Geode Capital Management LLC Acquires 13,084 Shares of Nexstar Media Group, Inc. $NXST

Geode Capital Management LLC boosted its holdings in shares of Nexstar Media Group, Inc. (NASDAQ:NXST) by 1.7% in the 4th quarter, Holdings Channel reports. The firm owned 773,443 shares of the company’s stock after buying an additional 13,084 shares during the period. Geode Capital Management LLC’s holdings in Nexstar Media Group were worth $157,114,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its stake in Nexstar Media Group by 3.1% during the third quarter. Dimensional Fund Advisors LP now owns 1,391,323 shares of the company’s stock worth $275,121,000 after purchasing an additional 42,391 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of Nexstar Media Group by 27.1% in the 2nd quarter. Alliancebernstein L.P. now owns 882,322 shares of the company’s stock valued at $152,598,000 after acquiring an additional 187,864 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Nexstar Media Group by 118.1% in the 2nd quarter. AQR Capital Management LLC now owns 543,612 shares of the company’s stock valued at $93,795,000 after acquiring an additional 294,308 shares during the last quarter. Dorsal Capital Management LP bought a new position in shares of Nexstar Media Group in the 3rd quarter valued at $74,152,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Nexstar Media Group by 157.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 374,027 shares of the company’s stock valued at $73,960,000 after acquiring an additional 228,603 shares during the last quarter. 95.30% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Benchmark dropped their price target on Nexstar Media Group from $300.00 to $250.00 and set a “buy” rating for the company in a research note on Monday, April 6th. Zacks Research upgraded Nexstar Media Group from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. Barrington Research reiterated an “outperform” rating and issued a $290.00 price target on shares of Nexstar Media Group in a research note on Tuesday, April 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of Nexstar Media Group in a research note on Wednesday, May 27th. Finally, Citigroup upgraded Nexstar Media Group from a “neutral” rating to a “buy” rating and dropped their price target for the company from $252.00 to $220.00 in a research note on Friday, April 10th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Nexstar Media Group presently has an average rating of “Buy” and an average target price of $259.67.

Nexstar Media Group Stock Up 0.2%

Shares of NASDAQ:NXST opened at $181.52 on Thursday. The firm has a market cap of $5.54 billion, a P/E ratio of 38.95, a P/E/G ratio of 0.46 and a beta of 0.91. 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, Inc. has a 12-month low of $164.00 and a 12-month high of $254.30. The business has a fifty day simple moving average of $194.65 and a 200 day simple moving average of $207.71.

Nexstar Media Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were given a dividend of $1.86 per share. This represents a $7.44 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Friday, May 15th. Nexstar Media Group’s dividend payout ratio (DPR) is currently 159.66%.

Insider Buying and Selling at Nexstar Media Group

In related news, COO Michael Biard sold 989 shares of the firm’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $187.32, for a total transaction of $185,259.48. Following the completion of the transaction, the chief operating officer directly owned 15,224 shares of the company’s stock, valued at $2,851,759.68. This trade represents a 6.10% decrease in their position. The sale 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. Also, insider Sean Compton sold 5,000 shares of the firm’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $196.00, for a total value of $980,000.00. Following the transaction, the insider directly owned 11,252 shares of the company’s stock, valued at approximately $2,205,392. This represents a 30.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 10,290 shares of company stock worth $1,970,979 over the last 90 days. Company insiders own 6.70% 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.