Dorsal Capital Management LP Invests $74.15 Million in Nexstar Media Group, Inc. $NXST

Dorsal Capital Management LP acquired a new position in Nexstar Media Group, Inc. (NASDAQ:NXST) during the 3rd quarter, HoldingsChannel reports. The fund acquired 375,000 shares of the company’s stock, valued at approximately $74,152,000. Nexstar Media Group accounts for about 2.0% of Dorsal Capital Management LP’s investment portfolio, making the stock its 21st largest holding.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Cinctive Capital Management LP grew its position in shares of Nexstar Media Group by 14.2% in the 3rd quarter. Cinctive Capital Management LP now owns 25,496 shares of the company’s stock valued at $5,042,000 after buying an additional 3,180 shares during the last quarter. California Public Employees Retirement System raised its position in shares of Nexstar Media Group by 2.6% during the third quarter. California Public Employees Retirement System now owns 56,908 shares of the company’s stock worth $11,253,000 after acquiring an additional 1,419 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in shares of Nexstar Media Group in the third quarter worth approximately $1,001,000. Creative Planning lifted its stake in shares of Nexstar Media Group by 19.8% in the third quarter. Creative Planning now owns 6,628 shares of the company’s stock worth $1,311,000 after acquiring an additional 1,094 shares during the period. Finally, Ancora Advisors LLC boosted its holdings in Nexstar Media Group by 22.0% in the third quarter. Ancora Advisors LLC now owns 1,553 shares of the company’s stock valued at $307,000 after acquiring an additional 280 shares during the last quarter. 95.30% of the stock is currently owned by institutional investors and hedge funds.

Nexstar Media Group Price Performance

Shares of NXST opened at $233.61 on Friday. The firm has a market cap of $7.09 billion, a PE ratio of 79.46, a price-to-earnings-growth ratio of 0.92 and a beta of 0.79. Nexstar Media Group, Inc. has a 52-week low of $141.66 and a 52-week high of $254.30. The business’s 50 day moving average price is $225.86 and its two-hundred day moving average price is $207.57. 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Friday, February 13th were given a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Friday, February 13th. Nexstar Media Group’s payout ratio is presently 253.06%.

Analyst Ratings Changes

A number of research firms have weighed in on NXST. Deutsche Bank Aktiengesellschaft increased their target price on shares of Nexstar Media Group from $225.00 to $250.00 and gave the company a “buy” rating in a research report on Tuesday, February 10th. Benchmark increased their price objective on shares of Nexstar Media Group from $250.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Weiss Ratings reissued a “hold (c+)” rating on shares of Nexstar Media Group in a research note on Monday, December 29th. Barrington Research restated an “outperform” rating and issued a $290.00 target price on shares of Nexstar Media Group in a report on Tuesday, March 3rd. Finally, Guggenheim upped their price target on shares of Nexstar Media Group from $250.00 to $290.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $278.67.

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.