Fintel reports that on December 8, 2023, Citigroup initiated coverage of Nexstar Media Group (NASDAQ:NXST) with a Neutral recommendation.
Analyst Price Forecast Suggests 38.69% Upside
As of November 27, 2023, the average one-year price target for Nexstar Media Group is 206.04. The forecasts range from a low of 168.67 to a high of $236.25. The average price target represents an increase of 38.69% from its latest reported closing price of 148.56.
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The projected annual revenue for Nexstar Media Group is 5,317MM, an increase of 3.93%. The projected annual non-GAAP EPS is 18.17.
Nexstar Media Group Declares $1.35 Dividend
On October 27, 2023 the company declared a regular quarterly dividend of $1.35 per share ($5.40 annualized). Shareholders of record as of November 10, 2023 received the payment on November 27, 2023. Previously, the company paid $1.35 per share.
At the current share price of $148.56 / share, the stock's dividend yield is 3.63%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.27%, the lowest has been 1.47%, and the highest has been 4.84%. The standard deviation of yields is 0.66 (n=235).
The current dividend yield is 2.07 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.42. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 1.41%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 970 funds or institutions reporting positions in Nexstar Media Group. This is an increase of 2 owner(s) or 0.21% in the last quarter. Average portfolio weight of all funds dedicated to NXST is 0.31%, an increase of 4.84%. Total shares owned by institutions decreased in the last three months by 1.55% to 39,873K shares. 
The put/call ratio of NXST is 0.40, indicating a bullish outlook.
What are Other Shareholders Doing?
Neuberger Berman Group holds 1,556K shares representing 4.59% ownership of the company. In it's prior filing, the firm reported owning 1,593K shares, representing a decrease of 2.35%. The firm decreased its portfolio allocation in NXST by 56.47% over the last quarter.
Lsv Asset Management holds 1,312K shares representing 3.87% ownership of the company. In it's prior filing, the firm reported owning 1,323K shares, representing a decrease of 0.82%. The firm decreased its portfolio allocation in NXST by 9.92% over the last quarter.
IJH - iShares Core S&P Mid-Cap ETF holds 1,041K shares representing 3.07% ownership of the company. In it's prior filing, the firm reported owning 1,088K shares, representing a decrease of 4.46%. The firm decreased its portfolio allocation in NXST by 19.24% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 1,033K shares representing 3.05% ownership of the company. In it's prior filing, the firm reported owning 1,068K shares, representing a decrease of 3.31%. The firm decreased its portfolio allocation in NXST by 13.52% over the last quarter.
NBGNX - Neuberger Berman Genesis Fund Investor Class holds 993K shares representing 2.93% ownership of the company. In it's prior filing, the firm reported owning 1,006K shares, representing a decrease of 1.30%. The firm decreased its portfolio allocation in NXST by 1.16% over the last quarter.
Nexstar Media Group Background Information
(This description is provided by the company.)
Nexstar Media Group is a leading diversified media company that leverages localism to bring new services and value to consumers and advertisers through its traditional media, digital and mobile media platforms. Its wholly owned operating subsidiary, Nexstar Inc., consists of three divisions: Broadcasting, Digital, and Networks. The Broadcasting Division operates, programs, or provides sales and other services to 198 television stations and related digital multicast signals reaching 116 markets or approximately 39% of all U.S. television households (reflecting the FCC's UHF discount). The division's portfolio includes primary affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and The CW. The Digital Division operates 122 local websites and 316 mobile apps offering hyper-local content and verticals for consumers and advertisers, allowing audiences to choose where, when and how they access content and creating new revenue opportunities for the company. The Networks Division operates NewsNation, formerly WGN America, a national news and entertainment cable network reaching 75 million television homes, multicast network Antenna TV, and WGN Radio in Chicago. Nexstar also owns a 31.3% ownership stake in TV Food Network, a top tier cable asset.
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