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 equities research analysts have also recently weighed in on SBGI. BidaskClub raised shares of Sinclair Broadcast Group from a hold rating to a buy rating in a research report on Monday, January 7th. Benchmark upped their price objective on shares of Sinclair Broadcast Group from $39.00 to $45.00 and gave the stock a buy rating in a research report on Thursday, February 28th. ValuEngine raised shares of Sinclair Broadcast Group from a sell rating to a hold rating in a research report on Wednesday, January 9th. TheStreet raised shares of Sinclair Broadcast Group from a c+ rating to a b- rating in a research report on Thursday, December 13th. Finally, B. Riley upped their price objective on shares of Sinclair Broadcast Group from $35.00 to $38.00 and gave the stock a neutral rating in a research report on Tuesday, December 18th. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $38.56.
Sinclair Broadcast Group (NASDAQ:SBGI) last announced its earnings results on Wednesday, February 27th. The company reported $2.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.98 by $0.12. The company had revenue of $893.30 million during the quarter, compared to analysts’ expectations of $878.46 million. Sinclair Broadcast Group had a net margin of 11.17% and a return on equity of 21.77%. Sinclair Broadcast Group’s quarterly revenue was up 25.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.32 earnings per share. As a group, analysts anticipate that Sinclair Broadcast Group will post 2.28 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Monday, March 11th were issued a $0.20 dividend. The ex-dividend date was Friday, March 8th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.81%. Sinclair Broadcast Group’s dividend payout ratio (DPR) is currently 23.88%.
In other news, insider David R. Bochenek sold 977 shares of the stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $38.79, for a total value of $37,897.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman David B. Amy sold 22,032 shares of the stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $38.38, for a total transaction of $845,588.16. The disclosure for this sale can be found here. Insiders sold 182,893 shares of company stock valued at $6,987,659 in the last three months. Company insiders own 29.24% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Legal & General Group Plc increased its stake in shares of Sinclair Broadcast Group by 2.2% in the fourth quarter. Legal & General Group Plc now owns 46,818 shares of the company’s stock valued at $1,233,000 after buying an additional 998 shares during the period. Xact Kapitalforvaltning AB increased its stake in shares of Sinclair Broadcast Group by 10.5% in the fourth quarter. Xact Kapitalforvaltning AB now owns 12,667 shares of the company’s stock valued at $334,000 after buying an additional 1,200 shares during the period. Covington Capital Management acquired a new position in shares of Sinclair Broadcast Group in the fourth quarter valued at approximately $33,000. Great West Life Assurance Co. Can increased its stake in shares of Sinclair Broadcast Group by 18.2% in the fourth quarter. Great West Life Assurance Co. Can now owns 11,500 shares of the company’s stock valued at $290,000 after buying an additional 1,768 shares during the period. Finally, Enlightenment Research LLC acquired a new position in shares of Sinclair Broadcast Group in the fourth quarter valued at approximately $53,000. 67.06% of the stock is owned by hedge funds and other institutional investors.
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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