Nexstar Media Group (NXST) Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Nexstar Media Group (NASDAQ:NXST) from a buy rating to a hold rating in a research report sent to investors on Friday morning.

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. “

A number of other equities research analysts have also issued reports on the stock. Guggenheim set a $88.00 target price on shares of Nexstar Media Group and gave the company a buy rating in a research note on Wednesday, February 14th. Benchmark reaffirmed a buy rating and issued a $94.00 price objective on shares of Nexstar Media Group in a research note on Wednesday, February 14th. BidaskClub lowered shares of Nexstar Media Group from a buy rating to a hold rating in a research note on Thursday, January 25th. Royal Bank of Canada reaffirmed a buy rating and issued a $95.00 price objective on shares of Nexstar Media Group in a research note on Thursday, January 4th. Finally, Wells Fargo & Co reaffirmed an outperform rating and issued a $102.00 price objective (up previously from $93.00) on shares of Nexstar Media Group in a research note on Thursday, January 4th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Nexstar Media Group presently has a consensus rating of Buy and an average price target of $86.90.

Shares of Nexstar Media Group (NASDAQ NXST) opened at $73.25 on Friday. The stock has a market cap of $3,337.72, a price-to-earnings ratio of 27.54, a price-to-earnings-growth ratio of 0.70 and a beta of 1.83. Nexstar Media Group has a 52 week low of $55.95 and a 52 week high of $82.95. The company has a debt-to-equity ratio of 3.58, a quick ratio of 1.35 and a current ratio of 1.35.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 2nd. Investors of record on Friday, February 16th will be paid a $0.375 dividend. This represents a $1.50 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend is Thursday, February 15th. This is a positive change from Nexstar Media Group’s previous quarterly dividend of $0.30. Nexstar Media Group’s payout ratio is presently 56.39%.

In related news, insider Gary Michael Vaughn sold 400 shares of Nexstar Media Group stock in a transaction on Tuesday, December 5th. The shares were sold at an average price of $71.32, for a total value of $28,528.00. Following the transaction, the insider now owns 7,140 shares in the company, valued at approximately $509,224.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Blake Russell sold 20,000 shares of Nexstar Media Group stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $78.31, for a total transaction of $1,566,200.00. Following the completion of the transaction, the senior vice president now owns 42,861 shares in the company, valued at approximately $3,356,444.91. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,610 shares of company stock valued at $2,931,684. 8.40% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. raised its holdings in Nexstar Media Group by 16.6% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 225,687 shares of the company’s stock worth $14,061,000 after acquiring an additional 32,178 shares during the period. American National Bank raised its holdings in Nexstar Media Group by 4.5% in the 4th quarter. American National Bank now owns 36,915 shares of the company’s stock worth $2,886,000 after acquiring an additional 1,592 shares during the period. Rovida Advisors Inc. raised its holdings in Nexstar Media Group by 940.8% in the 3rd quarter. Rovida Advisors Inc. now owns 506,743 shares of the company’s stock worth $31,570,000 after acquiring an additional 458,055 shares during the period. Wells Fargo & Company MN raised its holdings in Nexstar Media Group by 3.4% in the 3rd quarter. Wells Fargo & Company MN now owns 403,890 shares of the company’s stock worth $25,162,000 after acquiring an additional 13,448 shares during the period. Finally, American International Group Inc. raised its holdings in Nexstar Media Group by 8.1% in the 3rd quarter. American International Group Inc. now owns 30,475 shares of the company’s stock worth $1,899,000 after acquiring an additional 2,279 shares during the period.

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Nexstar Media Group Company Profile

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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