ValuEngine cut shares of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) from a buy rating to a hold rating in a research note published on Saturday, November 4th.
SBGI has been the subject of several other research reports. Benchmark Co. boosted their price objective on Sinclair Broadcast Group from $52.00 to $55.00 and gave the stock a buy rating in a research report on Tuesday, August 1st. Zacks Investment Research raised Sinclair Broadcast Group from a hold rating to a buy rating and set a $36.00 price target for the company in a report on Saturday, August 5th. Wells Fargo & Company reiterated an outperform rating and issued a $55.00 price objective on shares of Sinclair Broadcast Group in a research note on Monday, October 2nd. Deutsche Bank AG initiated coverage on Sinclair Broadcast Group in a research report on Friday, October 20th. They set a buy rating and a $46.00 price target on the stock. Finally, FBR & Co initiated coverage on Sinclair Broadcast Group in a research note on Tuesday, October 31st. They issued a buy rating and a $43.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $44.82.
Shares of Sinclair Broadcast Group (NASDAQ:SBGI) opened at $32.55 on Friday. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 3.51. The company has a market capitalization of $3,162.87, a price-to-earnings ratio of 13.12, a PEG ratio of 7.78 and a beta of 1.92. Sinclair Broadcast Group has a 12 month low of $26.70 and a 12 month high of $43.05.
Sinclair Broadcast Group (NASDAQ:SBGI) last issued its earnings results on Wednesday, November 1st. The company reported $0.30 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.13). Sinclair Broadcast Group had a return on equity of 23.27% and a net margin of 9.06%. The company had revenue of $670.90 million during the quarter, compared to analyst estimates of $671.42 million. During the same quarter in the previous year, the firm earned $0.54 earnings per share. The business’s revenue was down 3.3% compared to the same quarter last year. research analysts forecast that Sinclair Broadcast Group will post 2 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be given a $0.18 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.21%. Sinclair Broadcast Group’s payout ratio is 27.07%.
In related news, Director Howard E. Friedman sold 1,010 shares of Sinclair Broadcast Group stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $31.98, for a total value of $32,299.80. Following the transaction, the director now directly owns 10,990 shares of the company’s stock, valued at $351,460.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 28.20% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of SBGI. BlackRock Inc. grew its stake in shares of Sinclair Broadcast Group by 18,421.8% during the first quarter. BlackRock Inc. now owns 4,884,950 shares of the company’s stock worth $197,842,000 after buying an additional 4,858,576 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Sinclair Broadcast Group by 201.3% during the second quarter. Principal Financial Group Inc. now owns 4,113,294 shares of the company’s stock worth $135,326,000 after buying an additional 2,748,201 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Sinclair Broadcast Group by 30.0% during the second quarter. Bank of New York Mellon Corp now owns 7,751,184 shares of the company’s stock worth $255,014,000 after buying an additional 1,789,969 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Sinclair Broadcast Group by 23.3% during the first quarter. Vanguard Group Inc. now owns 6,100,685 shares of the company’s stock worth $247,078,000 after buying an additional 1,152,147 shares during the last quarter. Finally, Prudential Financial Inc. grew its stake in shares of Sinclair Broadcast Group by 436.6% during the third quarter. Prudential Financial Inc. now owns 1,154,448 shares of the company’s stock worth $37,001,000 after buying an additional 939,289 shares during the last quarter. 83.93% of the stock is currently owned by hedge funds and other institutional investors.
About Sinclair Broadcast Group
Sinclair Broadcast Group, Inc is a television broadcasting company. The Company focuses on providing content on its local television stations and digital platforms. The Company’s segments are broadcast, other and corporate. The Broadcast segment consists of its broadcast television stations. The content distributed through its broadcast platform consists of programming provided by third-party networks and syndicators, local news, it owns networks, and other original programming produced by it.
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