Sinclair Broadcast Group (NASDAQ:SBGI) Stock Rating Lowered by ValuEngine

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ValuEngine cut shares of Sinclair Broadcast Group (NASDAQ:SBGI) from a sell rating to a strong sell rating in a research note released on Wednesday morning, ValuEngine reports.

A number of other equities analysts also recently issued reports on the company. Benchmark reaffirmed a buy rating and set a $80.00 price target (down from $90.00) on shares of Sinclair Broadcast Group in a research report on Thursday, August 8th. Stephens set a $80.00 target price on Sinclair Broadcast Group and gave the company a buy rating in a research report on Wednesday, August 21st. Evercore ISI set a $50.00 target price on Sinclair Broadcast Group and gave the company a hold rating in a research report on Wednesday, August 7th. Wells Fargo & Co started coverage on Sinclair Broadcast Group in a research report on Tuesday, September 24th. They issued a market perform rating and a $48.00 target price on the stock. Finally, Cannonball Research started coverage on Sinclair Broadcast Group in a research report on Monday, September 9th. They issued a hold rating and a $44.00 target price on the stock. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. Sinclair Broadcast Group currently has an average rating of Hold and a consensus price target of $56.50.

Shares of SBGI stock opened at $41.05 on Wednesday. The business’s fifty day simple moving average is $43.01 and its 200-day simple moving average is $48.64. The company has a market cap of $3.67 billion, a PE ratio of 12.25 and a beta of 1.18. The company has a current ratio of 3.11, a quick ratio of 3.11 and a debt-to-equity ratio of 2.59. Sinclair Broadcast Group has a 12-month low of $25.14 and a 12-month high of $66.57.

Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.04. The business had revenue of $771.00 million for the quarter, compared to the consensus estimate of $764.48 million. Sinclair Broadcast Group had a return on equity of 23.05% and a net margin of 10.60%. The business’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.27 earnings per share. On average, equities analysts forecast that Sinclair Broadcast Group will post 2.31 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.95%. The ex-dividend date was Thursday, August 29th. Sinclair Broadcast Group’s payout ratio is 23.88%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Advisors Preferred LLC purchased a new stake in Sinclair Broadcast Group in the second quarter valued at $37,000. Harvest Fund Management Co. Ltd purchased a new stake in Sinclair Broadcast Group in the second quarter valued at $39,000. Meeder Asset Management Inc. boosted its holdings in Sinclair Broadcast Group by 766.7% in the second quarter. Meeder Asset Management Inc. now owns 1,300 shares of the company’s stock valued at $70,000 after purchasing an additional 1,150 shares during the last quarter. Sun Life Financial INC purchased a new stake in Sinclair Broadcast Group in the second quarter valued at $72,000. Finally, FNY Investment Advisers LLC purchased a new stake in Sinclair Broadcast Group in the second quarter valued at $80,000. 64.79% of the stock is currently owned by hedge funds and other institutional investors.

About Sinclair Broadcast Group

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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Analyst Recommendations for Sinclair Broadcast Group (NASDAQ:SBGI)

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