Benchmark Maintains Buy Rating for Nexstar Media Group

Research analysts from Benchmark have reaffirmed a "buy" rating for Nexstar Media Group (NASDAQ:NXST) in a report released on Friday. They have set a target price of $215.00 for the stock, suggesting a potential upside of 14.06% from its last closing price.

Recent Ratings Updates

Nexstar's stock has been the focus of multiple research reports recently. Barrington Research also stated an "outperform" rating with a price objective of $200.00. Meanwhile, Guggenheim adjusted their price target down from $200.00 to $198.00 but maintained a "buy" rating. Additionally, StockNews.com shifted their rating from "buy" to "hold". Loop Capital revised their rating from "buy" to "hold" and lowered their price target from $200.00 to $190.00. Deutsche Bank also decreased their target from $207.00 to $205.00, while still maintaining a "buy" rating. Presently, three analysts have given a hold rating, and six analysts support a buy rating, making the overall average rating a "Moderate Buy" with an average target price of $198.50.

Nexstar Media Group's Current Position

The stock of Nexstar Media Group opened at $188.50 on Friday. Financially, the company reports a current ratio of 1.78, a quick ratio of 1.78, and a debt-to-equity ratio of 2.92, with a market capitalization of $6.08 billion. Their P/E ratio is 14.82, and they have a price-to-earnings-growth ratio of 0.20 along with a beta of 1.48. The firm’s 50-day moving average stands at $168.63, while the 200-day moving average is at $166.91. The stock has seen a twelve-month low of $140.92 and a high of $191.86.

Earnings Report

Nexstar Media Group recently reported its earnings for the quarter ending November 7th. The company posted earnings of $5.27 per share, which missed analysts' expectations of $5.51 by $0.24. Nexstar’s net margin stands at 8.68%, with a return on equity of 18.65%. The quarterly revenue was $1.37 billion, aligning with analyst projections. In the same quarter the previous year, they reported earnings of $0.70 per share, indicating a 20.7% increase in revenue year-over-year. Analysts expect Nexstar Media Group to achieve an earnings per share of 25.72 for the current fiscal year.

Recent Insider Activity

In terms of insider trading, CFO Lee Ann Gliha sold 984 shares on August 14th at an average price of $157.63, totaling $155,107.92. After this transaction, she possesses 8,107 shares valued at approximately $1,277,906.41. Additionally, director Jay M. Grossman sold 10,000 shares on September 18th at an average price of $170.70, amounting to $1,707,000. Following this sale, Grossman holds 54,625 shares worth about $9,324,487.50. Over the last quarter, insiders sold a total of 41,112 shares worth $6,887,029, indicating that insiders currently own 6.30% of the company stock.

Institutional Stakeholders

Recently, several institutional investors have adjusted their holdings in Nexstar Media Group. Capital Research Global Investors acquired a new significant position worth around $92,323,000 during the first quarter. Vanguard Group Inc. has raised its stake by 3.9%, now owning 3,370,415 shares valued at $580,689,000, having acquired an additional 127,783 shares during the period. Other notable investors include Payden & Rygel Investment Group, which purchased a new stake valued at approximately $15,144,000. Copeland Capital Management increased their investment by 18.1%, now possessing 547,728 shares worth $90,567,000. AQR Capital Management lifted their stake by 72.0% in the second quarter, owning 199,811 shares valued at $32,769,000. Currently, institutional investors and hedge funds hold about 95.30% of the stock.

Company Overview

Nexstar Media Group, Inc is a diversified media company that creates and distributes engaging local and national news, sports, and entertainment content across various television and digital platforms in the United States. The company manages, operates, and provides sales services for many markets and offers television programming services.

Nexstar, Analysis, Investing