Ritholtz Wealth Management Boosts Position in Nexstar Media Group, Inc. $NXST

Ritholtz Wealth Management raised its holdings in shares of Nexstar Media Group, Inc. (NASDAQ:NXST) by 40.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 29,457 shares of the company’s stock after buying an additional 8,505 shares during the quarter. Ritholtz Wealth Management’s holdings in Nexstar Media Group were worth $5,327,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. CPC Advisors LLC raised its holdings in shares of Nexstar Media Group by 114.3% during the first quarter. CPC Advisors LLC now owns 26,651 shares of the company’s stock worth $4,819,000 after purchasing an additional 14,217 shares during the last quarter. SG Americas Securities LLC lifted its position in Nexstar Media Group by 1,272.0% during the first quarter. SG Americas Securities LLC now owns 51,367 shares of the company’s stock valued at $9,289,000 after purchasing an additional 47,623 shares during the period. Evolve Private Wealth LLC boosted its holdings in Nexstar Media Group by 4.6% in the first quarter. Evolve Private Wealth LLC now owns 4,121 shares of the company’s stock valued at $745,000 after purchasing an additional 180 shares during the last quarter. Baron Wealth Management LLC boosted its holdings in Nexstar Media Group by 17.7% in the first quarter. Baron Wealth Management LLC now owns 1,986 shares of the company’s stock valued at $359,000 after purchasing an additional 299 shares during the last quarter. Finally, Sentinel Dome Partners LLC acquired a new stake in Nexstar Media Group during the 4th quarter worth about $2,315,000. Institutional investors and hedge funds own 95.30% of the company’s stock.

Insider Activity at Nexstar Media Group

In other Nexstar Media Group news, insider Dana Zimmer sold 915 shares of the stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $176.42, for a total transaction of $161,424.30. Following the transaction, the insider directly owned 5,738 shares of the company’s stock, valued at $1,012,297.96. This trade represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Michael Biard sold 1,227 shares of Nexstar Media Group stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $174.21, for a total transaction of $213,755.67. Following the completion of the sale, the chief operating officer owned 17,105 shares in the company, valued at approximately $2,979,862.05. This trade represents a 6.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 22,813 shares of company stock valued at $4,174,731 in the last three months. Company insiders own 7.00% of the company’s stock.

Analyst Ratings Changes

NXST has been the subject of a number of recent research reports. Zacks Research upgraded Nexstar Media Group from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. Wells Fargo & Company decreased their target price on shares of Nexstar Media Group from $290.00 to $253.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Benchmark dropped their price target on shares of Nexstar Media Group from $300.00 to $250.00 and set a “buy” rating on the stock in a research report on Monday, April 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nexstar Media Group in a report on Wednesday, May 27th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Nexstar Media Group from $270.00 to $255.00 and set a “buy” rating for the company in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $259.67.

Nexstar Media Group Trading Down 7.9%

Shares of NXST stock opened at $154.70 on Friday. The company has a debt-to-equity ratio of 5.53, a current ratio of 1.76 and a quick ratio of 1.76. The company has a market cap of $4.72 billion, a price-to-earnings ratio of 33.20, a PEG ratio of 0.42 and a beta of 0.91. The stock has a 50 day simple moving average of $187.78 and a 200-day simple moving average of $205.73. Nexstar Media Group, Inc. has a 1-year low of $154.47 and a 1-year high of $254.30.

Nexstar Media Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were issued a $1.86 dividend. This represents a $7.44 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend was Friday, May 15th. Nexstar Media Group’s payout ratio is presently 159.66%.

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.