Nexstar Media Group (NASDAQ:NXST) Given New $253.00 Price Target at Wells Fargo & Company

Nexstar Media Group (NASDAQ:NXST) had its price objective cut by Wells Fargo & Company from $290.00 to $253.00 in a research report report published on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages have also recently weighed in on NXST. Barrington Research reaffirmed an “outperform” rating and issued a $290.00 price target on shares of Nexstar Media Group in a research report on Tuesday, April 28th. Guggenheim boosted their target price on Nexstar Media Group from $250.00 to $290.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Benchmark decreased their target price on Nexstar Media Group from $300.00 to $250.00 and set a “buy” rating for the company in a research report on Monday, April 6th. Citigroup upgraded Nexstar Media Group from a “neutral” rating to a “buy” rating and lowered their price target for the company from $252.00 to $220.00 in a report on Friday, April 10th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Nexstar Media Group from $250.00 to $270.00 and gave the company a “buy” rating in a research report on Monday, March 23rd. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $262.17.

Nexstar Media Group Trading Up 4.3%

Shares of NASDAQ:NXST opened at $202.79 on Friday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 2.07 and a current ratio of 2.07. Nexstar Media Group has a 1-year low of $161.60 and a 1-year high of $254.30. The company has a 50 day moving average price of $213.50 and a 200 day moving average price of $207.97. The stock has a market capitalization of $6.19 billion, a price-to-earnings ratio of 43.52, a PEG ratio of 0.77 and a beta of 0.97.

Nexstar Media Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 15th will be issued a $1.86 dividend. The ex-dividend date of this dividend is Friday, May 15th. This represents a $7.44 dividend on an annualized basis and a yield of 3.7%. Nexstar Media Group’s dividend payout ratio (DPR) is 253.06%.

Institutional Investors Weigh In On Nexstar Media Group

Several hedge funds and other institutional investors have recently modified their holdings of NXST. Dorsal Capital Management LP bought a new stake in Nexstar Media Group in the 3rd quarter valued at $74,152,000. QVT Financial LP raised its position in shares of Nexstar Media Group by 200.0% during the fourth quarter. QVT Financial LP now owns 155,281 shares of the company’s stock valued at $31,530,000 after buying an additional 310,562 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Nexstar Media Group by 118.1% during the second quarter. AQR Capital Management LLC now owns 543,612 shares of the company’s stock valued at $93,795,000 after buying an additional 294,308 shares during the last quarter. JPMorgan Chase & Co. lifted its stake 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 valued at $73,960,000 after buying an additional 228,603 shares during the period. Finally, Norges Bank acquired a new stake in Nexstar Media Group during the fourth quarter worth about $41,474,000. Institutional investors and hedge funds own 95.30% of the company’s stock.

Nexstar Media Group Company Profile

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.