Nexstar Media Group (NASDAQ:NXST) Insider Gary Weitman Sells 184 Shares

Key Points

• Nexstar insider Gary Weitman sold 184 shares on May 27 at an average price of $187.32, totaling about $34,467. The filing says the sale was made to cover tax withholding obligations tied to vesting equity awards.
• The stock traded lower to $185.12 during the session, with recent price levels below both its 50-day moving average of $200.38 and 200-day moving average of $207.99.
• Nexstar also announced a quarterly dividend of $1.86 per share, equal to an annualized $7.44 and a 4.0% yield, though the payout ratio is high at 159.66%.

Nexstar Media Group, Inc. (NASDAQ:NXST - Get Free Report) insider Gary Weitman sold 184 shares of the company's stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $187.32, for a total value of $34,466.88. Following the completion of the transaction, the insider directly owned 5,018 shares of the company's stock, valued at approximately $939,971.76. This trade represents a 3.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Nexstar Media Group Price Performance

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

Nexstar Media Group Announces Dividend

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

More 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

Hedge Funds Weigh In On Nexstar Media Group

A number of large investors have recently made changes to their positions in NXST. Torren Management LLC bought a new position in Nexstar Media Group during the 4th quarter valued at about $28,000. Measured Wealth Private Client Group LLC bought a new stake in Nexstar Media Group in the third quarter worth about $28,000. Root Financial Partners LLC purchased a new position in shares of Nexstar Media Group during the third quarter valued at approximately $31,000. WPG Advisers LLC boosted its position in shares of Nexstar Media Group by 65.7% during the fourth quarter. WPG Advisers LLC now owns 179 shares of the company's stock valued at $36,000 after buying an additional 71 shares during the period. Finally, Hantz Financial Services Inc. grew its stake in shares of Nexstar Media Group by 164.5% during the third quarter. Hantz Financial Services Inc. now owns 201 shares of the company's stock valued at $40,000 after buying an additional 125 shares during the last quarter. 95.30% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Citigroup upgraded Nexstar Media Group from a "neutral" rating to a "buy" rating and decreased their target price for the stock from $252.00 to $220.00 in a research report on Friday, April 10th. Benchmark decreased 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. Guggenheim raised their price objective on Nexstar Media Group from $250.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, February 27th. Zacks Research upgraded Nexstar Media Group from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 13th. Finally, Wall Street Zen upgraded Nexstar Media Group from a "hold" rating to a "buy" rating in a report on Saturday, May 16th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $259.67.

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.

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