Proficio Capital Partners LLC Takes Position in Nexstar Media Group, Inc. (NASDAQ:NXST)

Proficio Capital Partners LLC bought a new position in shares of Nexstar Media Group, Inc. (NASDAQ:NXST) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 225,107 shares of the company’s stock, valued at approximately $35,560,000. Proficio Capital Partners LLC owned 0.73% of Nexstar Media Group at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of NXST. Creative Planning boosted its holdings in shares of Nexstar Media Group by 43.8% during the third quarter. Creative Planning now owns 6,925 shares of the company’s stock worth $1,145,000 after purchasing an additional 2,108 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Nexstar Media Group by 43.7% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 6,419 shares of the company’s stock worth $1,061,000 after purchasing an additional 1,951 shares during the period. Integrated Advisors Network LLC purchased a new stake in shares of Nexstar Media Group during the third quarter worth about $220,000. New York State Common Retirement Fund boosted its holdings in shares of Nexstar Media Group by 6.1% during the third quarter. New York State Common Retirement Fund now owns 189,673 shares of the company’s stock worth $31,362,000 after purchasing an additional 10,938 shares during the period. Finally, Farther Finance Advisors LLC boosted its holdings in shares of Nexstar Media Group by 137.7% during the third quarter. Farther Finance Advisors LLC now owns 4,373 shares of the company’s stock worth $723,000 after purchasing an additional 2,533 shares during the period. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

Nexstar Media Group Price Performance

NXST stock opened at $169.15 on Friday. The firm has a 50 day moving average price of $155.08 and a 200-day moving average price of $163.29. Nexstar Media Group, Inc. has a 52-week low of $146.04 and a 52-week high of $191.86. The firm has a market capitalization of $5.25 billion, a price-to-earnings ratio of 9.78, a PEG ratio of 0.45 and a beta of 1.45. The company has a debt-to-equity ratio of 2.98, a quick ratio of 1.68 and a current ratio of 1.68.

Nexstar Media Group (NASDAQ:NXST) last released its earnings results on Thursday, February 27th. The company reported $7.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.22 by ($1.66). Nexstar Media Group had a net margin of 11.39% and a return on equity of 26.03%. The business had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Equities research analysts forecast that Nexstar Media Group, Inc. will post 21.62 EPS for the current fiscal year.

Nexstar Media Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Wednesday, February 12th were given a dividend of $1.86 per share. The ex-dividend date was Wednesday, February 12th. This represents a $7.44 annualized dividend and a dividend yield of 4.40%. This is an increase from Nexstar Media Group’s previous quarterly dividend of $1.69. Nexstar Media Group’s dividend payout ratio (DPR) is 43.03%.

Insider Activity at Nexstar Media Group

In related news, Director Bernadette S. Aulestia sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $164.45, for a total transaction of $82,225.00. Following the completion of the sale, the director now owns 2,000 shares of the company’s stock, valued at $328,900. This trade represents a 20.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Lee Ann Gliha sold 330 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $158.23, for a total transaction of $52,215.90. Following the sale, the chief financial officer now directly owns 8,610 shares of the company’s stock, valued at $1,362,360.30. This trade represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 127,493 shares of company stock valued at $20,354,366 over the last 90 days. Corporate insiders own 6.30% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on NXST. StockNews.com upgraded shares of Nexstar Media Group from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Benchmark raised their price objective on shares of Nexstar Media Group from $200.00 to $225.00 and gave the stock a “buy” rating in a report on Friday. Guggenheim raised their price objective on shares of Nexstar Media Group from $210.00 to $220.00 and gave the stock a “buy” rating in a report on Friday. Barrington Research restated an “outperform” rating and issued a $200.00 price objective on shares of Nexstar Media Group in a report on Thursday. Finally, Loop Capital upgraded shares of Nexstar Media Group from a “hold” rating to a “buy” rating and raised their price objective for the stock from $190.00 to $200.00 in a report on Friday. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $210.29.

Nexstar Media Group Profile

Nexstar Media Group, Inc operates as a diversified media company that produces and distributes engaging local and national news, sports and entertainment content across the television and digital platforms in the United States. It owns, operates, programs, or provides sales and other services to various markets; and offers television programming services.