IRVING, Texas – Nexstar Media Group, Inc. (NASDAQ: NASDAQ:), a diversified media firm, has declared a quarterly money dividend of $1.69 per share, payable on August 23, 2024, to shareholders on file as of August 9, 2024. Moreover, the corporate’s Board of Administrators has approved a brand new share repurchase program of as much as $1.5 billion of its widespread inventory, supplementing the prevailing buyback plan from July 2022, which nonetheless has $496 million remaining as of Might 8, 2024.
The corporate, which owns the most important native tv broadcasting group in America, together with 200 stations in 117 U.S. markets, intends to proceed paying common quarterly money dividends. Nonetheless, future dividends might be topic to quarterly overview and discretion of the Board of Administrators.
The brand new share repurchase program, which can also be on the discretion of the Board, might be topic to regulatory limitations. This buyback plan represents Nexstar’s ongoing dedication to enhancing shareholder worth and displays the corporate’s confidence in its monetary energy and future enterprise prospects.
Nexstar’s portfolio consists of The CW, a serious broadcast community, NewsNation, a nationwide information community, and widespread leisure multicast networks Antenna TV and Rewind TV. The corporate additionally holds a 31.3% possession stake in TV Meals Community. Its digital belongings, together with native TV station web sites, The Hill, and NewsNationNow.com, rank collectively as a Prime 10 U.S. digital information and data property.
Nexstar Media Group has reported record-setting first-quarter internet income of $1.28 billion, bolstered by a excessive distribution income of $761 million. The corporate additionally witnessed a major improve in political promoting income, with a $31 million rise in comparison with the identical interval final 12 months. Regardless of a slight decline in promoting income in Q1, enhancements are anticipated within the second quarter, notably in nationwide promoting.
Nexstar has introduced the appointment of Lloyd Bucher as the brand new Vice President and Basic Supervisor of its Philadelphia operations. Bucher, a Philadelphia native with almost three many years of business expertise, is predicted to leverage his experience within the new function.
In analyst information, Deutsche Financial institution has up to date its monetary mannequin for Nexstar, resulting in a minor lower within the firm’s worth goal from $210.00 to $207.00. This adjustment displays Nexstar’s first-quarter efficiency and up to date statements in regards to the firm’s operations.
InvestingPro Insights
Nexstar Media Group’s dedication to shareholder returns is underscored by its strong monetary well being and strategic administration selections. With a market capitalization of $5.82 billion and a P/E ratio that has adjusted to a positive 13.96 over the past twelve months as of Q1 2024, the corporate presents a compelling worth proposition. Traders could discover the corporate’s constant dividend funds notably engaging; Nexstar has raised its dividend for 11 consecutive years and maintained funds for 12 consecutive years, highlighting a reliable earnings stream.
Notably, Nexstar’s administration has proven confidence within the firm’s prospects by means of aggressive share buybacks, as indicated by the current $1.5 billion authorization. This aligns with an InvestingPro Tip that administration is actively shopping for again shares, a transfer that may usually sign management’s perception within the firm’s undervalued inventory and a dedication to capital return methods. Moreover, Nexstar’s liquidity place is robust, with liquid belongings surpassing short-term obligations, offering a cushion for operational wants and future investments.
For readers trying to delve deeper into Nexstar’s monetary standing and future outlook, InvestingPro affords a set of further suggestions, together with insights on the corporate’s profitability, buying and selling traits, and analyst predictions. There are 9 further InvestingPro Ideas out there for Nexstar Media Group, which might be accessed by visiting: https://www.investing.com/professional/NXST. To reinforce your funding analysis with these insights, use the coupon code PRONEWS24 to rise up to 10% off a yearly Professional and a yearly or biyearly Professional+ subscription.
Reflecting on the corporate’s efficiency, Nexstar has demonstrated a robust return over the past month, with a 13.07% worth complete return, and it is buying and selling close to its 52-week excessive, at 94.61% of the height worth. The mix of a strong dividend yield, at present at 3.81%, and a historical past of dividend progress, which noticed a major improve of 25.19% over the past twelve months as of Q1 2024, positions Nexstar as a horny choice for income-focused buyers.
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