Wells Fargo & Company Cuts Sinclair (NASDAQ:SBGI) Price Target to $17.00

Sinclair (NASDAQ:SBGI) had its price target decreased by Wells Fargo & Company from $19.00 to $17.00 in a report released on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other equities analysts also recently weighed in on SBGI. Benchmark reaffirmed a “buy” rating and issued a $30.00 target price on shares of Sinclair in a research note on Tuesday, January 28th. JPMorgan Chase & Co. boosted their price objective on shares of Sinclair from $14.00 to $16.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 12th. Guggenheim upped their price objective on Sinclair from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Finally, StockNews.com raised Sinclair from a “hold” rating to a “buy” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $19.70.

Sinclair Stock Up 4.7 %

NASDAQ SBGI opened at $14.52 on Thursday. The stock’s 50 day simple moving average is $15.22 and its 200 day simple moving average is $15.60. Sinclair has a one year low of $11.13 and a one year high of $18.45. The firm has a market cap of $964.43 million, a PE ratio of -4.40 and a beta of 1.55. The company has a debt-to-equity ratio of 11.73, a current ratio of 1.91 and a quick ratio of 1.91.

Sinclair (NASDAQ:SBGI) last announced its earnings results on Wednesday, February 26th. The company reported $2.61 EPS for the quarter, topping the consensus estimate of $1.99 by $0.62. Sinclair had a positive return on equity of 63.89% and a negative net margin of 6.14%. The company had revenue of $1 billion for the quarter, compared to analysts’ expectations of $1.01 billion. As a group, sell-side analysts forecast that Sinclair will post 4.24 earnings per share for the current fiscal year.

Sinclair Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Monday, March 10th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 6.89%. The ex-dividend date of this dividend is Monday, March 10th. Sinclair’s payout ratio is -30.30%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC lifted its stake in Sinclair by 26.9% in the fourth quarter. GAMMA Investing LLC now owns 2,896 shares of the company’s stock valued at $47,000 after buying an additional 613 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Sinclair by 4.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,302 shares of the company’s stock valued at $295,000 after acquiring an additional 760 shares during the last quarter. New York State Common Retirement Fund raised its position in shares of Sinclair by 29.4% in the 4th quarter. New York State Common Retirement Fund now owns 7,480 shares of the company’s stock valued at $121,000 after acquiring an additional 1,700 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Sinclair by 5.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,500 shares of the company’s stock worth $590,000 after acquiring an additional 2,035 shares during the last quarter. Finally, Harbor Capital Advisors Inc. acquired a new position in Sinclair during the third quarter valued at approximately $39,000. 41.71% of the stock is currently owned by institutional investors.

Sinclair Company Profile

Sinclair, Inc, a media company, provides content on local television stations and digital platforms in the United States. It operates through two segments, Local Media and Tennis. The Local Media segment operates broadcast television stations, original networks, and content; provides free-over-the-air programming and live local sporting events on its stations; distributes its content to multi-channel video programming distributors in exchange for contractual fees; and produces local and original news programs.