Top 5 Stock Picks of Eduardo Costa’s Calixto Global Investors

3. Nexstar Media Group, Inc. (NASDAQ:NXST)

Calixto Global Investors’ Stake Value: $14,507,000
Percentage of Calixto Global Investors’ 13F Portfolio: 14.51%
Number of Hedge Fund Holders: 33

Nexstar Media Group, Inc. (NASDAQ:NXST) operates in the television broadcasting and digital media industries. Nexstar Media Group, Inc. (NASDAQ:NXST) was in 33 hedge fund portfolios at the end of the second quarter of 2022, compared to 39 in the previous quarter.

Nexstar Media Group, Inc. (NASDAQ:NXST) was raised to ‘Buy’ from ‘Neutral’ by Rosenblatt analyst Barton Crockett on September 6, with a price objective of $246, up from $181. His viewpoint on TV stations has been altered by cord-cutting hedges, mix-driven ad resiliency, and new income streams from next-generation transmission technology. These might support the industry leader, Nexstar Media Group, Inc. (NASDAQ:NXST), to expand even in difficult times.

During the second quarter, Calixto Global Investors sold 39% of its stake in Nexstar Media Group, Inc. (NASDAQ:NXST). The hedge fund first initiated a position in Nexstar Media Group, Inc. (NASDAQ:NXST) in 2016. Cardinal Capital is the most significant stakeholder of Nexstar Media Group, Inc. (NASDAQ:NXST), with 1.05 million shares worth $171.21 million.

Richie Capital Group published its first-quarter 2022 investor letter and mentioned Nexstar Media Group, Inc. (NASDAQ:NXST). Here is what the fund said:

“Nexstar Media Group (NXST up 24.8%) – The television broadcasting and digital media company surged during the quarter after presenting at an investor conference where management pointed to a strong 2022 for both political advertising and retransmission. They have exposure to more than 80% of markets with competitive mid-term political races. NXST is developing new ad categories such as sports betting and they are focused on expanding digital ad revenue and providing digital solutions to local advertisers. Auto advertising will return in the fall as auto dealerships re-enter the market to sell their replenished inventory.”