Charles Thomas McMillen, a director at Nexstar Media Group, Inc. (NASDAQ:NXST), recently sold 750 shares of the company's common stock. The transaction, executed on December 26, 2024, was completed at a price of $159.93 per share, totaling approximately $119,947. Following this sale, McMillen retains ownership of 6,975 shares in the company. This transaction was reported in a Form 4 filing with the Securities and Exchange Commission.According to InvestingPro data, Nexstar demonstrates strong shareholder-friendly policies with a 4.2% dividend yield and 25% dividend growth over the last year. The company maintains robust financial health with an "Overall Good" rating and trades below its Fair Value, suggesting potential upside opportunity. InvestingPro subscribers can access 10 additional investment tips and a comprehensive Pro Research Report for deeper insights into NXST's financial outlook.
In other recent news, Nexstar Media Group has announced a record-breaking third quarter, reporting its highest third-quarter net revenue in the company's history. The media giant reported a net revenue of $1.37 billion, marking a 20.7% increase year-over-year. This substantial growth was primarily fueled by a significant increase in political advertising revenue and distribution revenue, which reached $491 million and $719 million respectively.
In addition to these financial milestones, Nexstar also returned a considerable $590 million to its shareholders through dividends and share repurchases. The company also managed to reduce its debt by $146 million and decrease its outstanding shares by 6.3%.
Despite these positive developments, Nexstar reported a 4.5% decline in nonpolitical advertising and a decrease in national revenue. On the other hand, the company saw a surge in political advertising revenue to $154 million, marking a $135 million increase year-over-year.
These recent developments indicate Nexstar's strong financial performance and strategic positioning in the industry. With a diversified media platform and a focus on cost efficiencies and new revenue opportunities, Nexstar continues to navigate the evolving regulatory landscape while returning value to shareholders and reducing debt.
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