Insider Selling: Nexstar Media Group (NASDAQ:NXST) Insider Sells 915 Shares of Stock

Key Points

• Insider Dana Zimmer sold 915 Nexstar Media Group shares on June 10 at an average price of $176.42, totaling about $161,424. The sale reduced Zimmer’s stake by 13.75% and was made to cover tax withholding tied to vesting equity awards.
• Zimmer has been selling shares recently, including 433 shares on June 4 and 465 shares on May 27, indicating a string of insider transactions over the past few weeks.
• Nexstar shares were up slightly and continue to draw mixed but mostly positive analyst coverage; the stock rose 0.6% to $174.52, while the consensus rating remains “Buy” with an average price target of $259.67. The company also recently paid a quarterly dividend of $1.86 per share, yielding about 4.3% annualized.

Nexstar Media Group, Inc. (NASDAQ:NXST - Get Free Report) insider Dana Zimmer sold 915 shares of the firm's stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $176.42, for a total transaction of $161,424.30. Following the transaction, the insider owned 5,738 shares of the company's stock, valued at approximately $1,012,297.96. This trade represents a 13.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Dana Zimmer also recently made the following trade(s):

• On Thursday, June 4th, Dana Zimmer sold 433 shares of Nexstar Media Group stock. The shares were sold at an average price of $182.42, for a total transaction of $78,987.86.
• On Wednesday, May 27th, Dana Zimmer sold 465 shares of Nexstar Media Group stock. The shares were sold at an average price of $187.32, for a total transaction of $87,103.80.

Nexstar Media Group Stock Up 0.6%

Shares of NASDAQ NXST traded up $1.11 during mid-day trading on Thursday, reaching $174.52. The company had a trading volume of 342,542 shares, compared to its average volume of 381,985. The stock has a fifty day moving average of $191.36 and a two-hundred day moving average of $207.47. The company has a debt-to-equity ratio of 5.53, a quick ratio of 1.76 and a current ratio of 1.76. The company has a market capitalization of $5.33 billion, a price-to-earnings ratio of 37.45, a PEG ratio of 0.45 and a beta of 0.91. Nexstar Media Group, Inc. has a 12-month low of $164.00 and a 12-month high of $254.30.

Nexstar Media Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were issued a $1.86 dividend. This represents a $7.44 annualized dividend and a yield of 4.3%. The ex-dividend date was Friday, May 15th. Nexstar Media Group's dividend payout ratio (DPR) is 159.66%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on NXST. Deutsche Bank Aktiengesellschaft dropped 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 research report on Monday, May 11th. Zacks Research raised Nexstar Media Group from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 13th. Barrington Research restated an "outperform" rating and issued a $290.00 price objective on shares of Nexstar Media Group in a research report on Tuesday, April 28th. Wall Street Zen upgraded shares of Nexstar Media Group from a "hold" rating to a "buy" rating in a research report on Saturday, May 16th. Finally, Wells Fargo & Company lowered their price objective on shares of Nexstar Media Group from $290.00 to $253.00 and set an "overweight" rating for the company in a research report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $259.67.

Hedge Funds Weigh In On Nexstar Media Group

Several hedge funds have recently made changes to their positions in the business. CWA Asset Management Group LLC grew its stake in shares of Nexstar Media Group by 1.7% during the 4th quarter. CWA Asset Management Group LLC now owns 3,103 shares of the company's stock worth $630,000 after acquiring an additional 51 shares in the last quarter. Merit Financial Group LLC grew its stake in shares of Nexstar Media Group by 1.6% during the 4th quarter. Merit Financial Group LLC now owns 3,571 shares of the company's stock worth $725,000 after acquiring an additional 56 shares in the last quarter. Truist Financial Corp grew its stake in shares of Nexstar Media Group by 5.2% during the 4th quarter. Truist Financial Corp now owns 1,139 shares of the company's stock worth $231,000 after acquiring an additional 56 shares in the last quarter. WPG Advisers LLC grew its stake in shares of Nexstar Media Group by 65.7% during the 4th quarter. WPG Advisers LLC now owns 179 shares of the company's stock worth $36,000 after acquiring an additional 71 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its stake in shares of Nexstar Media Group by 15.7% during the 2nd quarter. Geneos Wealth Management Inc. now owns 589 shares of the company's stock worth $102,000 after acquiring an additional 80 shares in the last quarter. 95.30% of the stock is owned by institutional investors.

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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