Wedbush Weighs in on Sinclair Broadcast Group Inc.’s Q3 2016 Earnings (SBGI)
Sinclair Broadcast Group Inc. (NASDAQ:SBGI) – Equities researchers at Wedbush decreased their Q3 2016 earnings estimates for shares of Sinclair Broadcast Group in a research report issued to clients and investors on Monday. Wedbush analyst J. Dix now forecasts that the brokerage will post earnings per share of $0.77 for the quarter, down from their prior forecast of $0.85. Wedbush has a “Outperform” rating and a $36.00 price target on the stock. Wedbush also issued estimates for Sinclair Broadcast Group’s Q4 2016 earnings at $1.34 EPS and FY2016 earnings at $2.88 EPS.
Sinclair Broadcast Group (NASDAQ:SBGI) last announced its earnings results on Wednesday, August 3rd. The company reported $0.52 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.52. Sinclair Broadcast Group had a net margin of 7.28% and a return on equity of 34.76%. The company earned $666.50 million during the quarter, compared to the consensus estimate of $658.61 million. During the same period in the previous year, the firm posted $0.48 earnings per share. The company’s revenue was up 20.3% on a year-over-year basis.
Separately, Zacks Investment Research downgraded shares of Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a research note on Friday, July 15th. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $37.42.
Sinclair Broadcast Group (NASDAQ:SBGI) opened at 28.52 on Wednesday. The firm has a 50 day moving average of $28.52 and a 200-day moving average of $30.30. The company has a market capitalization of $2.69 billion, a P/E ratio of 15.58 and a beta of 1.78. Sinclair Broadcast Group has a 52 week low of $24.80 and a 52 week high of $35.89.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp raised its position in shares of Sinclair Broadcast Group by 2.2% in the first quarter. State Street Corp now owns 1,218,427 shares of the company’s stock worth $37,463,000 after buying an additional 26,433 shares during the period. Sentry Investment Management LLC acquired a new position in shares of Sinclair Broadcast Group during the first quarter worth about $489,000. BlackRock Institutional Trust Company N.A. raised its position in shares of Sinclair Broadcast Group by 5.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,195,658 shares of the company’s stock worth $67,516,000 after buying an additional 112,927 shares during the period. BlackRock Group LTD raised its position in shares of Sinclair Broadcast Group by 25.1% in the first quarter. BlackRock Group LTD now owns 41,978 shares of the company’s stock worth $1,290,000 after buying an additional 8,412 shares during the period. Finally, BlackRock Inc. raised its position in shares of Sinclair Broadcast Group by 65.2% in the first quarter. BlackRock Inc. now owns 4,526 shares of the company’s stock worth $139,000 after buying an additional 1,787 shares during the period. Institutional investors and hedge funds own 69.55% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were issued a $0.18 dividend. The ex-dividend date of this dividend 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%.
Sinclair Broadcast Group Company Profile
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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