Price T Rowe Associates Inc. MD decreased its position in shares of Sinclair Broadcast Group Inc (NASDAQ:SBGI) by 11.6% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 34,225 shares of the company’s stock after selling 4,497 shares during the quarter. Price T Rowe Associates Inc. MD’s holdings in Sinclair Broadcast Group were worth $1,835,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SBGI. Prudential Financial Inc. increased its holdings in Sinclair Broadcast Group by 1,064.2% in the 2nd quarter. Prudential Financial Inc. now owns 217,982 shares of the company’s stock valued at $11,690,000 after acquiring an additional 199,259 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in Sinclair Broadcast Group by 30.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 691,546 shares of the company’s stock valued at $37,088,000 after acquiring an additional 161,478 shares during the last quarter. GSA Capital Partners LLP bought a new stake in Sinclair Broadcast Group in the 2nd quarter valued at $767,000. Benchmark Financial Wealth Advisors LLC bought a new stake in Sinclair Broadcast Group in the 2nd quarter valued at $224,000. Finally, Eagle Asset Management Inc. bought a new stake in Sinclair Broadcast Group in the 2nd quarter valued at $37,659,000. Institutional investors own 64.79% of the company’s stock.
A number of research firms have recently weighed in on SBGI. Cannonball Research began coverage on shares of Sinclair Broadcast Group in a report on Monday, September 9th. They issued a “hold” rating and a $44.00 target price on the stock. B. Riley reduced their target price on shares of Sinclair Broadcast Group from $70.00 to $61.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Stephens set a $80.00 target price on shares of Sinclair Broadcast Group and gave the stock a “buy” rating in a report on Wednesday, August 21st. Wells Fargo & Co began coverage on shares of Sinclair Broadcast Group in a report on Tuesday, September 24th. They issued a “market perform” rating and a $48.00 target price on the stock. Finally, ValuEngine downgraded shares of Sinclair Broadcast Group from a “sell” rating to a “strong sell” rating in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $56.50.
Sinclair Broadcast Group stock opened at $41.05 on Friday. The company has a market cap of $3.67 billion, a PE ratio of 10.86 and a beta of 1.18. Sinclair Broadcast Group Inc has a twelve month low of $25.14 and a twelve month high of $66.57. The company’s 50-day moving average price is $43.01 and its 200-day moving average price is $48.64. The company has a quick ratio of 3.11, a current ratio of 3.11 and a debt-to-equity ratio of 2.59.
Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.66 by $0.04. The company had revenue of $771.00 million for 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 firm’s revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.27 EPS. As a group, sell-side analysts expect that Sinclair Broadcast Group Inc will post 2.31 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were issued a dividend of $0.20 per share. The ex-dividend date was Thursday, August 29th. This represents a $0.80 annualized dividend and a yield of 1.95%. Sinclair Broadcast Group’s payout ratio is 23.88%.
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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