Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.

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 research analysts have also issued reports on SBGI. Wedbush increased their price target on shares of Sinclair Broadcast Group from $36.00 to $42.00 and gave the stock an “outperform” rating in a research note on Thursday, February 23rd. Royal Bank Of Canada reiterated an “outperform” rating and issued a $47.00 price target (up from $43.00) on shares of Sinclair Broadcast Group in a research note on Thursday, February 23rd. Wells Fargo & Company reiterated a “buy” rating on shares of Sinclair Broadcast Group in a research note on Monday, March 6th. Benchmark Co. increased their price target on shares of Sinclair Broadcast Group from $45.00 to $52.00 and gave the stock a “buy” rating in a research note on Thursday, May 4th. Finally, ValuEngine lowered shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating and reduced their price objective for the company from $48.00 to $37.00 in a research note on Thursday, May 11th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $44.80.

Analyst Recommendations for Sinclair Broadcast Group (NASDAQ:SBGI)

Sinclair Broadcast Group (NASDAQ SBGI) opened at 35.15 on Wednesday. The company’s 50-day moving average is $35.15 and its 200 day moving average is $36.04. Sinclair Broadcast Group has a 12-month low of $24.15 and a 12-month high of $43.05. The stock has a market capitalization of $3.61 billion, a PE ratio of 11.85 and a beta of 1.80.

Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings results on Wednesday, May 3rd. The company reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.03. The company had revenue of $649.90 million during the quarter, compared to analyst estimates of $646.94 million. Sinclair Broadcast Group had a net margin of 9.91% and a return on equity of 39.72%. Sinclair Broadcast Group’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same period last year, the business earned $0.25 EPS. On average, equities research analysts expect that Sinclair Broadcast Group will post $2.04 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Tuesday, May 30th. This represents a $0.72 dividend on an annualized basis and a yield of 2.05%. Sinclair Broadcast Group’s dividend payout ratio is currently 24.08%.

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In other news, insider David D. Smith acquired 4,400 shares of Sinclair Broadcast Group stock in a transaction on Friday, May 5th. The stock was acquired at an average cost of $36.77 per share, for a total transaction of $161,788.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 28.20% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Clearbridge Investments LLC raised its stake in Sinclair Broadcast Group by 0.5% in the first quarter. Clearbridge Investments LLC now owns 1,169,858 shares of the company’s stock worth $47,379,000 after buying an additional 5,715 shares in the last quarter. UBS Oconnor LLC purchased a new stake in Sinclair Broadcast Group during the first quarter worth $14,796,000. Public Employees Retirement System of Ohio raised its stake in Sinclair Broadcast Group by 18.6% in the first quarter. Public Employees Retirement System of Ohio now owns 79,129 shares of the company’s stock worth $3,205,000 after buying an additional 12,431 shares in the last quarter. Point72 Asset Management L.P. raised 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, FNY Partners Fund LP purchased a new stake in Sinclair Broadcast Group during the first quarter worth $738,000. Institutional investors and hedge funds own 72.11% of the company’s stock.

Sinclair Broadcast Group Company Profile

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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