Nexstar Media Group (NASDAQ:NXST) Reaches New 12-Month High Following Better-Than-Expected Earnings

Key Points

• Nexstar Media Group shares reached a new 52-week high of $194.00 following an earnings report that exceeded analysts' expectations with an EPS of $3.06.
• The company announced a quarterly dividend of $1.86 per share, representing a yield of 3.9% and a dividend payout ratio of 37.69%.
• Analysts have set a consensus target price for Nexstar shares at $205.71, with most ratings being a moderate buy despite a recent reduction in price targets by some firms.

Nexstar Media Group, Inc. (NASDAQ:NXST - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $194.00 and last traded at $187.00, with a volume of 38803 shares. The stock had previously closed at $186.99.

The company reported $3.06 earnings per share for the quarter, beating analysts' consensus estimates of $2.95 by $0.11. Nexstar Media Group had a return on equity of 28.44% and a net margin of 11.90%. The firm had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same quarter last year, the firm earned $3.54 EPS. Nexstar Media Group's quarterly revenue was down 3.2% on a year-over-year basis.

Nexstar Media Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be paid a dividend of $1.86 per share. The ex-dividend date is Friday, August 15th. This represents a $7.44 annualized dividend and a yield of 4.0%. Nexstar Media Group's dividend payout ratio (DPR) is 37.69%.

Analyst Ratings Changes

Several research firms have weighed in on NXST. Barrington Research reiterated an "outperform" rating and set a $200.00 target price on shares of Nexstar Media Group in a research note on Wednesday, July 30th. Wells Fargo & Company boosted their price objective on shares of Nexstar Media Group from $206.00 to $250.00 and gave the company an "overweight" rating in a research report on Friday. Finally, Benchmark raised their target price on shares of Nexstar Media Group from $220.00 to $225.00 and gave the stock a "buy" rating in a report on Friday. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Nexstar Media Group has a consensus rating of "Moderate Buy" and an average target price of $214.29.

Insider Buying and Selling

In other Nexstar Media Group news, insider Sean Compton sold 1,088 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $175.53, for a total transaction of $190,976.64. Following the sale, the insider owned 12,096 shares in the company, valued at approximately $2,123,210.88. The trade was a 8.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Lee Ann Gliha sold 1,437 shares of the firm's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $173.59, for a total transaction of $249,448.83. Following the completion of the transaction, the executive vice president owned 10,923 shares of the company's stock, valued at approximately $1,896,123.57. The trade was a 11.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,474 shares of company stock worth $3,666,988. Company insiders own 6.70% of the company's stock.

Hedge Funds Weigh In On Nexstar Media Group

A number of hedge funds have recently modified their holdings of the stock. IFP Advisors Inc increased its position in Nexstar Media Group by 375.0% in the 2nd quarter. IFP Advisors Inc now owns 152 shares of the company's stock worth $26,000 after purchasing an additional 120 shares during the last quarter. Allworth Financial LP grew its stake in shares of Nexstar Media Group by 617.2% in the 2nd quarter. Allworth Financial LP now owns 208 shares of the company's stock valued at $36,000 after buying an additional 179 shares in the last quarter. LRI Investments LLC acquired a new position in Nexstar Media Group in the second quarter worth approximately $43,000. Parkside Financial Bank & Trust increased its holdings in Nexstar Media Group by 70.6% in the second quarter. Parkside Financial Bank & Trust now owns 273 shares of the company's stock worth $47,000 after buying an additional 113 shares during the last quarter. Finally, Whipplewood Advisors LLC raised its position in Nexstar Media Group by 830.3% during the first quarter. Whipplewood Advisors LLC now owns 307 shares of the company's stock valued at $55,000 after acquiring an additional 274 shares in the last quarter. 95.30% of the stock is owned by institutional investors and hedge funds.

Nexstar Media Group Stock Performance

The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 2.86. The stock has a market cap of $5.70 billion, a P/E ratio of 9.70, a price-to-earnings-growth ratio of 1.32 and a beta of 1.05. The firm's 50-day moving average is $178.35 and its two-hundred day moving average is $167.56.

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.