Corebridge Financial Inc. Lowers Holdings in Nexstar Media Group, Inc. (NASDAQ:NXST)

Corebridge Financial Inc. trimmed its position in Nexstar Media Group, Inc. (NASDAQ:NXST) by 8.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,142 shares of the company’s stock after selling 2,865 shares during the period. Corebridge Financial Inc. owned 0.11% of Nexstar Media Group worth $5,235,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. BNP Paribas Financial Markets boosted its stake in Nexstar Media Group by 67.8% during the third quarter. BNP Paribas Financial Markets now owns 26,239 shares of the company’s stock valued at $4,339,000 after buying an additional 10,603 shares during the period. SGL Investment Advisors Inc. bought a new stake in shares of Nexstar Media Group during the 3rd quarter valued at about $3,758,000. Holocene Advisors LP grew its holdings in shares of Nexstar Media Group by 680.9% during the third quarter. Holocene Advisors LP now owns 17,219 shares of the company’s stock worth $2,847,000 after purchasing an additional 15,014 shares in the last quarter. KBC Group NV increased its position in shares of Nexstar Media Group by 1,801.8% in the fourth quarter. KBC Group NV now owns 17,230 shares of the company’s stock worth $2,722,000 after purchasing an additional 16,324 shares during the last quarter. Finally, Entropy Technologies LP bought a new stake in Nexstar Media Group during the fourth quarter valued at approximately $506,000. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Charles Thomas Mcmillen sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $169.51, for a total transaction of $339,020.00. Following the transaction, the director now directly owns 4,975 shares of the company’s stock, valued at approximately $843,312.25. The trade was a 28.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Perry A. Sook sold 32,096 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $170.67, for a total value of $5,477,824.32. Following the completion of the sale, the chief executive officer now directly owns 806,019 shares of the company’s stock, valued at $137,563,262.73. The trade was a 3.83 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 39,105 shares of company stock valued at $6,722,463. Insiders own 6.30% of the company’s stock.

Nexstar Media Group Trading Down 1.7 %

NASDAQ NXST opened at $176.45 on Friday. The stock has a 50-day moving average of $162.36 and a 200-day moving average of $164.61. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 2.98. Nexstar Media Group, Inc. has a 1-year low of $146.04 and a 1-year high of $191.86. The firm has a market cap of $5.38 billion, a PE ratio of 10.21, a price-to-earnings-growth ratio of 0.45 and a beta of 1.47.

Nexstar Media Group (NASDAQ:NXST) last released its quarterly earnings data on Thursday, February 27th. The company reported $7.56 earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.48 billion. As a group, sell-side analysts forecast that Nexstar Media Group, Inc. will post 21.62 EPS for the current year.

Nexstar Media Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Wednesday, February 12th were given a $1.86 dividend. This is a boost from Nexstar Media Group’s previous quarterly dividend of $1.69. The ex-dividend date was Wednesday, February 12th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 4.22%. Nexstar Media Group’s payout ratio is presently 34.56%.

Analysts Set New Price Targets

Several research firms have recently weighed in on NXST. Rosenblatt Securities restated a “buy” rating and set a $200.00 price objective on shares of Nexstar Media Group in a research report on Monday, March 10th. Benchmark raised their price target on Nexstar Media Group from $200.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Loop Capital raised Nexstar Media Group from a “hold” rating to a “buy” rating and lifted their price target for the stock from $190.00 to $200.00 in a research note on Friday, February 28th. StockNews.com cut Nexstar Media Group from a “buy” rating to a “hold” rating in a report on Monday, March 3rd. Finally, Guggenheim upped their target price on Nexstar Media Group from $210.00 to $220.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $208.43.

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.