Sinclair Broadcast Group (SBGI) Lowered to “Hold” at Zacks Investment Research

Sinclair Broadcast Group (NASDAQ:SBGI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday. They currently have a $40.00 price objective on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 15.61% 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. “

Other equities research analysts also recently issued research reports about the company. Royal Bank of Canada reissued a “buy” rating and set a $48.00 target price on shares of Sinclair Broadcast Group in a report on Thursday, January 4th. BidaskClub downgraded Sinclair Broadcast Group from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 4th. ValuEngine raised Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Ameriprise Financial reissued a “buy” rating and set a $45.00 target price (up previously from $43.00) on shares of Sinclair Broadcast Group in a report on Friday, November 3rd. Finally, B. Riley lifted their target price on Sinclair Broadcast Group from $43.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, November 2nd. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $46.00.

Shares of Sinclair Broadcast Group (SBGI) opened at $34.60 on Friday. Sinclair Broadcast Group has a twelve month low of $26.70 and a twelve month high of $43.05. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 3.51. The firm has a market capitalization of $3,621.98, a price-to-earnings ratio of 13.03, a PEG ratio of 1.95 and a beta of 1.80.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp increased its position in shares of Sinclair Broadcast Group by 1.7% in the third quarter. Bank of New York Mellon Corp now owns 7,883,606 shares of the company’s stock worth $252,669,000 after purchasing an additional 132,422 shares during the period. Vanguard Group Inc. increased its position in shares of Sinclair Broadcast Group by 8.5% in the second quarter. Vanguard Group Inc. now owns 6,620,686 shares of the company’s stock worth $217,820,000 after purchasing an additional 520,001 shares during the period. Principal Financial Group Inc. increased its position in shares of Sinclair Broadcast Group by 15.0% in the third quarter. Principal Financial Group Inc. now owns 4,729,416 shares of the company’s stock worth $151,576,000 after purchasing an additional 616,122 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Sinclair Broadcast Group by 7.2% in the third quarter. Dimensional Fund Advisors LP now owns 2,078,562 shares of the company’s stock worth $66,615,000 after purchasing an additional 140,286 shares during the period. Finally, State Street Corp increased its position in shares of Sinclair Broadcast Group by 10.8% in the second quarter. State Street Corp now owns 1,458,278 shares of the company’s stock worth $47,971,000 after purchasing an additional 141,870 shares during the period. Institutional investors own 84.69% of the company’s stock.

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About Sinclair Broadcast Group

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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