Nexstar Media Group (NXST) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Nexstar Media Group (NASDAQ:NXST) from a hold rating to a buy rating in a research note issued to investors on Tuesday, January 30th. They currently have $89.00 price objective on the stock.

According to Zacks, “Nexstar Broadcasting Group currently owns, operates, programs or provides sales and other services to television stations in the states of Illinois, Indiana, Maryland, Missouri, Montana, Texas, Pennsylvania, Louisiana, Arkansas, Alabama and New York. Nexstar’s television station group includes affiliates of NBC, CBS, ABC, FOX and UPN. “

NXST has been the topic of a number of other research reports. B. Riley restated a buy rating and issued a $79.00 target price on shares of Nexstar Media Group in a research note on Wednesday, November 1st. Deutsche Bank started coverage on Nexstar Media Group in a research note on Friday, October 20th. They issued a buy rating and a $80.00 price objective on the stock. Guggenheim assumed coverage on Nexstar Media Group in a research note on Wednesday, October 18th. They issued a buy rating and a $90.00 price objective on the stock. BidaskClub raised shares of Nexstar Media Group from a hold rating to a buy rating in a report on Thursday, December 7th. Finally, Noble Financial reissued a buy rating on shares of Nexstar Media Group in a report on Thursday, December 21st. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company currently has an average rating of Buy and an average target price of $86.90.

Nexstar Media Group (NASDAQ NXST) opened at $74.20 on Tuesday. The stock has a market capitalization of $3,380.00, a PE ratio of 27.79, a price-to-earnings-growth ratio of 0.70 and a beta of 1.83. The company has a debt-to-equity ratio of 3.58, a quick ratio of 1.35 and a current ratio of 1.35. Nexstar Media Group has a 12 month low of $55.95 and a 12 month high of $82.95.

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 2nd. Shareholders of record on Friday, February 16th will be given a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a yield of 2.02%. This is a positive change from Nexstar Media Group’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, February 15th. Nexstar Media Group’s dividend payout ratio is presently 44.94%.

In other news, insider Timothy C. Busch sold 10,000 shares of the stock in a transaction dated Wednesday, December 27th. The shares were sold at an average price of $79.13, for a total transaction of $791,300.00. Following the completion of the sale, the insider now directly owns 50,214 shares in the company, valued at $3,973,433.82. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Elizabeth Ryder sold 3,000 shares of the stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $65.87, for a total transaction of $197,610.00. Following the sale, the executive vice president now owns 5,210 shares of the company’s stock, valued at $343,182.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 40,610 shares of company stock valued at $3,129,294. Company insiders own 8.40% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in NXST. Cerebellum GP LLC bought a new position in shares of Nexstar Media Group during the fourth quarter valued at approximately $132,000. Victory Capital Management Inc. bought a new position in shares of Nexstar Media Group during the third quarter valued at approximately $172,000. Advisor Group Inc. increased its stake in shares of Nexstar Media Group by 86.5% during the fourth quarter. Advisor Group Inc. now owns 2,331 shares of the company’s stock valued at $183,000 after purchasing an additional 1,081 shares in the last quarter. Zeke Capital Advisors LLC bought a new position in shares of Nexstar Media Group during the fourth quarter valued at approximately $225,000. Finally, Raymond James Financial Services Advisors Inc. bought a new position in shares of Nexstar Media Group during the fourth quarter valued at approximately $237,000.

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About Nexstar Media Group

Nexstar Media Group, Inc, formerly Nexstar Broadcasting Group, Inc, is a television broadcasting and digital media company. The Company is focused on the acquisition, development and operation of television stations and interactive community Websites, and digital media services in medium-sized markets in the United States.

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