June 9, 2023 – Sinclair Broadcast Group, Inc. (NASDAQ:SBGI), a local news and sports media company in the United States, has received a “hold” rating from eight analysts covering its stock, according to Bloomberg.com. This consensus is made up of two sell ratings, two hold ratings, and two buy ratings. The average 1-year price objective predicted by these brokerages is $24.17.
Sinclair Broadcast Group utilizes three operating segments to provide its services: Broadcast, Local Sports, and Others. Its television stations offer programming and operating services that include sales and other non-programming operating services.
On Friday, SBGI’s shares opened at $16.14 on NASDAQ. The firm holds a market cap of $1.02 billion, with a beta of 1.43 along with a P/E ratio of 4.51.The company had a debt-to-equity ratio of 5.08 and current/quick ratios of 2.39 during their most recent fiscal year with the sales coming from all segments mentioned earlier.
Despite this hold rating given by analysts covering SBGI’s stock, the company has experienced notable fluctuation in its share prices that spanned over one year amid broader market trends but remained relatively stable through the whole qualifying period shown on analyst records for those who covered it last year which showed potential for yield gains if held beyond long periods as it attempted bullish signals in otherwise bearish markets; signaling an apparent shift on trader preferences towards Sinclair Broadcasting Group as a preferred financial option supplementing other sectors within the industry.
The verdict on whether or not to invest or hold from experts remains unclear as all analysis surrounding SBGI fluctuates constantly based on various aspects ranging from market volatility to emerging technological advancements ultimately affecting factors among other market sentiments resulting in unpredictable recommendations provided by expert sources concerning buying or holding SBGi stocks for certain periods or selling it upon short-term fluctuations based upon real-time data fueled by the frequency and complexity of algorithmic trading given today’s investing dynamic.
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Analyst Ratings and Institutional Trades Impact Sinclair Broadcast Group’s Stock Performance
The Sinclair Broadcast Group has recently undergone several changes to its stock as a number of analysts have commented on the company’s performance. In February 2023, Rosenblatt Securities reduced their price target on SBGI shares from $18.00 to $16.00 and gave it a “neutral” rating in their research note. Similarly, Deutsche Bank Aktiengesellschaft lowered their price target from $22.00 to $18.00 in May 2023.
On the positive side, Benchmark issued a “buy” rating on SBGI shares and gave it a $30.00 price target in their research release back in February 2023. StockNews.com also assumed coverage on the company’s shares and held a neutral stance towards the stock.
Despite these mixed signals from Wall Street analysts, several hedge funds have made key trades in SBGI holdings over the past few months. Quarry LP increased its holdings by 101.2% during Q1 of 2023 and now owns 1,535 shares of SBGI stock worth $26,000.
Tower Research Capital LLC TRC lifted its stake by 154.3% in Q3 of 2022, with Dark Forest Capital Management LP following suit by increasing its total holdings by 300.1%. Point72 Middle East FZE also purchased new stakes worth about $96,000 despite the downturn.
US Bancorp DE rounded out this list of institutional investors by raising its stake in Sinclair Broadcast Group by close to 27% during Q1 of this year.
All of these changes have played into Sinclair Broadcast Group’s latest quarterly dividend payout announcement which is set to be paid out on Thursday, June 15th to shareholders who were recorded as such on Tuesday, May 30th; however this quarter also represents an annualized reduction for future returns since the ex-dividend date was Friday, May 26th signaling another pattern broken for SBGI. Whether these market fluctuations will continue remains to be seen, but one thing is certain – the Sinclair Broadcast Group continues to weather the changes with resilience and resourcefulness.