Brett Jenkins, the EVP, Chief Technology & Digital Officer of Nexstar Media Group, Inc. (NASDAQ:NXST), has recently sold shares in the company. The transactions, which occurred on May 20, 2024, involved the sale of 538 shares of common stock at an average price of $167.43, totaling approximately $90,078.
This sale follows a recent acquisition of shares by Jenkins on May 17, 2024, where he exercised options to purchase 1,750 shares at $169.56 per share, amounting to a total transaction value of $296,730. These transactions have adjusted Jenkins’ direct ownership in Nexstar Media Group, leaving him with 28,457 shares of common stock following the sale.
As part of the company's compensation structure, Jenkins also converted the same number of restricted stock units (RSUs) into common stock on the same day of his purchase, which do not expire but may be forfeited under certain conditions such as termination of employment other than by a company change of control.
Investors often keep an eye on insider transactions as they can provide insights into how executives view the company's stock value and potential future performance. The recent sale by Jenkins might be of particular interest to current and prospective shareholders as they assess the stock's value proposition.
Nexstar Media Group, headquartered in Irving, Texas, operates as a leading diversified media company with a focus on television broadcasting. The company has a broad portfolio of media assets, making it a significant player in the industry.
The stock transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission, which provides transparency on insider trades.
InvestingPro Insights
Amidst the recent insider transactions by Brett Jenkins at Nexstar Media Group, Inc. (NASDAQ:NXST), it's worth noting the company's current financial health and performance metrics from InvestingPro. Nexstar's management has demonstrated confidence in the company’s potential through aggressive share buybacks, as indicated by an InvestingPro Tip. This aligns with Jenkins' own transaction patterns and could signal a positive outlook to investors.
Another InvestingPro Tip highlights Nexstar's impressive track record of raising its dividend for 11 consecutive years, showcasing a commitment to returning value to shareholders. This is further supported by a robust dividend yield of 4.17% as of the last twelve months leading up to Q1 2024, which is particularly appealing for income-focused investors.
On the financial front, Nexstar boasts a market capitalization of $5.32 billion and maintains a strong gross profit margin of 57.0% for the same period. The company's P/E ratio stands at 12.78, adjusted for the last twelve months as of Q1 2024, which could suggest the stock is reasonably valued compared to industry peers. Despite a slight revenue decline of 5.67% in the last twelve months, the company's liquid assets exceed short-term obligations, indicating financial stability.
For those interested in a deeper dive into Nexstar's performance and future outlook, there are additional InvestingPro Tips available, which could provide valuable insights into investment decisions. To access these tips and more detailed analysis, visit InvestingPro's dedicated page for Nexstar at https://www.investing.com/pro/NXST. Moreover, for a comprehensive investment tool experience, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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