Nexstar Media Group (NASDAQ:NXST) Insider Gary Weitman Sells 194 Shares

Key Points

• Insider sale: Nexstar Media Group insider Gary Weitman sold 194 shares on June 12 at an average price of $174.21, totaling about $33,797. The sale reduced his holdings by 2.87% and was made to cover tax withholding tied to vesting equity awards.
• Recent trading activity: Weitman has sold shares several times in recent weeks, including 319 shares on June 4 and 184 shares on May 27. Nexstar stock was trading up 1.3% at $176.70 on Monday, though it remained below its 50-day and 200-day moving averages.
• Dividends and analyst outlook: Nexstar recently paid a quarterly dividend of $1.86 per share, implying a 4.2% annualized yield. Wall Street’s consensus remains positive, with an average rating of Buy and an average price target of $259.67.

Nexstar Media Group, Inc. (NASDAQ:NXST - Get Free Report) insider Gary Weitman sold 194 shares of the company's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $174.21, for a total transaction of $33,796.74. Following the sale, the insider owned 6,568 shares of the company's stock, valued at approximately $1,144,211.28. The trade was a 2.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Gary Weitman also recently made the following trade(s):

• On Thursday, June 4th, Gary Weitman sold 319 shares of Nexstar Media Group stock. The shares were sold at an average price of $182.42, for a total transaction of $58,191.98.
• On Wednesday, May 27th, Gary Weitman sold 184 shares of Nexstar Media Group stock. The shares were sold at an average price of $187.32, for a total transaction of $34,466.88.

Nexstar Media Group Trading Up 1.3%

Shares of Nexstar Media Group stock traded up $2.20 during trading on Monday, reaching $176.70. 61,375 shares of the stock were exchanged, compared to its average volume of 378,550. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 5.53. The stock's fifty day moving average is $191.14 and its 200 day moving average is $207.28. The firm has a market cap of $5.40 billion, a price-to-earnings ratio of 37.92, a price-to-earnings-growth ratio of 0.44 and a beta of 0.91. Nexstar Media Group, Inc. has a 1 year low of $164.00 and a 1 year high of $254.30.

Nexstar Media Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were issued a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date was Friday, May 15th. Nexstar Media Group's dividend payout ratio is currently 159.66%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NXST. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Nexstar Media Group in a research note on Wednesday, May 27th. Zacks Research raised shares of Nexstar Media Group from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 13th. Citigroup raised shares of Nexstar Media Group from a "neutral" rating to a "buy" rating and cut their target price for the stock from $252.00 to $220.00 in a research report on Friday, April 10th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Nexstar Media Group from $270.00 to $255.00 and set a "buy" rating for the company in a research report on Monday, May 11th. Finally, Barrington Research reiterated an "outperform" rating and set a $290.00 price target on shares of Nexstar Media Group in a research note on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $259.67.

Institutional Investors Weigh In On Nexstar Media Group

A number of institutional investors have recently bought and sold shares of the business. CWA Asset Management Group LLC increased its stake in Nexstar Media Group by 1.7% in the 4th quarter. CWA Asset Management Group LLC now owns 3,103 shares of the company's stock worth $630,000 after buying an additional 51 shares in the last quarter. Merit Financial Group LLC increased its holdings in shares of Nexstar Media Group by 1.6% in the 4th quarter. Merit Financial Group LLC now owns 3,571 shares of the company's stock worth $725,000 after buying an additional 56 shares during the last quarter. Truist Financial Corp increased its holdings in shares of Nexstar Media Group by 5.2% in the 4th quarter. Truist Financial Corp now owns 1,139 shares of the company's stock worth $231,000 after buying an additional 56 shares during the last quarter. WPG Advisers LLC grew its holdings in Nexstar Media Group by 65.7% during the 4th quarter. WPG Advisers LLC now owns 179 shares of the company's stock valued at $36,000 after purchasing an additional 71 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its holdings in Nexstar Media Group by 15.7% during the 2nd quarter. Geneos Wealth Management Inc. now owns 589 shares of the company's stock valued at $102,000 after purchasing an additional 80 shares during the last quarter. Hedge funds and other institutional investors own 95.30% of the company's stock.

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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