Sinclair Broadcast Group (SBGI) Price Target Cut to $34.00
Sinclair Broadcast Group (NASDAQ:SBGI) had its price target cut by analysts at Royal Bank of Canada from $38.00 to $34.00 in a report issued on Friday. The brokerage presently has a “buy” rating on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 21.86% from the stock’s current price.
Several other research firms also recently issued reports on SBGI. Wells Fargo & Co dropped their price target on shares of Sinclair Broadcast Group from $50.00 to $40.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 18th. BidaskClub downgraded shares of Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a research note on Thursday, July 19th. Evercore ISI initiated coverage on shares of Sinclair Broadcast Group in a research note on Tuesday, July 31st. They set an “in-line” rating and a $34.00 price target on the stock. TheStreet raised shares of Sinclair Broadcast Group from a “c+” rating to a “b” rating in a research note on Friday, June 29th. Finally, Stephens set a $35.00 price target on shares of Sinclair Broadcast Group and gave the stock a “buy” rating in a research note on Thursday. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company’s stock. Sinclair Broadcast Group currently has a consensus rating of “Hold” and an average target price of $41.18.
Shares of Sinclair Broadcast Group traded up $0.10, hitting $27.90, during midday trading on Friday, MarketBeat reports. 2,938,145 shares of the company’s stock traded hands, compared to its average volume of 2,677,596. The company has a current ratio of 2.96, a quick ratio of 2.90 and a debt-to-equity ratio of 2.44. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of 9.96, a PEG ratio of 5.06 and a beta of 1.59. Sinclair Broadcast Group has a twelve month low of $25.13 and a twelve month high of $40.15.
In related news, Director Lawrence E. Mccanna sold 2,000 shares of Sinclair Broadcast Group stock in a transaction on Thursday, June 14th. The shares were sold at an average price of $32.26, for a total transaction of $64,520.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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. SG Americas Securities LLC bought a new stake in shares of Sinclair Broadcast Group in the 1st quarter worth about $151,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Sinclair Broadcast Group in the 2nd quarter worth about $157,000. Clinton Group Inc. bought a new stake in shares of Sinclair Broadcast Group in the 1st quarter worth about $211,000. Silvant Capital Management LLC bought a new stake in shares of Sinclair Broadcast Group in the 1st quarter worth about $221,000. Finally, GWM Advisors LLC bought a new stake in shares of Sinclair Broadcast Group in the 1st quarter worth about $239,000. 85.13% 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, or sales 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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