Nexstar Media Group, Inc. (NASDAQ:NXST) Given Consensus Recommendation of "Buy" by Brokerages

Key Points

• Nexstar Media Group has a consensus analyst rating of “Buy”, based on coverage from eight analysts: six buy ratings, one strong buy, and one hold. The average 12-month price target is about $259.67.
• The stock recently traded at $170.73, below both its 50-day and 200-day moving averages, and it carries a 4.4% dividend yield after a recent quarterly payout of $1.86 per share. Its payout ratio is high at 159.66%.
• Recent activity shows mixed signals: several analysts trimmed price targets, while institutional investors remain heavily invested, owning 95.3% of shares. Insiders also sold shares in June, though the transactions were tied to tax withholding on equity awards.

Shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Get Free Report) have been given a consensus rating of "Buy" by the eight analysts that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, six have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $259.6667.

Several equities analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft lowered 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. Weiss Ratings reissued a "hold (c)" rating on shares of Nexstar Media Group in a report on Wednesday, May 27th. Benchmark decreased their price target on shares of Nexstar Media Group from $300.00 to $250.00 and set a "buy" rating on the stock in a research note on Monday, April 6th. Wells Fargo & Company decreased their price target on shares of Nexstar Media Group from $290.00 to $253.00 and set an "overweight" rating on the stock in a research note on Friday, May 8th. Finally, Zacks Research upgraded shares of Nexstar Media Group from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 13th.

Nexstar Media Group Price Performance

NASDAQ:NXST opened at $170.73 on Tuesday. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 5.53. The business's 50-day simple moving average is $186.59 and its two-hundred day simple moving average is $205.32. The stock has a market cap of $5.21 billion, a PE ratio of 36.64, a P/E/G ratio of 0.41 and a beta of 0.91. Nexstar Media Group has a 52 week low of $154.47 and a 52 week 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 given a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Friday, May 15th. Nexstar Media Group's payout ratio is currently 159.66%.

Insider Buying and Selling

In related news, insider Brett Jenkins sold 301 shares of the business's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $170.81, for a total value of $51,413.81. Following the sale, the insider directly owned 28,798 shares in the company, valued at approximately $4,918,986.38. The trade was a 1.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Gary Weitman sold 261 shares of the business's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $170.81, for a total value of $44,581.41. Following the completion of the sale, the insider owned 6,963 shares in the company, valued at $1,189,350.03. This represents a 3.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 22,813 shares of company stock valued at $4,174,731 in the last ninety days. Company insiders own 7.00% of the company's stock.

Institutional Investors Weigh In On Nexstar Media Group

A number of hedge funds have recently bought and sold shares of NXST. Dorsal Capital Management LP purchased a new stake in Nexstar Media Group during the third quarter valued at approximately $74,152,000. QVT Financial LP raised its holdings in shares of Nexstar Media Group by 200.0% in the fourth quarter. QVT Financial LP now owns 155,281 shares of the company's stock worth $31,530,000 after buying an additional 310,562 shares during the period. AQR Capital Management LLC raised its holdings 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 buying an additional 294,308 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Nexstar Media Group by 157.2% in the third quarter. JPMorgan Chase & Co. now owns 374,027 shares of the company's stock worth $73,960,000 after buying an additional 228,603 shares during the period. Finally, Norges Bank purchased a new position in Nexstar Media Group in the 4th quarter worth about $41,474,000. Hedge funds and other institutional investors own 95.30% of the company's stock.

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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