Stephens set a $80.00 price objective on Sinclair Broadcast Group (NASDAQ:SBGI) in a research report report published on Wednesday morning, TipRanks reports. The brokerage currently has a buy rating on the stock.
SBGI has been the subject of a number of other research reports. BidaskClub cut Sinclair Broadcast Group from a buy rating to a hold rating in a report on Friday, August 2nd. B. Riley lowered their target price on Sinclair Broadcast Group from $70.00 to $61.00 and set a buy rating for the company in a report on Wednesday, August 14th. Zacks Investment Research cut Sinclair Broadcast Group from a hold rating to a strong sell rating in a report on Tuesday, July 9th. Evercore ISI set a $50.00 target price on Sinclair Broadcast Group and gave the stock a hold rating in a report on Wednesday, August 7th. Finally, ValuEngine cut Sinclair Broadcast Group from a buy rating to a hold rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. Sinclair Broadcast Group currently has a consensus rating of Hold and a consensus price target of $56.00.
Shares of SBGI opened at $43.10 on Wednesday. Sinclair Broadcast Group has a 12-month low of $25.14 and a 12-month high of $66.57. The business has a 50-day simple moving average of $51.38 and a two-hundred day simple moving average of $46.75. The company has a quick ratio of 3.11, a current ratio of 3.11 and a debt-to-equity ratio of 2.59. The stock has a market cap of $3.98 billion, a PE ratio of 12.87 and a beta of 1.12.
Sinclair Broadcast Group (NASDAQ:SBGI) last issued its earnings results on Wednesday, August 7th. The company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.04. Sinclair Broadcast Group had a return on equity of 23.05% and a net margin of 10.60%. The business had revenue of $771.00 million during the quarter, compared to analysts’ expectations of $764.48 million. During the same quarter in the prior year, the firm earned $0.27 EPS. The business’s revenue for the quarter was up 5.6% compared to the same quarter last year. On average, equities research analysts expect that Sinclair Broadcast Group will post 2.47 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be paid a $0.20 dividend. The ex-dividend date is Thursday, August 29th. This represents a $0.80 annualized dividend and a dividend yield of 1.86%. Sinclair Broadcast Group’s payout ratio is 23.88%.
In related news, insider David D. Smith purchased 395,000 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The stock was bought at an average price of $55.10 per share, with a total value of $21,764,500.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lawrence E. Mccanna sold 2,000 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $53.16, for a total value of $106,320.00. The disclosure for this sale can be found here. Corporate insiders own 32.30% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Treasurer of the State of North Carolina bought a new position in Sinclair Broadcast Group in the second quarter worth approximately $1,312,000. Nomura Holdings Inc. bought a new position in Sinclair Broadcast Group in the second quarter worth approximately $1,410,000. Barings LLC bought a new position in Sinclair Broadcast Group in the second quarter worth approximately $890,000. Harvest Fund Management Co. Ltd bought a new position in Sinclair Broadcast Group in the second quarter worth approximately $39,000. Finally, Intrinsic Edge Capital Management LLC bought a new position in Sinclair Broadcast Group in the second quarter worth approximately $1,609,000. 67.14% of the stock is owned by institutional investors.
About Sinclair Broadcast Group
Sinclair Broadcast Group, Inc operates as a television broadcasting company in the United States. It owns or provides various programming, operating, sales, and other non-programming operating services to television stations. The company broadcasts free over-the-air programming, such as network provided programs, locally-produced news, local sporting events, programming from program service arrangements, syndicated entertainment programs, and internally originated programming to television viewing audiences in the communities through its local television stations.
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