MERIAN GLOBAL INVESTORS UK Ltd acquired a new position in shares of Sinclair Broadcast Group Inc (NASDAQ:SBGI) during the first quarter, Holdings Channel reports. The institutional investor acquired 2,533 shares of the company’s stock, valued at approximately $97,000.
Other hedge funds have also recently modified their holdings of the company. Covington Capital Management bought a new stake in Sinclair Broadcast Group during the 4th quarter worth $33,000. Enlightenment Research LLC acquired a new position in Sinclair Broadcast Group during the 4th quarter worth about $53,000. Oppenheimer Asset Management Inc. acquired a new position in Sinclair Broadcast Group during the 4th quarter worth about $103,000. Quantamental Technologies LLC acquired a new position in Sinclair Broadcast Group during the 1st quarter worth about $210,000. Finally, Signition LP acquired a new position in Sinclair Broadcast Group during the 4th quarter worth about $229,000. Institutional investors and hedge funds own 66.16% of the company’s stock.
Several brokerages have commented on SBGI. Wolfe Research raised Sinclair Broadcast Group from an “underperform” rating to an “outperform” rating in a report on Wednesday, April 3rd. Zacks Investment Research raised Sinclair Broadcast Group from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a report on Saturday, April 6th. B. Riley boosted their price objective on Sinclair Broadcast Group from $38.00 to $46.00 and gave the company a “neutral” rating in a research note on Tuesday, April 30th. Benchmark boosted their price objective on Sinclair Broadcast Group from $45.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Finally, Evercore ISI raised Sinclair Broadcast Group from an “in-line” rating to an “outperform” rating and set a $61.00 price objective on the stock in a research note on Tuesday, May 7th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $48.67.
Sinclair Broadcast Group (NASDAQ:SBGI) last released its earnings results on Wednesday, May 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.16). The business had revenue of $722.10 million during the quarter, compared to the consensus estimate of $707.94 million. Sinclair Broadcast Group had a net margin of 10.28% and a return on equity of 20.45%. The business’s revenue was up 8.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.42 earnings per share. Analysts expect that Sinclair Broadcast Group Inc will post 2.76 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.41%. The ex-dividend date of this dividend is Thursday, May 30th. Sinclair Broadcast Group’s dividend payout ratio is presently 23.88%.
In other news, VP Barry Faber sold 16,882 shares of the company’s stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $34.78, for a total value of $587,155.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Daniel C. Keith sold 13,250 shares of the company’s stock in a transaction that occurred on 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 transaction, the director now directly owns 46,000 shares of the company’s stock, valued at $2,602,680. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 196,143 shares of company stock valued at $7,737,344. 29.24% of the stock is currently owned by corporate insiders.
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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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