Nexstar Media Group (NASDAQ:NXST) Shares Gap Up – Should You Buy?

Nexstar Media Group, Inc. (NASDAQ:NXST) shares gapped up before the market opened on Friday . The stock had previously closed at $223.05, but opened at $231.64. Nexstar Media Group shares last traded at $229.3580, with a volume of 232,256 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Nexstar Media Group from $225.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, February 10th. Guggenheim lifted their target price on Nexstar Media Group from $250.00 to $290.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Weiss Ratings restated a “hold (c+)” rating on shares of Nexstar Media Group in a research report on Monday, December 29th. Citigroup upped their price target on Nexstar Media Group from $204.00 to $252.00 and gave the company a “neutral” rating in a research note on Monday, March 2nd. Finally, Benchmark raised their price target on Nexstar Media Group from $250.00 to $300.00 and gave the company a “buy” rating in a report on Friday, February 27th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $278.67.

Nexstar Media Group Stock Performance

The stock’s 50 day moving average is $227.81 and its two-hundred day moving average is $208.32. The firm has a market capitalization of $7.02 billion, a P/E ratio of 78.58, a P/E/G ratio of 0.90 and a beta of 0.79. The company has a debt-to-equity ratio of 3.05, a current ratio of 2.07 and a quick ratio of 2.07.

Nexstar Media Group Dividend Announcement

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

Institutional Investors Weigh In On Nexstar Media Group

A number of institutional investors have recently made changes to their positions in NXST. Dorsal Capital Management LP acquired a new position in Nexstar Media Group in the third quarter valued at about $74,152,000. QVT Financial LP grew its position in shares of Nexstar Media Group by 200.0% during the 4th quarter. QVT Financial LP now owns 155,281 shares of the company’s stock worth $31,530,000 after buying an additional 310,562 shares during the period. AQR Capital Management LLC increased its stake in shares of Nexstar Media Group by 118.1% in the 2nd quarter. AQR Capital Management LLC now owns 543,612 shares of the company’s stock valued at $93,795,000 after acquiring an additional 294,308 shares during the last quarter. Norges Bank bought a new stake in shares of Nexstar Media Group in the 2nd quarter valued at about $46,461,000. Finally, JPMorgan Chase & Co. raised its position in shares of Nexstar Media Group by 157.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 374,027 shares of the company’s stock valued at $73,960,000 after acquiring an additional 228,603 shares during the period. 95.30% of the stock is owned by institutional investors and hedge funds.

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.