Wellington Management Group LLP Makes New $2.37 Million Investment in Nexstar Media Group, Inc. (NASDAQ:NXST)

Wellington Management Group LLP purchased a new position in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 15,005 shares of the company's stock, valued at approximately $2,370,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Brandywine Global Investment Management LLC raised its position in Nexstar Media Group by 61.8% during the 4th quarter. Brandywine Global Investment Management LLC now owns 95,291 shares of the company's stock worth $15,053,000 after buying an additional 36,381 shares during the last quarter. Pictet Asset Management Holding SA raised its holdings in Nexstar Media Group by 8.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 5,142 shares of the company's stock worth $812,000 after purchasing an additional 389 shares in the last quarter. Norges Bank acquired a new stake in Nexstar Media Group in the fourth quarter valued at about $44,460,000. Loomis Sayles & Co. L P boosted its holdings in Nexstar Media Group by 4.0% in the 4th quarter. Loomis Sayles & Co. L P now owns 77,631 shares of the company's stock valued at $12,263,000 after purchasing an additional 3,009 shares in the last quarter. Finally, Zions Bancorporation N.A. increased its position in Nexstar Media Group by 17.6% during the 4th quarter. Zions Bancorporation N.A. now owns 14,381 shares of the company's stock worth $2,272,000 after purchasing an additional 2,155 shares during the period. Institutional investors and hedge funds own 95.30% of the company's stock.

Insider Transactions at Nexstar Media Group

In related news, insider Andrew Alford sold 3,768 shares of the business's stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.98, for a total value of $685,700.64. Following the completion of the transaction, the insider now owns 5,405 shares of the company's stock, valued at approximately $983,601.90. The trade was a 41.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Perry A. Sook sold 32,096 shares of the firm's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $170.67, for a total transaction of $5,477,824.32. Following the sale, the chief executive officer now directly owns 806,019 shares in the company, valued at $137,563,262.73. This represents a 3.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 39,105 shares of company stock valued at $6,722,463 over the last three months. 6.30% of the stock is currently owned by insiders.

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Analyst Ratings Changes

A number of analysts recently weighed in on the company. Loop Capital upgraded Nexstar Media Group from a "hold" rating to a "buy" rating and lifted their price target for the company from $190.00 to $200.00 in a research note on Friday, February 28th. Barrington Research reaffirmed an "outperform" rating and set a $200.00 price target on shares of Nexstar Media Group in a research note on Wednesday, March 5th. Guggenheim increased their price target on shares of Nexstar Media Group from $210.00 to $220.00 and gave the company a "buy" rating in a report on Friday, February 28th. StockNews.com downgraded shares of Nexstar Media Group from a "buy" rating to a "hold" rating in a report on Monday, March 3rd. Finally, Rosenblatt Securities restated a "buy" rating and set a $200.00 target price on shares of Nexstar Media Group in a research report on Monday, March 10th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $208.43.

Nexstar Media Group Price Performance

NASDAQ NXST traded down $0.14 during trading hours on Tuesday, reaching $152.40. The company's stock had a trading volume of 245,978 shares, compared to its average volume of 368,969. The company has a debt-to-equity ratio of 2.98, a quick ratio of 1.68 and a current ratio of 1.68. The stock has a market cap of $4.65 billion, a PE ratio of 8.81, a PEG ratio of 0.45 and a beta of 1.09. The company's 50-day moving average is $163.68 and its two-hundred day moving average is $164.12. Nexstar Media Group, Inc. has a fifty-two week low of $143.32 and a fifty-two week high of $191.86.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported $7.56 EPS for the quarter, missing the consensus estimate of $9.22 by ($1.66). Nexstar Media Group had a net margin of 11.39% and a return on equity of 26.03%. The business had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.48 billion. Analysts forecast that Nexstar Media Group, Inc. will post 21.62 EPS for the current year.

Nexstar Media Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Wednesday, February 12th were given a dividend of $1.86 per share. This is an increase from Nexstar Media Group's previous quarterly dividend of $1.69. The ex-dividend date was Wednesday, February 12th. This represents a $7.44 annualized dividend and a yield of 4.88%. Nexstar Media Group's dividend payout ratio (DPR) is presently 34.56%.

About Nexstar Media Group

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.