Y Intercept Hong Kong Ltd Increases Stake in Nexstar Media Group, Inc. $NXST

Key Points

• Y Intercept Hong Kong Ltd increased its stake in Nexstar Media Group by 1,573.4% in the first quarter, bringing its holding to 18,508 shares worth about $3.35 million.
• CEO Perry A. Sook bought 12,235 shares at $162.26 each, while another insider, Director Charles Thomas Mcmillen, sold 1,000 shares. Overall, insiders own about 7% of the company and sold a net 22,813 shares over the last three months.
• Nexstar shares recently traded around $184.44; the company also paid a quarterly dividend of $1.86 per share, implying a 4.0% annualized yield. Analysts currently rate the stock a Buy on average, with a consensus price target of $259.67.

Y Intercept Hong Kong Ltd boosted its holdings in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 1,573.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,508 shares of the company's stock after acquiring an additional 17,402 shares during the period. Y Intercept Hong Kong Ltd owned about 0.06% of Nexstar Media Group worth $3,347,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the business. Dorsal Capital Management LP bought a new position in shares of Nexstar Media Group during the third quarter valued at approximately $74,152,000. QVT Financial LP boosted its position in shares of Nexstar Media Group by 200.0% in the 4th 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 in the last quarter. AQR Capital Management LLC grew its stake 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 worth $93,795,000 after buying an additional 294,308 shares during the last quarter. JPMorgan Chase & Co. increased its position 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 buying an additional 228,603 shares in the last quarter. Finally, Norges Bank purchased a new stake in Nexstar Media Group in the fourth quarter valued at about $41,474,000. Hedge funds and other institutional investors own 95.30% of the company's stock.

Insider Buying and Selling

In related news, CEO Perry A. Sook purchased 12,235 shares of the stock in a transaction that occurred on Friday, June 26th. The shares were purchased at an average price of $162.26 per share, with a total value of $1,985,251.10. Following the completion of the acquisition, the chief executive officer directly owned 899,044 shares in the company, valued at $145,878,879.44. This represents a 1.38% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Charles Thomas Mcmillen sold 1,000 shares of the company's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $180.00, for a total value of $180,000.00. Following the sale, the director owned 5,658 shares of the company's stock, valued at $1,018,440. This trade represents a 15.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 22,813 shares of company stock valued at $4,174,731 over the last three months. 7.00% of the stock is currently owned by insiders.

Nexstar Media Group Stock Up 0.9%

Shares of NXST traded up $1.67 during mid-day trading on Tuesday, hitting $184.44. 68,876 shares of the company's stock were exchanged, compared to its average volume of 403,834. The company has a debt-to-equity ratio of 5.53, a quick ratio of 1.76 and a current ratio of 1.76. Nexstar Media Group, Inc. has a fifty-two week low of $154.47 and a fifty-two week high of $254.30. The company has a market cap of $5.63 billion, a price-to-earnings ratio of 39.58, a P/E/G ratio of 0.46 and a beta of 0.91. The stock's 50-day moving average is $184.14 and its 200-day moving average is $204.46.

Nexstar Media Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were paid a dividend of $1.86 per share. The ex-dividend date was Friday, May 15th. This represents a $7.44 annualized dividend and a yield of 4.0%. Nexstar Media Group's payout ratio is presently 159.66%.

Analysts Set New Price Targets

NXST has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft cut their price target on shares of Nexstar Media Group from $270.00 to $255.00 and set a "buy" rating on the stock in a research note on Monday, May 11th. Weiss Ratings restated a "hold (c)" rating on shares of Nexstar Media Group in a research report on Wednesday, May 27th. Zacks Research raised Nexstar Media Group from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 13th. Barrington Research reiterated an "outperform" rating and issued a $290.00 price objective on shares of Nexstar Media Group in a report on Tuesday, April 28th. Finally, Wall Street Zen raised shares of Nexstar Media Group from a "hold" rating to a "buy" rating in a research note on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $259.67.

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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