Sinclair Broadcast Group, Inc. (SBGI) Stock Rating Upgraded by Zacks Investment Research
Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage presently has a $34.00 target price on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 7.77% from the company’s previous close.
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 firms have also commented on SBGI. Wells Fargo & Company reissued an “outperform” rating and set a $55.00 target price on shares of Sinclair Broadcast Group in a research report on Monday. ValuEngine upgraded shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research note on Monday. Benchmark Co. raised their target price on shares of Sinclair Broadcast Group from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, August 1st. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and issued a $45.00 price target on shares of Sinclair Broadcast Group in a report on Wednesday, July 5th. Eight equities research analysts have rated the stock with a buy rating, Sinclair Broadcast Group currently has a consensus rating of “Buy” and an average target price of $44.86.
Shares of Sinclair Broadcast Group (SBGI) traded up 3.01% during mid-day trading on Wednesday, reaching $32.50. 1,142,472 shares of the company traded hands. The stock has a market capitalization of $3.34 billion, a PE ratio of 11.40 and a beta of 1.83. The firm has a 50 day moving average of $29.54 and a 200-day moving average of $34.08. Sinclair Broadcast Group has a 52 week low of $24.15 and a 52 week high of $43.05.
Sinclair Broadcast Group (NASDAQ:SBGI) last announced its quarterly earnings results on Wednesday, August 2nd. The company reported $0.43 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.43. The business had revenue of $679.30 million for the quarter, compared to the consensus estimate of $678.23 million. Sinclair Broadcast Group had a return on equity of 32.06% and a net margin of 9.70%. The business’s revenue was up 2.1% compared to the same quarter last year. During the same period last year, the business posted $0.52 EPS. On average, equities research analysts expect that Sinclair Broadcast Group will post $2.01 EPS for the current fiscal year.
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In related news, Director Howard E. Friedman sold 1,010 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $31.98, for a total value of $32,299.80. Following the completion of the transaction, the director now directly owns 10,990 shares of the company’s stock, valued at approximately $351,460.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 28.20% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Sinclair Broadcast Group by 55.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,897 shares of the company’s stock valued at $117,000 after purchasing an additional 1,036 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Sinclair Broadcast Group by 9.4% in the first quarter. PNC Financial Services Group Inc. now owns 3,230 shares of the company’s stock worth $131,000 after buying an additional 278 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Sinclair Broadcast Group in the second quarter worth $141,000. M&T Bank Corp purchased a new position in shares of Sinclair Broadcast Group in the first quarter worth $213,000. Finally, New York State Teachers Retirement System purchased a new position in shares of Sinclair Broadcast Group in the first quarter worth $235,000. 80.87% of the stock is currently owned by institutional investors.
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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