ValuEngine upgraded shares of Sinclair Broadcast Group (NASDAQ:SBGI) from a sell rating to a hold rating in a research note issued to investors on Wednesday morning.
A number of other research analysts also recently commented on the company. Guggenheim started coverage on Sinclair Broadcast Group in a report on Tuesday, October 16th. They issued a buy rating and a $40.00 price target for the company. BidaskClub raised Sinclair Broadcast Group from a sell rating to a hold rating in a report on Friday, October 5th. JPMorgan Chase & Co. started coverage on Sinclair Broadcast Group in a report on Wednesday, September 26th. They issued a neutral rating and a $32.00 price target for the company. B. Riley increased their price target on Sinclair Broadcast Group from $35.00 to $38.00 and gave the company a neutral rating in a report on Tuesday, December 18th. Finally, TheStreet raised Sinclair Broadcast Group from a c+ rating to a b- rating in a report on Thursday, December 13th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $37.89.
SBGI stock opened at $29.77 on Wednesday. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 2.43. Sinclair Broadcast Group has a 1 year low of $25.13 and a 1 year high of $40.15. The stock has a market capitalization of $2.91 billion, a PE ratio of 10.63 and a beta of 1.35.
Sinclair Broadcast Group (NASDAQ:SBGI) last posted its earnings results on Wednesday, November 7th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.06. Sinclair Broadcast Group had a return on equity of 19.79% and a net margin of 19.98%. The business had revenue of $766.30 million during the quarter, compared to analyst estimates of $752.56 million. During the same quarter last year, the firm earned $0.30 earnings per share. The company’s revenue for the quarter was up 18.9% compared to the same quarter last year. Equities analysts predict that Sinclair Broadcast Group will post 3.27 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, December 17th. Shareholders of record on Friday, November 30th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date of this dividend was Thursday, November 29th. This is an increase from Sinclair Broadcast Group’s previous quarterly dividend of $0.18. Sinclair Broadcast Group’s dividend payout ratio (DPR) is currently 28.57%.
In other Sinclair Broadcast Group news, Director Lawrence E. Mccanna sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 14th. The stock was sold at an average price of $31.68, for a total transaction of $158,400.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 29.24% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in SBGI. Dimensional Fund Advisors LP lifted its holdings in shares of Sinclair Broadcast Group by 32.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,812,866 shares of the company’s stock worth $90,435,000 after purchasing an additional 688,400 shares during the last quarter. Key Square Capital Management LLC bought a new stake in shares of Sinclair Broadcast Group in the 3rd quarter worth approximately $16,565,000. Glenmede Trust Co. NA lifted its holdings in shares of Sinclair Broadcast Group by 33.9% in the 2nd quarter. Glenmede Trust Co. NA now owns 1,756,862 shares of the company’s stock worth $56,484,000 after purchasing an additional 444,494 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Sinclair Broadcast Group by 9.6% in the 2nd quarter. BlackRock Inc. now owns 5,045,554 shares of the company’s stock worth $162,215,000 after purchasing an additional 443,097 shares during the last quarter. Finally, Baupost Group LLC MA lifted its holdings in shares of Sinclair Broadcast Group by 16.7% in the 3rd quarter. Baupost Group LLC MA now owns 3,000,000 shares of the company’s stock worth $85,050,000 after purchasing an additional 428,698 shares during the last quarter. 67.45% of the stock is currently owned by institutional investors and hedge funds.
Sinclair Broadcast Group Company Profile
Sinclair Broadcast Group, Inc operates as a television broadcasting company in the United States. It owns or provides various programming, operating, or sales 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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