Royal Bank of Canada Cuts Stake in Nexstar Media Group by 33.1%
Royal Bank of Canada (RBC) has reduced its stake in Nexstar Media Group (NXST), a diversified American media company, by 33.1% in the first quarter. According to RBC's most recent Form 13F filing with the Securities and Exchange Commission, the bank owned 52,082 shares of NXST after selling 25,805 shares during the quarter.
The stake is now worth approximately $9.42 million, representing about 0.17% of Nexstar Media Group's outstanding shares. This reduction in RBC's stake comes as other hedge funds have also made changes to their positions in NXST. For example, CPC Advisors LLC increased its holdings in shares of NXST by 114.3% during the first quarter.
Nexstar Media Group has a market capitalization of $5.92 billion and a PE ratio of 37.19. The company has a current ratio of 1.76, a quick ratio of 1.76, and a debt-to-equity ratio of 5.53. In the most recent quarter, NXST reported earnings per share of $3.61, missing the consensus estimate of $5.98.