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Charles Thomas McMillen, a director at Nexstar Media Group Inc. (NASDAQ:NXST), recently sold a portion of his holdings in the company. On March 5, McMillen sold 2,000 shares of Nexstar common stock at an average price of $169.51 per share, totaling approximately $339,026. Following this transaction, McMillen retains ownership of 4,975 shares in the company. This move was disclosed in a filing with the Securities and Exchange Commission.The sale comes at a time when Nexstar, with a market capitalization of $5.2 billion, shows strong financial health according to InvestingPro analysis. The company maintains a robust dividend program, having raised dividends for 12 consecutive years, with a current yield of 4.4%. Despite the insider sale, management has been actively buying back shares, demonstrating confidence in the company’s value proposition. InvestingPro analysis suggests the stock is currently undervalued, with 8 additional ProTips available for subscribers.
In other recent news, Nexstar Media Group reported its fourth-quarter 2024 earnings, revealing a record full-year revenue of $5.4 billion, although its earnings per share (EPS) of $7.56 fell short of the forecasted $8.41. Despite this miss, the company achieved a significant milestone with adjusted EBITDA reaching $2 billion. Guggenheim analysts responded by raising Nexstar’s stock target to $220, maintaining a Buy rating, noting the company’s fourth-quarter revenue and adjusted EBITDA exceeded their estimates. Similarly, Benchmark analyst Daniel Kurnos increased Nexstar’s price target to $225, also maintaining a Buy rating, citing the company’s unexpected distribution growth guidance.
Nexstar’s strategic initiatives, particularly the reduction of losses at The CW network, have been highlighted as a key factor in boosting investor confidence. The company has provided guidance for its 2025 EBITDA, projecting a range between $1.500 billion and $1.595 billion, with Guggenheim setting their expectation at $1.542 billion. Additionally, Nexstar plans to achieve profitability for The CW by 2026, supported by new programming and distribution revenue stability. Both Guggenheim and Benchmark analysts have expressed optimism about Nexstar’s long-term financial outlook, emphasizing the company’s strategic initiatives and recent performance trends.
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