ending with 83,172 shares valued at about $15.0 million.
• Institutional ownership remains very high at 95.3%, and several other hedge funds also increased or initiated positions in NXST during the quarter.
• Analyst sentiment is mixed but still constructive: Nexstar has a Moderate Buy consensus rating with an average price target of $259.67, though some firms recently downgraded the stock or trimmed their targets.

Walleye Capital LLC cut its holdings in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 28.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 83,172 shares of the company's stock after selling 33,375 shares during the quarter. Walleye Capital LLC owned approximately 0.27% of Nexstar Media Group worth $15,040,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on NXST shares. Zacks Research lowered shares of Nexstar Media Group from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 10th. Barrington Research reiterated an "outperform" rating and set a $290.00 price target on shares of Nexstar Media Group in a report on Tuesday, April 28th. Deutsche Bank Aktiengesellschaft dropped their price target 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. Wall Street Zen lowered Nexstar Media Group from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. Finally, Wells Fargo & Company lowered 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. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Nexstar Media Group presently has an average rating of "Moderate Buy" and an average target price of $259.67.

Nexstar Media Group Stock Down 0.9%

NASDAQ:NXST opened at $181.89 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 has a market cap of $5.55 billion, a PE ratio of 39.03, a P/E/G ratio of 0.46 and a beta of 0.91. The firm's 50 day simple moving average is $179.05 and its 200 day simple moving average is $202.47.

Nexstar Media Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders 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 was Friday, May 15th. Nexstar Media Group's payout ratio is 159.66%.

Insider Buying and Selling

In other news, insider Brett Jenkins sold 301 shares of the firm's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $170.81, for a total transaction of $51,413.81. Following the completion of the transaction, the insider directly owned 28,798 shares in the company, valued at $4,918,986.38. This trade represents a 1.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Dana Zimmer sold 876 shares of the company's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $170.81, for a total value of $149,629.56. Following the completion of the sale, the insider owned 5,800 shares in the company, valued at $990,698. The trade was a 13.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 22,813 shares of company stock valued at $4,174,731. Corporate insiders own 7.00% of the company's stock.

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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