Billionaires Unloaded These 24 Stocks In Q2

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6. Nexstar Media Group (NXST, $93.25)

Fortune

P2 Capital Partners, a billionaire hedge fund with approximately $2.3 billion in assets, sold five stocks during the second quarter — including Nexstar Media Group, which is the largest local broadcast television group in the US. NXST is still their third-largest holding, with 1.3 million shares representing 9.2% of P2’s assets, however. Other notable sales by P2 Capital in the quarter included SP Plus (SP) and Brink’s Company (BCO). P2 Capital first bought NXST stock in Q3 of 2017, and has paid an average of $80.19 per share. As to be expected, Nexstar enjoyed a sizable boost from political ads in the second quarter. As a result, its television advertising revenue increased by 18.1% to $319.8 million.