Nexstar Media Group (NASDAQ:NXST) COO Michael Biard Sells 989 Shares

Key Points

• Nexstar Media Group COO Michael Biard sold 989 shares at an average price of $187.32, for proceeds of about $185,259. The filing says the sale was to cover tax withholding tied to vested equity awards.
• Multiple Nexstar insiders also sold shares, creating some near-term sentiment pressure even though the transactions were described as routine equity-related sales rather than a negative operating signal.
• Analysts remain mostly positive on NXST, with a consensus Buy rating and average price target of $259.67. Nexstar also recently declared a quarterly dividend of $1.86 per share, implying a 4.0% annualized yield.

Nexstar Media Group, Inc. (NASDAQ:NXST - Get Free Report) COO Michael Biard sold 989 shares of the stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $187.32, for a total value of $185,259.48. Following the transaction, the chief operating officer directly owned 15,224 shares of the company's stock, valued at approximately $2,851,759.68. The trade was a 6.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Nexstar Media Group Price Performance

NASDAQ:NXST traded down $2.91 during trading hours on Wednesday, reaching $185.12. The stock had a trading volume of 324,271 shares, compared to its average volume of 384,860. The stock has a market capitalization of $5.65 billion, a PE ratio of 39.73, a PEG ratio of 0.48 and a beta of 0.97. Nexstar Media Group, Inc. has a 52 week low of $164.00 and a 52 week high of $254.30. The company has a 50 day moving average price of $200.38 and a two-hundred day moving average price of $207.99. The company has a debt-to-equity ratio of 5.53, a quick ratio of 1.76 and a current ratio of 1.76.

Nexstar Media Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 15th will be paid a dividend of $1.86 per share. The ex-dividend date of this dividend is Friday, May 15th. This represents a $7.44 dividend on an annualized basis and a yield of 4.0%. Nexstar Media Group's dividend payout ratio is presently 159.66%.

Key Headlines Impacting Nexstar Media Group

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

Institutional Trading of Nexstar Media Group

Several hedge funds and other institutional investors have recently bought and sold shares of NXST. Torren Management LLC acquired a new position in shares of Nexstar Media Group during the fourth quarter worth $28,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of Nexstar Media Group in the 3rd quarter worth $28,000. Root Financial Partners LLC purchased a new position in Nexstar Media Group during the 3rd quarter worth $31,000. WPG Advisers LLC increased its position in Nexstar Media Group by 65.7% during the 4th quarter. WPG Advisers LLC now owns 179 shares of the company's stock valued at $36,000 after buying an additional 71 shares in the last quarter. Finally, Hantz Financial Services Inc. increased its position in Nexstar Media Group by 164.5% during the 3rd quarter. Hantz Financial Services Inc. now owns 201 shares of the company's stock valued at $40,000 after buying an additional 125 shares in the last quarter. Institutional investors own 95.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on NXST shares. Deutsche Bank Aktiengesellschaft decreased their price target 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. Citigroup raised shares of Nexstar Media Group from a "neutral" rating to a "buy" rating and reduced their target price for the company from $252.00 to $220.00 in a research note on Friday, April 10th. Guggenheim lifted their price target on shares of Nexstar Media Group from $250.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, February 27th. Wells Fargo & Company cut 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 report on Friday, May 8th. Finally, 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. One 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 company. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $259.67.

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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