Sinclair Broadcast Group Inc. (SBGI) Receives $37.70 Consensus Price Target from Brokerages
Sinclair Broadcast Group Inc. (NASDAQ:SBGI) has received an average rating of “Buy” from the six brokerages that are currently covering the firm. Two research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $37.70.
A number of analysts recently weighed in on the stock. Zacks Investment Research lowered shares of Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a research note on Friday, July 15th. Wedbush lowered their price objective on shares of Sinclair Broadcast Group from $37.00 to $36.00 and set an “outperform” rating for the company in a research note on Tuesday, September 27th.
Shares of Sinclair Broadcast Group (NASDAQ:SBGI) opened at 26.26 on Tuesday. The stock’s 50 day moving average is $28.19 and its 200-day moving average is $30.02. Sinclair Broadcast Group has a one year low of $25.70 and a one year high of $35.89. The stock has a market cap of $2.48 billion, a P/E ratio of 14.35 and a beta of 1.83.
Sinclair Broadcast Group (NASDAQ:SBGI) last issued its earnings results on Wednesday, August 3rd. The company reported $0.52 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.52. The firm earned $666.50 million during the quarter, compared to analyst estimates of $658.61 million. Sinclair Broadcast Group had a net margin of 7.28% and a return on equity of 34.76%. The business’s revenue was up 20.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.48 earnings per share. On average, equities analysts forecast that Sinclair Broadcast Group will post $2.90 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date was Tuesday, August 30th. Sinclair Broadcast Group’s payout ratio is 39.34%.
In related news, Director Lawrence E. Mccanna sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, October 5th. The stock was sold at an average price of $28.63, for a total transaction of $57,260.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 29.70% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Aperio Group LLC increased its stake 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 last quarter. Ngam Advisors L.P. acquired a new stake in shares of Sinclair Broadcast Group during the first quarter worth about $536,000. Teachers Advisors Inc. increased its stake 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 last quarter. Prudential Financial Inc. increased its stake in shares of Sinclair Broadcast Group by 1,736.6% in the first quarter. Prudential Financial Inc. now owns 118,661 shares of the company’s stock worth $3,649,000 after buying an additional 112,200 shares during the last quarter. Finally, Franklin Resources Inc. acquired a new stake in shares of Sinclair Broadcast Group during the first quarter worth about $2,698,000. 69.55% of the stock is owned by hedge funds and other institutional investors.
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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