Sinclair Broadcast Group (NASDAQ:SBGI) Downgraded by Zacks Investment Research to Strong Sell
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. “
Other equities research analysts also recently issued reports about the stock. BidaskClub downgraded shares of Xencor from a sell rating to a strong sell rating in a report on Tuesday, June 11th. ValuEngine downgraded shares of Acceleron Pharma from a strong-buy rating to a buy rating in a research note on Thursday, April 18th. Benchmark raised their target price on shares of Sinclair Broadcast Group from $45.00 to $90.00 and gave the company a buy rating in a research note on Tuesday, May 7th. Evercore ISI reiterated a hold rating and set a $80.00 price target on shares of Fortinet in a research report on Tuesday, May 7th. Finally, Wolfe Research upgraded shares of Sinclair Broadcast Group from an underperform rating to an outperform rating in a research report on Wednesday, April 3rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have given a buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $48.67.
Sinclair Broadcast Group (NASDAQ:SBGI) last released its earnings results on Wednesday, May 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($0.16). The company had revenue of $722.10 million for the quarter, compared to analyst estimates of $707.94 million. Sinclair Broadcast Group had a net margin of 10.28% and a return on equity of 20.45%. The firm’s revenue was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.42 EPS. On average, sell-side analysts expect that Sinclair Broadcast Group will post 2.76 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Friday, May 31st were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $0.80 annualized dividend and a dividend yield of 1.35%. Sinclair Broadcast Group’s dividend payout ratio (DPR) is 23.88%.
In other news, Director Lawrence E. Mccanna sold 2,000 shares of the business’s stock in a transaction that occurred on 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 accessible through this link. Also, Director Daniel C. Keith sold 13,250 shares of the company’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $56.58, for a total value of $749,685.00. Following the completion of the transaction, the director now directly owns 46,000 shares in the company, valued at approximately $2,602,680. The disclosure for this sale can be found here. Insiders have sold a total of 18,250 shares of company stock worth $1,017,345 over the last ninety days. Insiders own 29.24% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. Covington Capital Management purchased a new stake in Sinclair Broadcast Group in the fourth quarter valued at about $33,000. MERIAN GLOBAL INVESTORS UK Ltd acquired a new stake in Sinclair Broadcast Group in the first quarter valued at approximately $97,000. Amundi Pioneer Asset Management Inc. purchased a new position in shares of Sinclair Broadcast Group in the first quarter valued at approximately $200,000. Pinnacle Associates Ltd. purchased a new position in shares of Sinclair Broadcast Group in the first quarter valued at approximately $201,000. Finally, Quantamental Technologies LLC purchased a new position in shares of Sinclair Broadcast Group in the first quarter valued at approximately $210,000. 65.00% of the stock is currently owned by institutional investors and hedge funds.
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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