Nexstar Media Group (NASDAQ:NXST) Insider Dana Zimmer Sells 465 Shares of Stock

Key Points

• Insider Dana Zimmer sold 465 shares of Nexstar Media Group at an average price of $187.32, totaling about $87,104. The filing says the sale was to cover tax withholding obligations tied to vesting equity awards.
• NXST stock edged lower on the day, falling 1.5% to $185.12 amid trading volume below its average. The shares remain well below their 52-week high of $254.30 but above the low of $164.00.
• Analyst sentiment remains positive, with a consensus rating of “Buy” and an average price target of $259.67. Several firms recently maintained or raised bullish ratings despite some target cuts.

Nexstar Media Group, Inc. (NASDAQ:NXST - Get Free Report) insider Dana Zimmer sold 465 shares of the business's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $187.32, for a total value of $87,103.80. Following the completion of the transaction, the insider directly owned 3,272 shares of the company's stock, valued at approximately $612,911.04. This trade represents a 12.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 Trading Down 1.5%

Shares of NXST traded down $2.91 on Wednesday, hitting $185.12. 324,271 shares of the stock traded hands, compared to its average volume of 384,860. Nexstar Media Group, Inc. has a 1 year low of $164.00 and a 1 year high of $254.30. The stock's 50 day moving average is $200.38 and its two-hundred day moving average is $207.99. The firm has a market capitalization of $5.65 billion, a P/E ratio of 39.73, a P/E/G ratio of 0.48 and a beta of 0.97. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 5.53.

Nexstar Media Group Announces Dividend

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

Wall Street Analyst Weigh In

NXST has been the topic of several research analyst reports. Guggenheim raised their target price on shares of Nexstar Media Group from $250.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday, February 27th. Wells Fargo & Company dropped their price target on shares of Nexstar Media Group from $290.00 to $253.00 and set an "overweight" rating for the company in a research report on Friday, May 8th. Benchmark cut their price target on shares of Nexstar Media Group from $300.00 to $250.00 and set a "buy" rating on the stock in a research note on Monday, April 6th. Zacks Research upgraded shares of Nexstar Media Group from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 13th. Finally, Barrington Research reissued 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 research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $259.67.

Institutional Trading of Nexstar Media Group

A number of institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. grew its stake in shares of Nexstar Media Group by 63.0% in the third quarter. Principal Financial Group Inc. now owns 488,292 shares of the company's stock valued at $96,557,000 after buying an additional 188,695 shares in the last quarter. Allianz Asset Management GmbH lifted its position in Nexstar Media Group by 43.1% during the 3rd quarter. Allianz Asset Management GmbH now owns 279,336 shares of the company's stock worth $55,236,000 after acquiring an additional 84,163 shares in the last quarter. Advisors Asset Management Inc. boosted its holdings in Nexstar Media Group by 19.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 27,849 shares of the company's stock worth $5,507,000 after acquiring an additional 4,616 shares during the period. Alps Advisors Inc. grew its position in Nexstar Media Group by 2,272.2% in the third quarter. Alps Advisors Inc. now owns 49,460 shares of the company's stock valued at $9,780,000 after acquiring an additional 47,375 shares in the last quarter. Finally, M&T Bank Corp raised its stake in shares of Nexstar Media Group by 2,573.4% during the fourth quarter. M&T Bank Corp now owns 140,112 shares of the company's stock valued at $28,494,000 after purchasing an additional 134,871 shares during the period. 95.30% of the stock is owned by hedge funds and other institutional investors.

Key Stories 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

Nexstar Media Group Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.