B. Riley Trims Sinclair Broadcast Group (NASDAQ:SBGI) Target Price to $61.00

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Sinclair Broadcast Group (NASDAQ:SBGI) had its price objective trimmed by B. Riley from $70.00 to $61.00 in a report released on Wednesday morning, The Fly reports. The brokerage currently has a buy rating on the stock. B. Riley also issued estimates for Sinclair Broadcast Group’s Q4 2019 earnings at $1.06 EPS, FY2020 earnings at $6.18 EPS and FY2022 earnings at $4.42 EPS.

Several other equities research analysts also recently weighed in on SBGI. ValuEngine downgraded shares of Sinclair Broadcast Group from a buy rating to a hold rating in a report on Thursday, August 1st. Evercore ISI set a $50.00 price objective on shares of Sinclair Broadcast Group and gave the stock a hold rating in a report on Wednesday, August 7th. Benchmark reiterated a buy rating and issued a $80.00 price target (down from $90.00) on shares of Sinclair Broadcast Group in a research report on Thursday, August 8th. BidaskClub cut shares of Sinclair Broadcast Group from a buy rating to a hold rating in a research report on Friday, August 2nd. Finally, Zacks Investment Research cut shares of Sinclair Broadcast Group from a hold rating to a strong sell rating in a research report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. Sinclair Broadcast Group presently has an average rating of Hold and an average target price of $52.00.

SBGI stock opened at $44.62 on Wednesday. The company has a market capitalization of $4.07 billion, a P/E ratio of 12.05 and a beta of 1.12. The company has a 50-day simple moving average of $52.86 and a 200 day simple moving average of $46.53. Sinclair Broadcast Group has a fifty-two week low of $25.14 and a fifty-two week high of $66.57. The company has a quick ratio of 3.12, a current ratio of 3.11 and a debt-to-equity ratio of 2.59.

Sinclair Broadcast Group (NASDAQ:SBGI) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.04. The business had revenue of $771.00 million during the quarter, compared to the consensus estimate of $764.48 million. Sinclair Broadcast Group had a net margin of 10.60% and a return on equity of 23.05%. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.27 earnings per share. Equities analysts anticipate that Sinclair Broadcast Group will post 2.47 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.79%. The ex-dividend date is Thursday, August 29th. Sinclair Broadcast Group’s dividend payout ratio (DPR) is presently 23.88%.

In other Sinclair Broadcast Group news, Director Lawrence E. Mccanna sold 2,000 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $53.16, for a total transaction of $106,320.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Daniel C. Keith sold 13,250 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $56.58, for a total value of $749,685.00. Following the sale, the director now owns 46,000 shares in the company, valued at approximately $2,602,680. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,250 shares of company stock worth $1,017,345. 32.30% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of SBGI. JPMorgan Chase & Co. raised its holdings in Sinclair Broadcast Group by 118.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,797,608 shares of the company’s stock worth $148,832,000 after buying an additional 1,517,108 shares during the period. Renaissance Technologies LLC raised its holdings in Sinclair Broadcast Group by 33.3% during the 2nd quarter. Renaissance Technologies LLC now owns 4,291,227 shares of the company’s stock worth $230,139,000 after buying an additional 1,072,664 shares during the period. AJO LP raised its holdings in Sinclair Broadcast Group by 964.8% during the 1st quarter. AJO LP now owns 1,136,315 shares of the company’s stock worth $43,725,000 after buying an additional 1,029,595 shares during the period. Invesco Ltd. raised its holdings in Sinclair Broadcast Group by 1,038.3% during the 2nd quarter. Invesco Ltd. now owns 939,594 shares of the company’s stock worth $50,389,000 after buying an additional 857,047 shares during the period. Finally, Eagle Asset Management Inc. acquired a new stake in Sinclair Broadcast Group during the 2nd quarter worth about $37,659,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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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