Nexstar Media Group (NASDAQ:NXST) Given New $250.00 Price Target at Wells Fargo & Company

Key Points

• Analysts at Wells Fargo & Company have increased their price target for Nexstar Media Group from $206.00 to $250.00, indicating a potential upside of 33.04% from its previous close.
• Nexstar's latest quarterly earnings report revealed $3.06 earnings per share, surpassing analysts' expectations, although the company experienced a 3.2% decrease in revenue compared to the previous year.
• Approximately 95.30% of Nexstar Media Group's stock is owned by institutional investors and hedge funds, reflecting strong market confidence in the company.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) had its target price boosted by stock analysts at Wells Fargo & Company from $206.00 to $250.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's price target would indicate a potential upside of 33.04% from the company's previous close.

Several other research firms have also recently issued reports on NXST. Benchmark boosted their price objective on shares of Nexstar Media Group from $220.00 to $225.00 and gave the company a "buy" rating in a research report on Friday. Barrington Research restated an "outperform" rating and set a $200.00 target price on shares of Nexstar Media Group in a report on Wednesday, July 30th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $214.29.

Nexstar Media Group Price Performance

Shares of NASDAQ NXST traded up $3.38 during midday trading on Friday, reaching $187.91. 138,507 shares of the stock traded hands, compared to its average volume of 415,133. The company's 50 day moving average is $178.01 and its 200 day moving average is $167.33. Nexstar Media Group has a one year low of $141.66 and a one year high of $194.00. The stock has a market capitalization of $5.73 billion, a PE ratio of 9.52, a P/E/G ratio of 1.34 and a beta of 1.05. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.74 and a quick ratio of 1.74.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $3.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.95 by $0.11. The business had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.21 billion. Nexstar Media Group had a return on equity of 29.21% and a net margin of 12.21%. The company's quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the business posted $3.54 earnings per share. On average, equities research analysts anticipate that Nexstar Media Group will post 21.62 earnings per share for the current year.

Insider Transactions at Nexstar Media Group

In related news, COO Michael Biard sold 2,182 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $173.59, for a total value of $378,773.38. Following the sale, the chief operating officer owned 7,218 shares in the company, valued at $1,252,972.62. This represents a 23.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Lee Ann Gliha sold 1,437 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $173.59, for a total transaction of $249,448.83. Following the transaction, the executive vice president directly owned 10,923 shares of the company's stock, valued at $1,896,123.57. This represents a 11.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,474 shares of company stock valued at $3,666,988. 6.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nexstar Media Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. LPL Financial LLC grew its position in Nexstar Media Group by 9.8% during the fourth quarter. LPL Financial LLC now owns 20,506 shares of the company's stock valued at $3,166,000 after buying an additional 1,828 shares during the period. Wellington Management Group LLP purchased a new position in shares of Nexstar Media Group in the 4th quarter valued at about $2,370,000. Envestnet Asset Management Inc. raised its stake in shares of Nexstar Media Group by 0.8% during the 4th quarter. Envestnet Asset Management Inc. now owns 78,708 shares of the company's stock worth $12,434,000 after buying an additional 645 shares during the period. Russell Investments Group Ltd. grew its stake in Nexstar Media Group by 0.7% in the 4th quarter. Russell Investments Group Ltd. now owns 55,573 shares of the company's stock valued at $8,779,000 after acquiring an additional 370 shares during the period. Finally, Invesco Ltd. increased its holdings in Nexstar Media Group by 185.0% in the 4th quarter. Invesco Ltd. now owns 219,561 shares of the company's stock worth $34,684,000 after acquiring an additional 142,520 shares in the last quarter. 95.30% of the stock is owned by institutional investors and hedge funds.

Nexstar Media Group Company Profile

Nexstar Media Group, Inc operates as a diversified media company that produces and distributes engaging local and national news, sports and entertainment content across the television and digital platforms in the United States. It owns, operates, programs, or provides sales and other services to various markets; and offers television programming services.

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