Wedbush Lowers Sinclair Broadcast Group Inc. (SBGI) Price Target to $36.00
Sinclair Broadcast Group Inc. (NASDAQ:SBGI) had its target price decreased by analysts at Wedbush from $37.00 to $36.00 in a research note issued to investors on Tuesday. The firm currently has an “outperform” rating on the stock. Wedbush’s price objective would indicate a potential upside of 26.23% from the company’s current price.
Separately, Zacks Investment Research downgraded Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a report on Friday, July 15th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $37.42.
Shares of Sinclair Broadcast Group (NASDAQ:SBGI) opened at 28.52 on Tuesday. The firm has a market cap of $2.69 billion, a P/E ratio of 15.58 and a beta of 1.78. Sinclair Broadcast Group has a 12-month low of $24.80 and a 12-month high of $35.89. The stock’s 50 day moving average price is $28.52 and its 200-day moving average price is $30.30.
Sinclair Broadcast Group (NASDAQ:SBGI) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.52 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.52. Sinclair Broadcast Group had a return on equity of 34.76% and a net margin of 7.28%. The business earned $666.50 million during the quarter, compared to the consensus estimate of $658.61 million. During the same quarter in the prior year, the company posted $0.48 earnings per share. Sinclair Broadcast Group’s revenue was up 20.3% compared to the same quarter last year. On average, analysts predict that Sinclair Broadcast Group will post $2.90 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were paid a $0.18 dividend. The ex-dividend date was Tuesday, August 30th. This represents a $0.72 dividend on an annualized basis and a yield of 2.52%. Sinclair Broadcast Group’s dividend payout ratio (DPR) is presently 39.34%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Aperio Group LLC increased its position in shares of Sinclair Broadcast Group by 4.1% in the first quarter. Aperio Group LLC now owns 27,446 shares of the company’s stock worth $844,000 after buying an additional 1,078 shares during the period. Virginia Retirement System acquired a new position in shares of Sinclair Broadcast Group during the first quarter worth about $1,344,000. Ramsey Quantitative Systems increased its position in shares of Sinclair Broadcast Group by 5.5% in the first quarter. Ramsey Quantitative Systems now owns 21,015 shares of the company’s stock worth $646,000 after buying an additional 1,090 shares during the period. Ngam Advisors L.P. acquired a new position in shares of Sinclair Broadcast Group during the first quarter worth about $536,000. Finally, Teachers Advisors Inc. increased its position in shares of Sinclair Broadcast Group by 1.5% in the first quarter. Teachers Advisors Inc. now owns 122,624 shares of the company’s stock worth $3,771,000 after buying an additional 1,852 shares during the period. Hedge funds and other institutional investors own 69.55% of the company’s stock.
About Sinclair Broadcast Group
Sinclair Broadcast Group, Inc is a television broadcasting company. The Company owns or provides certain programming, operating or sales services to television stations in the United States. The Company’s segments include Broadcast, Other and Corporate. The Broadcast segment consists of all of its television stations.
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