Sinclair Broadcast Group, Inc. (SBGI) Rating Increased to Buy at Zacks Investment Research
Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday. The brokerage currently has a $36.00 price objective on the stock. Zacks Investment Research‘s price target suggests a potential upside of 14.65% from the stock’s previous close.
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 analysts have also recently commented on SBGI. Benchmark Co. upped their target price on shares of Sinclair Broadcast Group from $45.00 to $52.00 and gave the company a “buy” rating in a research report on Thursday, May 4th. ValuEngine cut shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating and dropped their target price for the company from $48.00 to $37.00 in a research report on Thursday, May 11th. Stephens set a $46.00 target price on shares of Sinclair Broadcast Group and gave the company a “buy” rating in a research report on Saturday, June 3rd. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $45.00 target price on shares of Sinclair Broadcast Group in a research report on Wednesday, July 5th. Eight research analysts have rated the stock with a buy rating, The company presently has a consensus rating of “Buy” and a consensus target price of $43.50.
Sinclair Broadcast Group (NASDAQ SBGI) opened at 31.40 on Friday. Sinclair Broadcast Group has a one year low of $24.15 and a one year high of $43.05. The company has a 50 day moving average price of $34.10 and a 200-day moving average price of $36.27. The firm has a market capitalization of $3.22 billion, a PE ratio of 11.01 and a beta of 1.79.
Sinclair Broadcast Group (NASDAQ:SBGI) last issued its earnings results on Wednesday, August 2nd. The company reported $0.43 EPS for the quarter, meeting the consensus estimate of $0.43. The company had revenue of $679.30 million during the quarter, compared to analysts’ expectations of $678.23 million. Sinclair Broadcast Group had a net margin of 9.70% and a return on equity of 36.67%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 EPS. On average, equities analysts predict that Sinclair Broadcast Group will post $2.01 EPS for the current year.
In related news, Director Lawrence E. Mccanna sold 2,000 shares of the company’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $34.75, for a total value of $69,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 28.20% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its stake in Sinclair Broadcast Group by 30.0% in the second quarter. Bank of New York Mellon Corp now owns 7,751,184 shares of the company’s stock worth $255,014,000 after buying an additional 1,789,969 shares in the last quarter. Vanguard Group Inc. boosted its stake in Sinclair Broadcast Group by 23.3% in the first quarter. Vanguard Group Inc. now owns 6,100,685 shares of the company’s stock worth $247,078,000 after buying an additional 1,152,147 shares in the last quarter. BlackRock Inc. boosted its stake in Sinclair Broadcast Group by 18,421.8% in the first quarter. BlackRock Inc. now owns 4,884,950 shares of the company’s stock worth $197,842,000 after buying an additional 4,858,576 shares in the last quarter. Point72 Asset Management L.P. boosted its stake in Sinclair Broadcast Group by 1,377.9% in the first quarter. Point72 Asset Management L.P. now owns 2,576,060 shares of the company’s stock worth $104,330,000 after buying an additional 2,401,760 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Sinclair Broadcast Group by 4,601.8% in the first quarter. Renaissance Technologies LLC now owns 1,371,571 shares of the company’s stock worth $55,549,000 after buying an additional 1,342,400 shares in the last quarter. Institutional investors and hedge funds own 72.21% of the company’s stock.
About Sinclair Broadcast Group
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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