Nexstar Media Group (NXST) Given “Buy” Rating at Benchmark

Benchmark reissued their buy rating on shares of Nexstar Media Group (NASDAQ:NXST) in a research note released on Tuesday morning, The Fly reports. They currently have a $115.00 target price on the stock, up from their previous target price of $96.00.

“We note that Nexstar can get creative to sell additional top-tier markets without significantly impacting EBITDA by moving non- big-4-affiliated or independent stations in those markets (6 markets between 3-25 fit that criteria; see page 2 for overlap and prior planned divestitures from SBGI). We think a sub 9x buyer’s multiple (on highly conservative synergies and material retrans and political upside in 2020) is very reasonable. We are establishing a new $115 per share price target using a sum-of-the-parts analysis. We estimate that, ex-WGNA and ex-Food, blended 2019/2020 TV EBITDA will be $1.4 billion.”,” Benchmark’s analyst commented.

A number of other research analysts have also recently commented on NXST. Stephens set a $94.00 target price on shares of Nexstar Media Group and gave the company a buy rating in a research report on Thursday, August 9th. BidaskClub raised shares of Nexstar Media Group from a hold rating to a buy rating in a research report on Saturday, August 18th. Noble Financial cut shares of Nexstar Media Group from a buy rating to a hold rating in a research report on Monday, August 20th. ValuEngine raised shares of Nexstar Media Group from a hold rating to a buy rating in a research report on Wednesday, August 22nd. Finally, B. Riley upped their target price on shares of Nexstar Media Group from $87.00 to $92.00 and gave the company a buy rating in a research report on Thursday, September 6th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Nexstar Media Group currently has a consensus rating of Buy and an average price target of $95.80.

Shares of NXST stock opened at $85.30 on Tuesday. The company has a debt-to-equity ratio of 2.34, a quick ratio of 2.09 and a current ratio of 2.09. The stock has a market cap of $3.95 billion, a PE ratio of 13.06, a PEG ratio of 1.03 and a beta of 1.75. Nexstar Media Group has a twelve month low of $60.30 and a twelve month high of $89.75.

Nexstar Media Group (NASDAQ:NXST) last posted its earnings results on Thursday, November 8th. The company reported $2.12 EPS for the quarter, beating the Zacks’ consensus estimate of $1.97 by $0.15. Nexstar Media Group had a net margin of 23.45% and a return on equity of 19.12%. The company had revenue of $693.00 million for the quarter, compared to analysts’ expectations of $676.34 million. During the same quarter in the prior year, the company posted $0.98 earnings per share. Nexstar Media Group’s revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, analysts forecast that Nexstar Media Group will post 8.41 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, November 30th. Shareholders of record on Friday, November 16th were given a $0.375 dividend. The ex-dividend date was Thursday, November 15th. This represents a $1.50 dividend on an annualized basis and a yield of 1.76%. Nexstar Media Group’s payout ratio is currently 37.69%.

In other Nexstar Media Group news, EVP Blake Russell sold 7,262 shares of the business’s stock in a transaction dated Wednesday, September 26th. The shares were sold at an average price of $82.90, for a total transaction of $602,019.80. Following the sale, the executive vice president now directly owns 31,950 shares in the company, valued at $2,648,655. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Elizabeth Ryder sold 3,000 shares of the business’s stock in a transaction dated Monday, September 24th. The stock was sold at an average price of $82.70, for a total transaction of $248,100.00. Following the sale, the executive vice president now owns 8,435 shares in the company, valued at $697,574.50. The disclosure for this sale can be found here. Insiders sold 23,925 shares of company stock worth $1,954,553 in the last ninety days. 6.40% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Nexstar Media Group by 2.7% during the third quarter. Vanguard Group Inc. now owns 3,828,010 shares of the company’s stock worth $311,601,000 after purchasing an additional 100,149 shares during the period. Hound Partners LLC increased its stake in Nexstar Media Group by 10.8% during the third quarter. Hound Partners LLC now owns 3,195,552 shares of the company’s stock worth $260,118,000 after purchasing an additional 310,546 shares during the period. BlackRock Inc. increased its stake in Nexstar Media Group by 1.5% during the third quarter. BlackRock Inc. now owns 3,059,335 shares of the company’s stock worth $249,030,000 after purchasing an additional 44,316 shares during the period. FMR LLC increased its stake in Nexstar Media Group by 41.1% during the third quarter. FMR LLC now owns 1,905,120 shares of the company’s stock worth $155,077,000 after purchasing an additional 555,253 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Nexstar Media Group by 16.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,862,138 shares of the company’s stock worth $136,684,000 after purchasing an additional 257,729 shares during the period.

About Nexstar Media Group

Nexstar Media Group, Inc operates as a television broadcasting and digital media company in the United States. It focuses on the acquisition, development, and operation of television stations and interactive community Websites in medium-sized markets. The company offers free over-the-air programming to television viewing audiences.

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Analyst Recommendations for Nexstar Media Group (NASDAQ:NXST)

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