Sinclair Broadcast Group (NASDAQ:SBGI) Downgraded by BidaskClub to “Buy”
A number of other research analysts have also issued reports on the stock. B. Riley upgraded shares of Sinclair Broadcast Group from a neutral rating to a buy rating and increased their target price for the stock from $46.00 to $57.00 in a research report on Monday, May 6th. Zacks Investment Research upgraded shares of Sinclair Broadcast Group from a strong sell rating to a buy rating and set a $41.00 target price on the stock in a research report on Tuesday, March 5th. Benchmark increased 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 report on Tuesday, May 7th. Evercore ISI upgraded shares of Sinclair Broadcast Group from an in-line rating to an outperform rating and set a $61.00 target price on the stock in a research report on Tuesday, May 7th. Finally, Wolfe Research upgraded shares of Sinclair Broadcast Group from an underperform rating to an outperform rating in a research report on Wednesday, April 3rd. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Sinclair Broadcast Group has a consensus rating of Buy and an average price target of $48.67.
Shares of NASDAQ:SBGI opened at $51.03 on Tuesday. Sinclair Broadcast Group has a 12-month low of $25.13 and a 12-month high of $66.57. The company has a market cap of $4.69 billion, a price-to-earnings ratio of 15.23 and a beta of 1.24. The company has a current ratio of 3.12, a quick ratio of 3.12 and a debt-to-equity ratio of 2.66.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, May 31st will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $0.80 annualized dividend and a dividend yield of 1.57%. Sinclair Broadcast Group’s dividend payout ratio is 23.88%.
In related news, Director Daniel C. Keith sold 13,250 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $56.58, for a total transaction of $749,685.00. Following the sale, the director now owns 46,000 shares in the company, valued at approximately $2,602,680. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert E. Smith sold 143,002 shares of the stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $38.58, for a total transaction of $5,517,017.16. The disclosure for this sale can be found here. Insiders have sold a total of 178,284 shares of company stock worth $7,112,290 in the last quarter. 29.24% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of SBGI. Renaissance Technologies LLC boosted its position in shares of Sinclair Broadcast Group by 105.4% during the 1st quarter. Renaissance Technologies LLC now owns 3,218,563 shares of the company’s stock worth $123,850,000 after acquiring an additional 1,651,692 shares in the last quarter. Norges Bank bought a new position in Sinclair Broadcast Group in the 4th quarter valued at approximately $37,682,000. AJO LP lifted its stake in Sinclair Broadcast Group by 964.8% in the 1st quarter. AJO LP now owns 1,136,315 shares of the company’s stock valued at $43,725,000 after purchasing an additional 1,029,595 shares during the last quarter. BlackRock Inc. lifted its stake in Sinclair Broadcast Group by 18.8% in the 1st quarter. BlackRock Inc. now owns 6,167,214 shares of the company’s stock valued at $237,313,000 after purchasing an additional 976,709 shares during the last quarter. Finally, Voya Investment Management LLC lifted its stake in Sinclair Broadcast Group by 2,640.6% in the 1st quarter. Voya Investment Management LLC now owns 767,710 shares of the company’s stock valued at $29,542,000 after purchasing an additional 739,698 shares during the last quarter. Institutional investors and hedge funds own 65.02% of the company’s stock.
About Sinclair Broadcast Group
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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