Meeder Asset Management Inc. boosted its stake in shares of Sinclair Broadcast Group Inc (NASDAQ:SBGI) by 87.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,741 shares of the company’s stock after buying an additional 1,282 shares during the period. Meeder Asset Management Inc.’s holdings in Sinclair Broadcast Group were worth $44,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Orion Portfolio Solutions LLC acquired a new position in shares of Sinclair Broadcast Group in the 4th quarter valued at about $39,000. Sunbelt Securities Inc. acquired a new position in shares of Sinclair Broadcast Group in the 4th quarter valued at about $28,339,000. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Sinclair Broadcast Group in the 1st quarter valued at about $200,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Sinclair Broadcast Group by 17.9% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,020 shares of the company’s stock valued at $97,000 after purchasing an additional 916 shares during the period. Finally, Rockefeller Capital Management L.P. increased its holdings in shares of Sinclair Broadcast Group by 6,142.1% in the 1st quarter. Rockefeller Capital Management L.P. now owns 7,553 shares of the company’s stock valued at $121,000 after purchasing an additional 7,432 shares during the period. Hedge funds and other institutional investors own 69.54% of the company’s stock.
Shares of Sinclair Broadcast Group stock opened at $17.72 on Tuesday. The stock has a market capitalization of $1.37 billion, a P/E ratio of 10.87 and a beta of 1.34. The company has a quick ratio of 3.65, a current ratio of 3.65 and a debt-to-equity ratio of 8.12. The stock has a 50 day moving average price of $18.85 and a two-hundred day moving average price of $23.01. Sinclair Broadcast Group Inc has a 12-month low of $10.57 and a 12-month high of $59.58.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a $0.20 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $0.80 annualized dividend and a dividend yield of 4.51%. Sinclair Broadcast Group’s dividend payout ratio is 26.94%.
A number of brokerages have recently weighed in on SBGI. B. Riley dropped their target price on Sinclair Broadcast Group from $22.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, May 5th. Wells Fargo & Co downgraded Sinclair Broadcast Group from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $16.00 to $11.00 in a report on Monday, May 4th. BidaskClub downgraded Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a report on Tuesday, June 16th. ValuEngine cut Sinclair Broadcast Group from a “sell” rating to a “strong sell” rating in a research note on Monday, June 1st. Finally, Zacks Investment Research raised Sinclair Broadcast Group from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. Sinclair Broadcast Group presently has a consensus rating of “Hold” and a consensus target price of $33.75.
Sinclair Broadcast Group 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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