Sinclair Broadcast Group (SBGI) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Sinclair Broadcast Group (NASDAQ:SBGI) from a hold rating to a buy rating in a report issued on Saturday, Zacks.com reports. The brokerage currently has $49.00 price target on the stock.

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. “

A number of other analysts also recently weighed in on SBGI. B. Riley upped their price target on shares of Sinclair Broadcast Group from $35.00 to $38.00 and gave the stock a neutral rating in a report on Tuesday, December 18th. ValuEngine downgraded shares of Sinclair Broadcast Group from a hold rating to a sell rating in a report on Friday, December 21st. BidaskClub downgraded shares of Sinclair Broadcast Group from a buy rating to a hold rating in a report on Tuesday, December 25th. Benchmark reaffirmed a buy rating and set a $39.00 price target on shares of Sinclair Broadcast Group in a report on Monday, January 14th. Finally, Wolfe Research raised shares of Sinclair Broadcast Group from an underperform rating to an outperform rating in a report on Wednesday, April 3rd. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Sinclair Broadcast Group has a consensus rating of Buy and an average target price of $38.56.

Shares of Sinclair Broadcast Group stock opened at $44.21 on Friday. Sinclair Broadcast Group has a 1-year low of $25.13 and a 1-year high of $44.64. The company has a quick ratio of 3.12, a current ratio of 3.12 and a debt-to-equity ratio of 2.41. The company has a market cap of $3.99 billion, a PE ratio of 13.20 and a beta of 1.50.

Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings results on Wednesday, February 27th. The company reported $2.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.98 by $0.12. Sinclair Broadcast Group had a net margin of 11.17% and a return on equity of 21.77%. The company had revenue of $893.30 million during the quarter, compared to the consensus estimate of $878.46 million. During the same quarter in the prior year, the firm posted $4.32 EPS. The firm’s quarterly revenue was up 25.4% on a year-over-year basis. On average, research analysts forecast that Sinclair Broadcast Group will post 2.28 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Monday, March 11th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend was Friday, March 8th. Sinclair Broadcast Group’s payout ratio is 23.88%.

In related news, VP Barry Faber sold 16,882 shares of the stock in a transaction that occurred on Thursday, February 28th. The shares were sold at an average price of $34.78, for a total value of $587,155.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert E. Smith sold 143,002 shares of the stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $38.58, for a total transaction of $5,517,017.16. The disclosure for this sale can be found here. In the last three months, insiders sold 182,893 shares of company stock valued at $6,987,659. 29.24% of the stock is owned by insiders.

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc raised its stake in shares of Sinclair Broadcast Group by 4.6% during the third quarter. Vanguard Group Inc now owns 7,225,931 shares of the company’s stock valued at $204,855,000 after acquiring an additional 320,587 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Sinclair Broadcast Group by 4.6% during the third quarter. Vanguard Group Inc. now owns 7,225,931 shares of the company’s stock valued at $204,855,000 after acquiring an additional 320,587 shares during the last quarter. BlackRock Inc. raised its stake in shares of Sinclair Broadcast Group by 1.6% during the fourth quarter. BlackRock Inc. now owns 5,190,505 shares of the company’s stock valued at $136,718,000 after acquiring an additional 82,886 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Sinclair Broadcast Group by 0.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,181,634 shares of the company’s stock valued at $83,805,000 after acquiring an additional 27,711 shares during the last quarter. Finally, Baupost Group LLC MA raised its stake in shares of Sinclair Broadcast Group by 16.7% during the third quarter. Baupost Group LLC MA now owns 3,000,000 shares of the company’s stock valued at $85,050,000 after acquiring an additional 428,698 shares during the last quarter. 67.06% of the stock is owned by institutional investors and hedge funds.

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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