Point72 Asset Management L.P. Sells 177,135 Shares of Nexstar Media Group, Inc. (NASDAQ:NXST)

Point72 Asset Management L.P. cut its position in Nexstar Media Group, Inc. (NASDAQ:NXST) by 77.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,046 shares of the company’s stock after selling 177,135 shares during the quarter. Point72 Asset Management L.P.’s holdings in Nexstar Media Group were worth $8,806,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Quarry LP raised its stake in Nexstar Media Group by 77.8% in the 2nd quarter. Quarry LP now owns 297 shares of the company’s stock valued at $49,000 after acquiring an additional 130 shares during the period. Sunbelt Securities Inc. raised its position in shares of Nexstar Media Group by 38.7% in the second quarter. Sunbelt Securities Inc. now owns 785 shares of the company’s stock valued at $130,000 after purchasing an additional 219 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Nexstar Media Group by 9.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,188 shares of the company’s stock valued at $529,000 after buying an additional 264 shares in the last quarter. Creative Planning boosted its holdings in Nexstar Media Group by 25.6% in the 2nd quarter. Creative Planning now owns 4,817 shares of the company’s stock worth $800,000 after buying an additional 982 shares during the period. Finally, Algert Global LLC purchased a new position in Nexstar Media Group in the 2nd quarter valued at approximately $559,000. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on NXST shares. Deutsche Bank Aktiengesellschaft dropped their target price on Nexstar Media Group from $207.00 to $205.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. StockNews.com upgraded Nexstar Media Group from a “hold” rating to a “buy” rating in a research note on Thursday, September 26th. Benchmark reiterated a “buy” rating and set a $225.00 price target on shares of Nexstar Media Group in a research report on Friday, August 9th. Barrington Research reissued an “outperform” rating and issued a $200.00 price target on shares of Nexstar Media Group in a report on Thursday, August 8th. Finally, Wells Fargo & Company reduced their price objective on shares of Nexstar Media Group from $221.00 to $209.00 and set an “overweight” rating for the company in a research note on Friday, August 9th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $201.67.

Nexstar Media Group Stock Performance

NASDAQ:NXST opened at $164.82 on Wednesday. The stock has a market cap of $5.43 billion, a P/E ratio of 13.94, a PEG ratio of 0.19 and a beta of 1.49. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 2.92. The business’s 50-day moving average price is $168.28 and its two-hundred day moving average price is $165.87. Nexstar Media Group, Inc. has a twelve month low of $132.30 and a twelve month high of $187.27.

Nexstar Media Group (NASDAQ:NXST) last announced its earnings results on Thursday, August 8th. The company reported $3.54 earnings per share for the quarter, missing analysts’ consensus estimates of $4.48 by ($0.94). Nexstar Media Group had a net margin of 8.68% and a return on equity of 18.65%. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the prior year, the business earned $2.64 earnings per share. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, equities analysts predict that Nexstar Media Group, Inc. will post 25.72 EPS for the current fiscal year.

Nexstar Media Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, August 9th were given a $1.69 dividend. The ex-dividend date was Friday, August 9th. This represents a $6.76 annualized dividend and a yield of 4.10%. Nexstar Media Group’s dividend payout ratio (DPR) is presently 57.19%.

Insider Activity at Nexstar Media Group

In other Nexstar Media Group news, EVP Rachel Morgan sold 6,196 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $171.30, for a total transaction of $1,061,374.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Nexstar Media Group news, EVP Rachel Morgan sold 6,196 shares of Nexstar Media Group stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $171.30, for a total transaction of $1,061,374.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jay M. Grossman sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $170.70, for a total transaction of $1,707,000.00. Following the completion of the sale, the director now owns 54,625 shares of the company’s stock, valued at $9,324,487.50. The disclosure for this sale can be found here. Insiders have sold a total of 41,112 shares of company stock valued at $6,887,029 over the last 90 days. 5.90% of the stock is owned by insiders.

Nexstar Media Group Profile

Nexstar Media Group, Inc operates as a diversified media company that produces and distributes engaging local and national news, sports and entertainment content across the television and digital platforms in the United States. It owns, operates, programs, or provides sales and other services to various markets; and offers television programming services.