Virginia Retirement Systems ET AL acquired a new position in Sinclair Broadcast Group Inc. (NASDAQ:SBGI) during the second quarter, Holdings Channel reports. The fund acquired 43,700 shares of the company’s stock, valued at approximately $1,305,000.
Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Sinclair Broadcast Group by 3.1% in the second quarter. Vanguard Group Inc. now owns 5,406,277 shares of the company’s stock valued at $161,432,000 after buying an additional 161,653 shares during the period. Principal Financial Group Inc. boosted its stake in Sinclair Broadcast Group by 4.4% in the second quarter. Principal Financial Group Inc. now owns 852,983 shares of the company’s stock valued at $25,470,000 after buying an additional 36,194 shares during the period. Brown Advisory Inc. boosted its stake in Sinclair Broadcast Group by 3.8% in the second quarter. Brown Advisory Inc. now owns 8,289 shares of the company’s stock valued at $247,000 after buying an additional 304 shares during the period. Prudential Financial Inc. boosted its stake in Sinclair Broadcast Group by 19.0% in the second quarter. Prudential Financial Inc. now owns 141,261 shares of the company’s stock valued at $4,218,000 after buying an additional 22,600 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Sinclair Broadcast Group by 5.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,774,419 shares of the company’s stock valued at $52,985,000 after buying an additional 85,009 shares during the period. Hedge funds and other institutional investors own 69.55% of the company’s stock.
Shares of Sinclair Broadcast Group Inc. (NASDAQ:SBGI) opened at 28.52 on Thursday. Sinclair Broadcast Group Inc. has a one year low of $24.80 and a one year high of $35.89. The stock’s 50 day moving average price is $28.52 and its 200-day moving average price is $30.30. The stock has a market cap of $2.69 billion, a PE ratio of 15.58 and a beta of 1.78.
Sinclair Broadcast Group (NASDAQ:SBGI) last announced its earnings results on Wednesday, August 3rd. The company reported $0.52 EPS for the quarter, meeting the consensus estimate of $0.52. Sinclair Broadcast Group had a return on equity of 34.76% and a net margin of 7.28%. The business earned $666.50 million during the quarter, compared to the consensus estimate of $658.61 million. During the same period in the prior year, the business posted $0.48 earnings per share. Sinclair Broadcast Group’s revenue was up 20.3% compared to the same quarter last year. On average, equities analysts predict that Sinclair Broadcast Group Inc. will post $2.90 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.52%. The ex-dividend date of this dividend was Tuesday, August 30th. Sinclair Broadcast Group’s dividend payout ratio is 39.34%.
SBGI has been the subject of several recent analyst reports. Zacks Investment Research upgraded Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a report on Saturday, August 6th. Wedbush lowered their price target on Sinclair Broadcast Group from $37.00 to $36.00 and set an “outperform” rating for the company in a report on Tuesday. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $37.42.
Sinclair Broadcast Group Company Profile
Sinclair Broadcast Group, Inc is a television broadcasting company. The Company owns or provides certain programming, operating or sales services to television stations in the United States. The Company’s segments include Broadcast, Other and Corporate. The Broadcast segment consists of all of its television stations.
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