Sinclair Broadcast Group (SBGI) Raised to Outperform at Evercore ISI

Evercore ISI upgraded shares of Sinclair Broadcast Group (NASDAQ:SBGI) from an in-line rating to an outperform rating in a research report report published on Tuesday, May 7th, Benzinga reports. Evercore ISI currently has $61.00 price target on the stock.

SBGI has been the topic of a number of other reports. Zacks Investment Research cut shares of Sinclair Broadcast Group from a buy rating to a hold rating in a research note on Thursday, March 28th. Benchmark lifted their price objective on shares of Sinclair Broadcast Group from $39.00 to $45.00 and gave the company a buy rating in a research note on Thursday, February 28th. BidaskClub upgraded shares of Sinclair Broadcast Group from a hold rating to a buy rating in a research report on Monday, January 7th. Finally, ValuEngine upgraded shares of Sinclair Broadcast Group from a sell rating to a hold rating in a research report on Wednesday, January 9th. 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 company’s stock. The stock has an average rating of Buy and an average price target of $48.67.

SBGI stock traded up $1.02 during mid-day trading on Tuesday, reaching $55.49. The company had a trading volume of 845,945 shares, compared to its average volume of 1,367,919. The company has a debt-to-equity ratio of 2.66, a quick ratio of 3.12 and a current ratio of 3.12. The stock has a market capitalization of $5.07 billion, a price-to-earnings ratio of 16.56 and a beta of 1.56. Sinclair Broadcast Group has a one year low of $25.13 and a one year high of $66.57.

Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings data on Wednesday, May 8th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.16). Sinclair Broadcast Group had a net margin of 10.28% and a return on equity of 20.45%. The company had revenue of $722.10 million for the quarter, compared to the consensus estimate of $707.94 million. During the same quarter in the prior year, the firm earned $0.42 earnings per share. Sinclair Broadcast Group’s revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, analysts predict that Sinclair Broadcast Group will post 2.76 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Friday, May 31st will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend is Thursday, May 30th. Sinclair Broadcast Group’s dividend payout ratio (DPR) is presently 23.88%.

In related news, Director Daniel C. Keith sold 13,250 shares of Sinclair Broadcast Group stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $56.58, for a total value of $749,685.00. Following the transaction, the director now owns 46,000 shares of the company’s stock, valued at approximately $2,602,680. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman David B. Amy sold 22,032 shares of Sinclair Broadcast Group stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $38.38, for a total value of $845,588.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 179,261 shares of company stock worth $7,150,188. 29.24% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. BlueMountain Capital Management LLC lifted its holdings in shares of Sinclair Broadcast Group by 63.1% during the first quarter. BlueMountain Capital Management LLC now owns 17,280 shares of the company’s stock worth $665,000 after buying an additional 6,688 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of Sinclair Broadcast Group during the first quarter worth approximately $860,000. SEI Investments Co lifted its holdings in shares of Sinclair Broadcast Group by 8.3% during the first quarter. SEI Investments Co now owns 230,597 shares of the company’s stock worth $8,874,000 after buying an additional 17,639 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Sinclair Broadcast Group by 21.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,392,992 shares of the company’s stock worth $53,603,000 after buying an additional 246,360 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in shares of Sinclair Broadcast Group by 27.8% during the first quarter. Hsbc Holdings PLC now owns 256,200 shares of the company’s stock worth $9,859,000 after buying an additional 55,670 shares during the last quarter. 65.02% 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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Analyst Recommendations for Sinclair Broadcast Group (NASDAQ:SBGI)

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