Sinclair Broadcast Group (NASDAQ:SBGI) Downgraded by Zacks Investment Research to Strong Sell
According to Zacks, “Sinclair Broadcast Group is a diversified broadcasting company that owns or provides programming services pursuant to local marketing agreements to more television stations than any other commercial broadcasting group in the United States. “
Several other research firms have also issued reports on SBGI. Benchmark upped their target price on shares of Sinclair Broadcast Group from $45.00 to $90.00 and gave the stock a buy rating in a research note on Tuesday, May 7th. BidaskClub downgraded shares of Xencor from a sell rating to a strong sell rating in a report on Tuesday, June 11th. Evercore ISI reissued a hold rating and issued a $80.00 price target on shares of Fortinet in a report on Tuesday, May 7th. Wolfe Research raised shares of Sinclair Broadcast Group from an underperform rating to an outperform rating in a report on Wednesday, April 3rd. Finally, ValuEngine cut shares of Acceleron Pharma from a strong-buy rating to a buy rating in a research report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $48.67.
Sinclair Broadcast Group (NASDAQ:SBGI) last posted its earnings results on Wednesday, May 8th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.16). The business had revenue of $722.10 million for the quarter, compared to analyst estimates of $707.94 million. Sinclair Broadcast Group had a return on equity of 20.45% and a net margin of 10.28%. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.42 earnings per share. As a group, equities research analysts forecast that Sinclair Broadcast Group will post 2.76 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Friday, May 31st were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $0.80 annualized dividend and a dividend yield of 1.35%. Sinclair Broadcast Group’s dividend payout ratio (DPR) is 23.88%.
In related news, Director Lawrence E. Mccanna sold 2,000 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $53.16, for a total transaction of $106,320.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Daniel C. Keith sold 13,250 shares of the stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $56.58, for a total value of $749,685.00. Following the completion of the sale, the director now owns 46,000 shares of the company’s stock, valued at $2,602,680. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,250 shares of company stock worth $1,017,345. Corporate insiders own 29.24% of the company’s stock.
A number of institutional investors have recently bought and sold shares of SBGI. BlackRock Inc. grew its holdings in shares of Sinclair Broadcast Group by 1.6% during the 4th quarter. BlackRock Inc. now owns 5,190,505 shares of the company’s stock valued at $136,718,000 after purchasing an additional 82,886 shares during the last quarter. Martingale Asset Management L P lifted its position in shares of Sinclair Broadcast Group by 38.0% during the 4th quarter. Martingale Asset Management L P now owns 53,743 shares of the company’s stock valued at $1,416,000 after acquiring an additional 14,808 shares during the period. GSA Capital Partners LLP bought a new stake in Sinclair Broadcast Group during the 4th quarter valued at $266,000. Great West Life Assurance Co. Can increased its stake in Sinclair Broadcast Group by 18.2% during the 4th quarter. Great West Life Assurance Co. Can now owns 11,500 shares of the company’s stock valued at $290,000 after purchasing an additional 1,768 shares in the last quarter. Finally, Hsbc Holdings PLC increased its stake in Sinclair Broadcast Group by 2,372.6% during the 4th quarter. Hsbc Holdings PLC now owns 200,530 shares of the company’s stock valued at $5,284,000 after purchasing an additional 192,420 shares in the last quarter. 65.00% of the stock is currently owned by hedge funds and other institutional investors.
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, sales, and other non-programming operating 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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