Wells Fargo & Company Cuts Nexstar Media Group (NASDAQ:NXST) Price Target to $253.00

Nexstar Media Group (NASDAQ:NXST) had its target price lowered by Wells Fargo & Company from $290.00 to $253.00 in a research report report published on Friday,Benzinga reports. The firm currently has an overweight rating on the stock.

NXST has been the subject of a number of other reports. 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 report on Friday, February 27th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Nexstar Media Group from $250.00 to $270.00 and gave the company a “buy” rating in a report on Monday, March 23rd. Barrington Research reissued an “outperform” rating and issued a $290.00 price target on shares of Nexstar Media Group in a report on Tuesday, April 28th. Citigroup raised shares of Nexstar Media Group from a “neutral” rating to a “buy” rating and cut their price target for the company from $252.00 to $220.00 in a report on Friday, April 10th. Finally, Benchmark cut their price target on shares of Nexstar Media Group from $300.00 to $250.00 and set a “buy” rating for the company in a report on Monday, April 6th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Nexstar Media Group currently has a consensus rating of “Moderate Buy” and an average target price of $262.17.

Nexstar Media Group Stock Performance

Shares of NXST opened at $202.79 on Friday. The firm has a 50-day moving average price of $213.50 and a 200 day moving average price of $207.97. The firm has a market capitalization of $6.19 billion, a PE ratio of 43.52, a P/E/G ratio of 0.80 and a beta of 0.97. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 3.05. Nexstar Media Group has a 52-week low of $161.60 and a 52-week high of $254.30.

Nexstar Media Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 15th will be paid a dividend of $1.86 per share. The ex-dividend date of this dividend is Friday, May 15th. This represents a $7.44 dividend on an annualized basis and a yield of 3.7%. Nexstar Media Group’s dividend payout ratio is currently 253.06%.

Institutional Trading of Nexstar Media Group

A number of hedge funds have recently bought and sold shares of NXST. Dorsal Capital Management LP purchased a new stake in Nexstar Media Group during the third quarter valued at about $74,152,000. QVT Financial LP lifted its stake in Nexstar Media Group by 200.0% during the fourth quarter. QVT Financial LP now owns 155,281 shares of the company’s stock valued at $31,530,000 after buying an additional 310,562 shares in the last quarter. AQR Capital Management LLC lifted its stake in Nexstar Media Group by 118.1% during the second quarter. AQR Capital Management LLC now owns 543,612 shares of the company’s stock valued at $93,795,000 after buying an additional 294,308 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Nexstar Media Group by 157.2% in the third quarter. JPMorgan Chase & Co. now owns 374,027 shares of the company’s stock worth $73,960,000 after purchasing an additional 228,603 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Nexstar Media Group in the fourth quarter worth approximately $41,474,000. 95.30% of the stock is owned by hedge funds and other institutional investors.

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.