Nexstar Media Group, Inc. (NASDAQ:NXST) Receives Average Recommendation of "Moderate Buy" from Brokerages

Key Points

• Analysts maintain a “Moderate Buy” consensus on Nexstar Media Group, with six buy, one hold and one sell rating among eight firms. The average 12-month price target is $259, well above the reported share price of $182.57.
• Nexstar reported quarterly revenue of $1.99 billion, up 62.2% year over year, but earnings of $3.61 per share missed the $5.98 consensus estimate by $2.37.
• The company declared a quarterly dividend of $1.86 per share, representing a 4.1% annualized yield; however, its 142.8% payout ratio exceeds reported earnings. Institutional investors own 95.3% of the stock.

Nexstar Media Group, Inc. (NASDAQ:NXST - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the eight ratings firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $259.00.

Several brokerages recently issued reports on NXST. Wells Fargo & Company reduced their price objective on shares of Nexstar Media Group from $253.00 to $249.00 and set an "overweight" rating on the stock in a research note on Friday, August 7th. Barrington Research reiterated an "outperform" rating and issued a $290.00 price target on shares of Nexstar Media Group in a report on Tuesday, April 28th. Wall Street Zen downgraded Nexstar Media Group from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Weiss Ratings reissued a "hold (c)" rating on shares of Nexstar Media Group in a research note on Wednesday, May 27th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on Nexstar Media Group from $270.00 to $255.00 and set a "buy" rating on the stock in a report on Monday, May 11th.

Insider Transactions at Nexstar Media Group

In other news, EVP Blake Russell sold 261 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $170.81, for a total transaction of $44,581.41. Following the transaction, the executive vice president directly owned 28,296 shares in the company, valued at $4,833,239.76. This represents a 0.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Brett Jenkins sold 301 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $170.81, for a total transaction of $51,413.81. Following the completion of the sale, the insider directly owned 28,798 shares in the company, valued at $4,918,986.38. This represents a 1.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 21,584 shares of company stock worth $3,899,531 in the last quarter. 7.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nexstar Media Group

A number of large investors have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC purchased a new stake in shares of Nexstar Media Group during the 1st quarter valued at $499,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Nexstar Media Group by 49.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,870 shares of the company's stock worth $2,844,000 after buying an additional 5,251 shares during the period. Millennium Management LLC raised its position in shares of Nexstar Media Group by 571.4% in the 1st quarter. Millennium Management LLC now owns 72,650 shares of the company's stock worth $13,020,000 after buying an additional 61,830 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Nexstar Media Group by 14.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 132,809 shares of the company's stock valued at $23,802,000 after acquiring an additional 16,637 shares during the last quarter. Finally, Acadian Asset Management LLC acquired a new position in Nexstar Media Group in the first quarter valued at $654,000. Hedge funds and other institutional investors own 95.30% of the company's stock.

Nexstar Media Group Trading Down 1.2%

Shares of NXST stock opened at $182.57 on Wednesday. The company has a market capitalization of $5.62 billion, a price-to-earnings ratio of 35.04 and a beta of 0.91. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 5.09. The firm has a 50-day moving average price of $180.10 and a 200 day moving average price of $199.51. Nexstar Media Group has a twelve month low of $154.47 and a twelve month high of $254.30.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last released its quarterly 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 firm had revenue of $1.99 billion for 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 for the quarter was up 62.2% on a year-over-year basis. During the same period in the prior year, the business earned $3.06 earnings per share. Research analysts forecast that Nexstar Media Group will post 32.88 earnings per share for the current fiscal year.

Nexstar Media Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be given 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 4.1%. Nexstar Media Group's dividend payout ratio is 142.80%.

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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