Nexstar Media Group (NASDAQ:NXST) EVP Sells $17,233.44 in Stock

Key Points

• Nexstar Media Group EVP Lindsey Knapp sold 92 shares at an average price of $187.32, totaling $17,233.44. The filing says the sale was made to cover tax withholding obligations tied to vesting equity awards.
• The stock traded lower on the day, falling $2.91 to $185.12, while remaining below its 50-day and 200-day moving averages. Nexstar has a market cap of about $5.65 billion and a 4.0% dividend yield.
• Analyst sentiment remains mostly positive, with the consensus rating at “Buy” and an average price target of $259.67. However, the article also notes a cluster of recent insider sales that may weigh on near-term sentiment.

Nexstar Media Group, Inc. (NASDAQ:NXST - Get Free Report) EVP Lindsey Knapp sold 92 shares of Nexstar Media Group 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 $17,233.44. Following the sale, the executive vice president directly owned 1,160 shares in the company, valued at approximately $217,291.20. This trade represents a 7.35% decrease in their position. The transaction was disclosed in a legal 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.

Nexstar Media Group Stock Performance

Shares of NXST traded down $2.91 during mid-day trading on Wednesday, reaching $185.12. 324,271 shares of the company's stock traded hands, compared to its average volume of 384,860. The business's 50-day moving average price is $200.38 and its 200-day moving average price is $207.99. The stock has a market capitalization of $5.65 billion, a P/E ratio of 39.73, a price-to-earnings-growth ratio of 0.48 and a beta of 0.97. 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, Inc. has a 12 month low of $164.00 and a 12 month high of $254.30.

Nexstar Media Group Announces Dividend

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

Institutional Investors Weigh In On Nexstar Media Group

A number of institutional investors and hedge funds have recently modified their holdings of NXST. Western Wealth Management LLC acquired a new position in shares of Nexstar Media Group in the 1st quarter valued at $1,229,000. Bank of America Corp DE raised its holdings in Nexstar Media Group by 17.0% during the 1st quarter. Bank of America Corp DE now owns 173,269 shares of the company's stock worth $31,332,000 after buying an additional 25,193 shares during the period. Janus Henderson Group PLC raised its holdings in Nexstar Media Group by 1.8% during the 1st quarter. Janus Henderson Group PLC now owns 643,864 shares of the company's stock worth $116,427,000 after buying an additional 11,477 shares during the period. Strategic Investment Advisors MI purchased a new stake in Nexstar Media Group during the first quarter valued at about $154,000. Finally, Amundi boosted its holdings in shares of Nexstar Media Group by 120.0% in the first quarter. Amundi now owns 5,130 shares of the company's stock worth $928,000 after buying an additional 2,798 shares during the period. 95.30% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently commented on NXST shares. Wall Street Zen upgraded shares of Nexstar Media Group from a "hold" rating to a "buy" rating in a research note on Saturday, May 16th. Citigroup upgraded shares of Nexstar Media Group from a "neutral" rating to a "buy" rating and lowered their price objective for the company from $252.00 to $220.00 in a research note on Friday, April 10th. Wells Fargo & Company lowered their price objective 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. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Nexstar Media Group from $270.00 to $255.00 and set a "buy" rating on the stock in a research note on Monday, May 11th. Finally, Barrington Research reiterated an "outperform" rating and set a $290.00 price objective on shares of Nexstar Media Group in a research note on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $259.67.

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

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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