Benchmark Raises Sinclair Broadcast Group (NASDAQ:SBGI) Price Target to $90.00

Sinclair Broadcast Group (NASDAQ:SBGI) had its target price upped by equities researchers at Benchmark from $45.00 to $90.00 in a research report issued on Tuesday, May 7th, The Fly reports. The brokerage presently has a “buy” rating on the stock. Benchmark’s price objective suggests a potential upside of 65.23% from the company’s current price.

Other equities analysts have also issued research reports about the stock. BidaskClub upgraded shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a report on Monday, January 7th. Zacks Investment Research upgraded shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a report on Wednesday, March 27th. ValuEngine upgraded shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Finally, B. Riley upgraded shares of Sinclair Broadcast Group from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $46.00 to $57.00 in a report on Monday, May 6th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $48.67.

Shares of NASDAQ:SBGI traded up $0.36 during midday trading on Tuesday, hitting $54.47. 716,594 shares of the company’s stock traded hands, compared to its average volume of 1,372,478. The company has a current ratio of 3.12, a quick ratio of 3.12 and a debt-to-equity ratio of 2.66. The firm has a market capitalization of $5.05 billion, a price-to-earnings ratio of 16.26 and a beta of 1.56. Sinclair Broadcast Group has a twelve month low of $25.13 and a twelve month high of $66.57.

Sinclair Broadcast Group (NASDAQ:SBGI) last posted its earnings results on Wednesday, May 8th. The company reported $0.23 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.16). Sinclair Broadcast Group had a net margin of 10.28% and a return on equity of 20.45%. The business had revenue of $722.10 million for the quarter, compared to analyst estimates of $707.94 million. During the same quarter in the previous year, the firm posted $0.42 EPS. The business’s revenue was up 8.5% compared to the same quarter last year. On average, analysts predict that Sinclair Broadcast Group will post 2.76 earnings per share for the current year.

In other news, insider David R. Bochenek sold 977 shares of the business’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $38.79, for a total value of $37,897.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel C. Keith sold 13,250 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $56.58, for a total transaction of $749,685.00. Following the completion of the sale, the director now directly owns 46,000 shares of the company’s stock, valued at approximately $2,602,680. The disclosure for this sale can be found here. Insiders sold a total of 196,143 shares of company stock valued at $7,737,344 in the last three months. Insiders own 29.24% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. bought a new stake in shares of Sinclair Broadcast Group in the 1st quarter worth about $26,000. Covington Capital Management bought a new stake in shares of Sinclair Broadcast Group during the 4th quarter valued at about $33,000. Enlightenment Research LLC bought a new stake in shares of Sinclair Broadcast Group during the 4th quarter valued at about $53,000. MERIAN GLOBAL INVESTORS UK Ltd bought a new stake in shares of Sinclair Broadcast Group during the 1st quarter valued at about $97,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Sinclair Broadcast Group during the 4th quarter valued at about $103,000. 65.02% of the stock is owned by 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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