Fmr LLC Has $151.32 Million Holdings in Sinclair Broadcast Group, Inc. (SBGI)
Fmr LLC reduced its stake in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) by 18.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,599,302 shares of the company’s stock after selling 1,010,619 shares during the quarter. Fmr LLC owned approximately 4.48% of Sinclair Broadcast Group worth $151,317,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Sinclair Broadcast Group by 55.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,897 shares of the company’s stock worth $117,000 after purchasing an additional 1,036 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Sinclair Broadcast Group by 9.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,230 shares of the company’s stock worth $131,000 after purchasing an additional 278 shares during the period. M&T Bank Corp purchased a new position in shares of Sinclair Broadcast Group during the 1st quarter worth $213,000. New York State Teachers Retirement System purchased a new position in shares of Sinclair Broadcast Group during the 1st quarter worth $235,000. Finally, Teacher Retirement System of Texas purchased a new position in shares of Sinclair Broadcast Group during the 1st quarter worth $242,000. Institutional investors own 80.87% of the company’s stock.
Sinclair Broadcast Group, Inc. (NASDAQ SBGI) opened at 32.25 on Friday. Sinclair Broadcast Group, Inc. has a 12-month low of $24.15 and a 12-month high of $43.05. The stock has a market capitalization of $3.31 billion, a PE ratio of 11.31 and a beta of 1.83. The stock’s 50 day moving average price is $29.70 and its 200-day moving average price is $34.05.
Sinclair Broadcast Group (NASDAQ:SBGI) last released its earnings results on Wednesday, August 2nd. The company reported $0.43 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.43. The firm had revenue of $679.30 million during the quarter, compared to analyst estimates of $678.23 million. Sinclair Broadcast Group had a return on equity of 32.06% and a net margin of 9.70%. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.52 earnings per share. Analysts expect that Sinclair Broadcast Group, Inc. will post $2.01 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date was Wednesday, August 30th. Sinclair Broadcast Group’s dividend payout ratio (DPR) is presently 24.83%.
A number of equities analysts have recently weighed in on the company. Zacks Investment Research upgraded Sinclair Broadcast Group from a “hold” rating to a “buy” rating and set a $36.00 price target for the company in a report on Saturday, August 5th. Benchmark Co. increased their price target on Sinclair Broadcast Group from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, August 1st. Wells Fargo & Company reiterated an “outperform” rating and set a $55.00 price target on shares of Sinclair Broadcast Group in a report on Monday. ValuEngine cut Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a report on Monday, September 11th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $45.00 price target on shares of Sinclair Broadcast Group in a report on Wednesday, July 5th. Eight analysts have rated the stock with a buy rating, Sinclair Broadcast Group currently has an average rating of “Buy” and a consensus target price of $44.86.
In other Sinclair Broadcast Group news, Director Howard E. Friedman sold 1,010 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $31.98, for a total transaction of $32,299.80. Following the completion of the sale, the director now owns 10,990 shares of the company’s stock, valued at $351,460.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 28.20% of the stock is currently owned by insiders.
Sinclair Broadcast Group Profile
Sinclair Broadcast Group, Inc is a television broadcasting company. The Company focuses on providing content on its local television stations and digital platforms. The Company’s segments are broadcast, other and corporate. The Broadcast segment consists of its broadcast television stations. The content distributed through its broadcast platform consists of programming provided by third-party networks and syndicators, local news, it owns networks, and other original programming produced by it.
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