Sinclair Broadcast Group (SBGI) Receives “Buy” Rating from Royal Bank of Canada

Sinclair Broadcast Group (NASDAQ:SBGI)‘s stock had its “buy” rating reaffirmed by investment analysts at Royal Bank of Canada in a research note issued on Thursday. They currently have a $48.00 price target on the stock. Royal Bank of Canada’s price objective points to a potential upside of 35.79% from the stock’s current price.

Several other equities analysts have also recently commented on SBGI. BidaskClub cut shares of Sinclair Broadcast Group from a “strong-buy” rating to a “buy” rating in a research report on Thursday. ValuEngine raised shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Wells Fargo & Co reissued an “outperform” rating and issued a $55.00 price target on shares of Sinclair Broadcast Group in a research report on Monday, October 2nd. Zacks Investment Research raised shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research report on Wednesday, October 4th. Finally, Jefferies Group began coverage on shares of Sinclair Broadcast Group in a research report on Thursday, December 14th. They issued a “buy” rating and a $48.00 price target for the company. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Sinclair Broadcast Group has an average rating of “Buy” and an average target price of $45.42.

Sinclair Broadcast Group (NASDAQ SBGI) traded down $0.65 during trading on Thursday, reaching $35.35. 1,809,361 shares of the company traded hands, compared to its average volume of 1,698,500. Sinclair Broadcast Group has a 12-month low of $26.70 and a 12-month high of $43.05. The company has a debt-to-equity ratio of 3.51, a current ratio of 1.74 and a quick ratio of 1.74. The firm has a market cap of $3,660.00, a P/E ratio of 13.29, a PEG ratio of 2.07 and a beta of 1.93.

Sinclair Broadcast Group (NASDAQ:SBGI) last posted its earnings results on Wednesday, November 1st. The company reported $0.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.13). Sinclair Broadcast Group had a net margin of 9.06% and a return on equity of 23.27%. The company had revenue of $670.90 million during the quarter, compared to analyst estimates of $671.42 million. During the same quarter last year, the business posted $0.54 EPS. The firm’s revenue for the quarter was down 3.3% on a year-over-year basis. research analysts predict that Sinclair Broadcast Group will post 1.98 earnings per share for the current year.

Several institutional investors have recently added to or reduced their stakes in SBGI. Schwab Charles Investment Management Inc. lifted its position in shares of Sinclair Broadcast Group by 74.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 910,582 shares of the company’s stock worth $29,959,000 after purchasing an additional 388,636 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Sinclair Broadcast Group by 16.7% during the 2nd quarter. First Trust Advisors LP now owns 57,104 shares of the company’s stock worth $1,879,000 after purchasing an additional 8,171 shares during the last quarter. Rhumbline Advisers lifted its position in shares of Sinclair Broadcast Group by 5.4% during the 2nd quarter. Rhumbline Advisers now owns 88,629 shares of the company’s stock worth $2,916,000 after purchasing an additional 4,580 shares during the last quarter. Legal & General Group Plc lifted its position in shares of Sinclair Broadcast Group by 4.7% during the 2nd quarter. Legal & General Group Plc now owns 29,323 shares of the company’s stock worth $966,000 after purchasing an additional 1,321 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its position in shares of Sinclair Broadcast Group by 2.7% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 47,930 shares of the company’s stock worth $1,577,000 after purchasing an additional 1,250 shares during the last quarter. 84.76% of the stock is owned by institutional investors and hedge funds.

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Sinclair Broadcast Group Company Profile

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.

Analyst Recommendations for Sinclair Broadcast Group (NASDAQ:SBGI)

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