ValuEngine upgraded shares of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) from a hold rating to a buy rating in a research note published on Monday.

SBGI has been the topic of several other reports. Zacks Investment Research raised Sinclair Broadcast Group from a hold rating to a buy rating and set a $36.00 target price on the stock in a report on Saturday, August 5th. Benchmark Co. increased their target price on Sinclair Broadcast Group from $52.00 to $55.00 and gave the stock a buy rating in a report on Tuesday, August 1st. Wells Fargo & Company reissued an outperform rating and set a $55.00 target price on shares of Sinclair Broadcast Group in a report on Monday. Finally, Royal Bank Of Canada reissued a buy rating and set a $45.00 target price on shares of Sinclair Broadcast Group in a report on Wednesday, July 5th. Eight analysts have rated the stock with a buy rating, The company has an average rating of Buy and an average target price of $44.86.

Shares of Sinclair Broadcast Group (NASDAQ:SBGI) traded down 0.077% during midday trading on Monday, hitting $32.325. 182,445 shares of the stock traded hands. The company has a market capitalization of $3.32 billion, a PE ratio of 11.334 and a beta of 1.83. Sinclair Broadcast Group has a 12-month low of $24.15 and a 12-month high of $43.05. The firm’s 50 day moving average price is $29.63 and its 200 day moving average price is $34.06.

Sinclair Broadcast Group (NASDAQ:SBGI) last released its earnings results on Wednesday, August 2nd. The company reported $0.43 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.43. The company had revenue of $679.30 million for the quarter, compared to analyst estimates of $678.23 million. Sinclair Broadcast Group had a return on equity of 32.06% and a net margin of 9.70%. Sinclair Broadcast Group’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.52 EPS. Analysts expect that Sinclair Broadcast Group will post $2.01 EPS for the current year.

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The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were paid a $0.18 dividend. The ex-dividend date was Wednesday, August 30th. This represents a $0.72 annualized dividend and a dividend yield of 2.23%. Sinclair Broadcast Group’s payout ratio is 24.83%.

In other news, Director Howard E. Friedman sold 1,010 shares of the stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $31.98, for a total value of $32,299.80. Following the completion of the sale, the director now owns 10,990 shares of the company’s stock, valued at $351,460.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 28.20% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Phocas Financial Corp. increased its stake in shares of Sinclair Broadcast Group by 4.7% in the second quarter. Phocas Financial Corp. now owns 380,489 shares of the company’s stock valued at $12,518,000 after buying an additional 16,978 shares during the period. Sentry Investment Management LLC increased its stake in shares of Sinclair Broadcast Group by 1.8% in the second quarter. Sentry Investment Management LLC now owns 83,593 shares of the company’s stock valued at $2,750,000 after buying an additional 1,441 shares during the period. Dynamic Technology Lab Private Ltd increased its stake in shares of Sinclair Broadcast Group by 43.8% in the second quarter. Dynamic Technology Lab Private Ltd now owns 19,499 shares of the company’s stock valued at $642,000 after buying an additional 5,935 shares during the period. Public Employees Retirement System of Ohio increased its stake in shares of Sinclair Broadcast Group by 25.5% in the second quarter. Public Employees Retirement System of Ohio now owns 99,343 shares of the company’s stock valued at $3,268,000 after buying an additional 20,214 shares during the period. Finally, Colony Group LLC increased its stake in shares of Sinclair Broadcast Group by 16.6% in the second quarter. Colony Group LLC now owns 57,665 shares of the company’s stock valued at $1,897,000 after buying an additional 8,215 shares during the period. 80.87% of the stock is owned by institutional investors.

About Sinclair Broadcast Group

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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Analyst Recommendations for Sinclair Broadcast Group (NASDAQ:SBGI)

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