Sinclair Broadcast Group, Inc. (SBGI) Director Lawrence E. Mccanna Sells 2,000 Shares

Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Director Lawrence E. Mccanna sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $34.75, for a total transaction of $69,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) traded down 2.90% during trading on Friday, reaching $35.10. 2,497,443 shares of the company’s stock were exchanged. The company has a market cap of $3.60 billion, a P/E ratio of 11.83 and a beta of 1.80. Sinclair Broadcast Group, Inc. has a 12-month low of $24.15 and a 12-month high of $43.05. The stock’s 50-day moving average is $34.75 and its 200-day moving average is $36.06.

Sinclair Broadcast Group (NASDAQ:SBGI) last posted its earnings results on Wednesday, May 3rd. The company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.03. Sinclair Broadcast Group had a net margin of 9.91% and a return on equity of 39.72%. The firm had revenue of $649.90 million during the quarter, compared to analyst estimates of $646.94 million. During the same period last year, the firm posted $0.25 earnings per share. Sinclair Broadcast Group’s revenue for the quarter was up 12.3% compared to the same quarter last year. Analysts predict that Sinclair Broadcast Group, Inc. will post $2.04 EPS for the current fiscal year.

Insider Buying and Selling by Quarter for Sinclair Broadcast Group (NASDAQ:SBGI)

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Thursday, June 1st were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend was Tuesday, May 30th. Sinclair Broadcast Group’s dividend payout ratio (DPR) is presently 24.08%.

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Hedge funds and other institutional investors have recently bought and sold shares of the stock. Independent Portfolio Consultants Inc. raised its position in Sinclair Broadcast Group by 2.4% in the first quarter. Independent Portfolio Consultants Inc. now owns 2,575 shares of the company’s stock worth $104,000 after buying an additional 60 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Sinclair Broadcast Group by 55.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,897 shares of the company’s stock worth $117,000 after buying an additional 1,036 shares during the period. PNC Financial Services Group Inc. raised its position in 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 period. M&T Bank Corp acquired a new position in Sinclair Broadcast Group during the first quarter worth $213,000. Finally, New York State Teachers Retirement System acquired a new position in Sinclair Broadcast Group during the first quarter worth $235,000. 72.11% of the stock is owned by hedge funds and other institutional investors.

SBGI has been the subject of a number of research reports. Wedbush boosted 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 reissued an “outperform” rating and issued a $47.00 price target (up previously from $43.00) on shares of Sinclair Broadcast Group in a research note on Thursday, February 23rd. Zacks Investment Research raised shares of Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research note on Friday, February 24th. Wells Fargo & Company reissued a “buy” rating on shares of Sinclair Broadcast Group in a research note on Monday, March 6th. Finally, Benchmark Co. boosted 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. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Sinclair Broadcast Group presently has an average rating of “Buy” and a consensus price target of $44.80.

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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