Nexstar Media Group (NASDAQ:NXST) COO Michael Biard Sells 2,465 Shares

Key Points

• COO Michael Biard sold 2,465 Nexstar shares at an average price of $185.82, generating $458,046.30. The sale reduced his direct ownership by 10.55% and was made to cover tax withholding related to vested equity awards.
• Nexstar shares traded around $186.24, while the company’s latest quarterly results showed revenue rising 62.2% year over year to $1.99 billion, though EPS of $3.61 fell short of analyst expectations.
• The company declared a quarterly dividend of $1.86 per share, equivalent to a 4.0% annualized yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $259, compared with the current share price.

Nexstar Media Group, Inc. (NASDAQ:NXST - Get Free Report) COO Michael Biard sold 2,465 shares of the business's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $185.82, for a total value of $458,046.30. Following the completion of the transaction, the chief operating officer directly owned 20,890 shares of the company's stock, valued at approximately $3,881,779.80. This trade represents a 10.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Michael Biard also recently made the following trade(s):

• On Friday, June 12th, Michael Biard sold 1,227 shares of Nexstar Media Group stock. The stock was sold at an average price of $174.21, for a total transaction of $213,755.67.
• On Wednesday, May 27th, Michael Biard sold 989 shares of Nexstar Media Group stock. The stock was sold at an average price of $187.32, for a total transaction of $185,259.48.

Nexstar Media Group Trading Up 0.1%

Shares of NXST stock traded up $0.10 during mid-day trading on Monday, hitting $186.24. 373,042 shares of the company's stock were exchanged, compared to its average volume of 389,423. The stock has a market cap of $5.74 billion, a price-to-earnings ratio of 35.75 and a beta of 0.91. 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 quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 5.09. The stock has a 50-day simple moving average of $180.87 and a two-hundred day simple moving average of $199.04.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $3.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.98 by ($2.37). The company had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.97 billion. Nexstar Media Group had a return on equity of 24.02% and a net margin of 3.20%.Nexstar Media Group's revenue was up 62.2% on a year-over-year basis. During the same period in the prior year, the business posted $3.06 earnings per share. Equities analysts expect that Nexstar Media Group, Inc. will post 32.88 EPS for the current fiscal year.

Nexstar Media Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be paid a dividend of $1.86 per share. The ex-dividend date is Friday, August 14th. This represents a $7.44 annualized dividend and a yield of 4.0%. Nexstar Media Group's dividend payout ratio is currently 142.80%.

Wall Street Analysts Forecast Growth

NXST has been the subject of a number of research analyst reports. Weiss Ratings reissued a "hold (c)" rating on shares of Nexstar Media Group in a research report on Wednesday, May 27th. Wells Fargo & Company decreased their price objective on shares of Nexstar Media Group from $253.00 to $249.00 and set an "overweight" rating for the company in a research note on Friday, August 7th. Barrington Research reissued an "outperform" rating and issued a $290.00 price objective on shares of Nexstar Media Group in a research report on Tuesday, April 28th. Zacks Research downgraded shares of Nexstar Media Group from a "hold" rating to a "strong sell" rating in a research note on Monday, August 10th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of Nexstar Media Group from $270.00 to $255.00 and set a "buy" rating on the stock in a report on Monday, May 11th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Nexstar Media Group currently has a consensus rating of "Moderate Buy" and an average target price of $259.00.

Hedge Funds Weigh In On Nexstar Media Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System lifted its holdings in Nexstar Media Group by 17,529.4% in the 2nd quarter. California State Teachers Retirement System now owns 5,924,366 shares of the company's stock worth $1,058,033,000 after buying an additional 5,890,761 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Nexstar Media Group during the second quarter worth about $27,241,000. QVT Financial LP increased its position 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 acquiring an additional 310,562 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Nexstar Media Group by 118.1% in the second quarter. AQR Capital Management LLC now owns 543,612 shares of the company's stock worth $93,795,000 after acquiring an additional 294,308 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Nexstar Media Group in the fourth quarter worth about $41,474,000. 95.30% of the stock is owned by institutional investors and hedge funds.

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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