Nexstar Media Group (NASDAQ:NXST) Insider Dana Zimmer Sells 915 Shares

Nexstar Media Group, Inc. (NASDAQ:NXST) insider Dana Zimmer sold 915 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $176.42, for a total value of $161,424.30. Following the completion of the sale, the insider directly owned 5,738 shares of the company’s stock, valued at approximately $1,012,297.96. The trade was a 13.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Dana Zimmer also recently made the following trade(s):

• On Thursday, June 4th, Dana Zimmer sold 433 shares of Nexstar Media Group stock. The shares were sold at an average price of $182.42, for a total value of $78,987.86.
• On Wednesday, May 27th, Dana Zimmer sold 465 shares of Nexstar Media Group stock. The shares were sold at an average price of $187.32, for a total value of $87,103.80.

Nexstar Media Group Stock Up 0.6%

Shares of NASDAQ NXST traded up $1.11 during trading hours on Thursday, hitting $174.52. The company had a trading volume of 342,542 shares, compared to its average volume of 381,985. The stock has a market capitalization of $5.33 billion, a P/E ratio of 37.45, a price-to-earnings-growth ratio of 0.45 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 1-year low of $164.00 and a 1-year high of $254.30. The firm’s 50 day moving average is $191.36 and its 200-day moving average is $207.47.

Nexstar Media Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were issued a $1.86 dividend. This represents a $7.44 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend was Friday, May 15th. Nexstar Media Group’s dividend payout ratio is presently 159.66%.

Institutional Investors Weigh In On Nexstar Media Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Advisors Asset Management Inc. increased its position in shares of Nexstar Media Group by 19.9% in the third quarter. Advisors Asset Management Inc. now owns 27,849 shares of the company’s stock worth $5,507,000 after purchasing an additional 4,616 shares during the period. M&T Bank Corp increased its position in shares of Nexstar Media Group by 2,573.4% in the fourth quarter. M&T Bank Corp now owns 140,112 shares of the company’s stock worth $28,494,000 after purchasing an additional 134,871 shares during the period. Envestnet Asset Management Inc. increased its position in shares of Nexstar Media Group by 5.2% in the third quarter. Envestnet Asset Management Inc. now owns 93,334 shares of the company’s stock worth $18,456,000 after purchasing an additional 4,609 shares during the period. JPMorgan Chase & Co. increased its position in shares of Nexstar Media Group by 157.2% in the third quarter. JPMorgan Chase & Co. now owns 374,027 shares of the company’s stock worth $73,960,000 after purchasing an additional 228,603 shares during the period. Finally, Geode Capital Management LLC grew its position in Nexstar Media Group by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 773,443 shares of the company’s stock valued at $157,114,000 after acquiring an additional 13,084 shares during the last quarter. Institutional investors and hedge funds own 95.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft cut their price objective on Nexstar Media Group from $270.00 to $255.00 and set a “buy” rating for the company in a report on Monday, May 11th. Citigroup raised Nexstar Media Group from a “neutral” rating to a “buy” rating and cut their price target for the company from $252.00 to $220.00 in a report on Friday, April 10th. Wall Street Zen raised Nexstar Media Group from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nexstar Media Group in a report on Wednesday, May 27th. Finally, Wells Fargo & Company cut their price target on Nexstar Media Group from $290.00 to $253.00 and set an “overweight” rating for the company in a report on Friday, May 8th. One 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, the stock currently has a consensus rating of “Buy” and an average price target of $259.67.

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.