Insider Selling: Nexstar Media Group (NASDAQ:NXST) EVP Sells 185 Shares of Stock

Key Points

• Nexstar Media Group EVP Blake Russell sold 185 shares on May 27 at an average price of $187.32, totaling about $34,654. The filing says the sale was made to cover tax withholding tied to vesting equity awards.
• The stock slipped 1.5% during Wednesday trading to $185.12, below the sale price. Nexstar’s market value is about $5.65 billion, and the shares have traded between $164.00 and $254.30 over the past year.
• The company recently declared a quarterly dividend of $1.86 per share, payable May 29, which annualizes to $7.44 and a 4.0% yield. Analysts remain generally positive, with a consensus rating of “Buy” and an average target price of $259.67.

Nexstar Media Group, Inc. (NASDAQ:NXST - Get Free Report) EVP Blake Russell sold 185 shares of the firm's stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $187.32, for a total value of $34,654.20. Following the sale, the executive vice president directly owned 26,396 shares in the company, valued at approximately $4,944,498.72. This represents a 0.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Nexstar Media Group Stock Down 1.5%

Shares of NASDAQ NXST traded down $2.91 during mid-day trading on Wednesday, reaching $185.12. 324,271 shares of the company's stock were exchanged, compared to its average volume of 384,860. The firm has a market capitalization of $5.65 billion, a price-to-earnings ratio of 39.73, a PEG ratio of 0.48 and a beta of 0.97. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 5.53. The business has a fifty day simple moving average of $200.38 and a 200 day simple moving average of $207.99. Nexstar Media Group, Inc. has a twelve month low of $164.00 and a twelve month high of $254.30.

Nexstar Media Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 15th will be given a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Friday, May 15th. Nexstar Media Group's dividend payout ratio (DPR) is currently 159.66%.

Key Nexstar Media Group News

Here are the key news stories impacting Nexstar Media Group this week:

• Neutral Sentiment: Multiple Nexstar insiders sold shares at $187.32, but the filings say the transactions were to satisfy tax withholding obligations related to equity vesting. SEC filing for Michael Biard
• Neutral Sentiment: Additional insider sales were disclosed by Lee Ann Gliha, Andrew Alford, Sean Compton, Dana Zimmer, Brett Jenkins, Lindsey Knapp, Dan Lanzano, Rachel Morgan, Blake Russell, and Gary Weitman, adding to the near-term overhang on sentiment. SEC filing for Lee Ann Gliha
• Negative Sentiment: The cluster of insider sales may cause investors to question whether management sees limited near-term upside, even though the trades appear to be routine and not necessarily a negative fundamental signal. SEC filing for Gary Weitman

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on NXST shares. Zacks Research raised Nexstar Media Group from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 13th. Wall Street Zen raised Nexstar Media Group from a "hold" rating to a "buy" rating in a research report on Saturday, May 16th. Deutsche Bank Aktiengesellschaft dropped their target price on Nexstar Media Group from $270.00 to $255.00 and set a "buy" rating on the stock in a research report on Monday, May 11th. Barrington Research reissued an "outperform" rating and issued a $290.00 target price on shares of Nexstar Media Group in a research report on Tuesday, April 28th. Finally, Benchmark dropped their target price on Nexstar Media Group from $300.00 to $250.00 and set a "buy" rating on the stock in a research report on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $259.67.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of NXST. Torren Management LLC bought a new position in Nexstar Media Group in the fourth quarter valued at approximately $28,000. Measured Wealth Private Client Group LLC bought a new position in Nexstar Media Group in the third quarter valued at approximately $28,000. Root Financial Partners LLC bought a new position in Nexstar Media Group in the third quarter valued at approximately $31,000. WPG Advisers LLC grew its stake in Nexstar Media Group by 65.7% in the fourth quarter. WPG Advisers LLC now owns 179 shares of the company's stock valued at $36,000 after purchasing an additional 71 shares in the last quarter. Finally, Hantz Financial Services Inc. grew its stake in Nexstar Media Group by 164.5% in the third quarter. Hantz Financial Services Inc. now owns 201 shares of the company's stock valued at $40,000 after purchasing an additional 125 shares in the last quarter. 95.30% of the stock is currently owned by institutional investors.

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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