Brokerages Set Nexstar Media Group, Inc. (NASDAQ:NXST) Price Target at $259.67

Nexstar Media Group, Inc. (NASDAQ:NXST) has earned a consensus rating of “Buy” from the eight analysts that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $259.6667.

NXST has been the subject of a number of research reports. Zacks Research raised shares of Nexstar Media Group from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. Deutsche Bank Aktiengesellschaft reduced 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 report on Monday, May 11th. Benchmark reduced their target price on shares of Nexstar Media Group from $300.00 to $250.00 and set a “buy” rating for the company in a report on Monday, April 6th. Barrington Research reaffirmed an “outperform” rating and set a $290.00 target price on shares of Nexstar Media Group in a report on Tuesday, April 28th. Finally, Wells Fargo & Company reduced their price objective on shares of Nexstar Media Group from $290.00 to $253.00 and set an “overweight” rating for the company in a research note on Friday, May 8th.

Insider Transactions at Nexstar Media Group

In other news, EVP Blake Russell sold 319 shares of the stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $182.42, for a total value of $58,191.98. Following the completion of the sale, the executive vice president directly owned 27,390 shares of the company’s stock, valued at $4,996,483.80. This represents a 1.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Brett Jenkins sold 397 shares of the stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $182.42, for a total transaction of $72,420.74. Following the completion of the sale, the insider directly owned 27,977 shares of the company’s stock, valued at approximately $5,103,564.34. This trade represents a 1.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 13,798 shares of company stock valued at $2,608,489. Company insiders own 6.70% of the company’s stock.

Institutional Trading of Nexstar Media Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. NewEdge Advisors LLC increased its stake in shares of Nexstar Media Group by 7,750.4% in the first quarter. NewEdge Advisors LLC now owns 9,028 shares of the company’s stock worth $1,633,000 after purchasing an additional 8,913 shares in the last quarter. Western Wealth Management LLC purchased a new stake in shares of Nexstar Media Group in the first quarter worth $1,229,000. Bank of America Corp DE increased its stake in shares of Nexstar Media Group by 17.0% in the first quarter. Bank of America Corp DE now owns 173,269 shares of the company’s stock worth $31,332,000 after purchasing an additional 25,193 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of Nexstar Media Group by 1.8% during the first quarter. Janus Henderson Group PLC now owns 643,864 shares of the company’s stock worth $116,427,000 after acquiring an additional 11,477 shares during the last quarter. Finally, Strategic Investment Advisors MI bought a new position in shares of Nexstar Media Group during the first quarter worth $154,000. 95.30% of the stock is owned by hedge funds and other institutional investors.

Nexstar Media Group Stock Up 1.1%

Shares of NXST stock opened at $179.57 on Friday. Nexstar Media Group has a 12 month low of $164.00 and a 12 month high of $254.30. The stock has a market cap of $5.48 billion, a P/E ratio of 38.53, a P/E/G ratio of 0.45 and a beta of 0.91. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 5.53. The company has a 50 day simple moving average of $191.60 and a two-hundred day simple moving average of $207.55.

Nexstar Media Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were paid a $1.86 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 4.1%. Nexstar Media Group’s dividend payout ratio is 159.66%.

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.