Wells Fargo Raises Sinclair’s Outlook: A Positive Shift for Investors
Analyst Forecast Indicates Modest Growth Ahead
On November 7, 2024, Wells Fargo upgraded its outlook for Sinclair (NasdaqGS:SBGI) from Underweight to Equal-Weight. This change signals a shift in sentiment towards Sinclair’s stock, pointing to potential stability.
As of October 22, 2024, the average one-year price target for Sinclair stands at $17.34 per share, with predictions ranging from $11.62 at the low end to $31.50 at the high end. This average target suggests a 2.42% increase from the most recent closing price of $16.93 per share.
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The anticipated annual revenue for Sinclair is projected at $3.92 billion, representing a significant increase of 16.35%. The expected annual non-GAAP EPS is calculated at 3.56.
How Are Institutional Investors Reacting?
Recently, 360 funds and institutions have reported positions in Sinclair, which reflects a decrease of 10 owners, or about 2.70%, from the previous quarter. The average portfolio weight for all funds focused on SBGI is now 0.12%, showing an increase of 16.55%. Institutional ownership has also risen, with total shares owned climbing by 0.17% to reach 31.05 million shares. 
Currently, the put/call ratio for SBGI is 0.70, suggesting a more optimistic outlook among investors.
Recent Movements by Shareholders
Gamco Investors, Inc. Et Al now holds 3.63 million shares, representing 8.51% ownership. This is an increase from 3.59 million shares, marking a 0.92% rise in their holdings. The firm also boosted its portfolio allocation in SBGI by 7.39% over the last quarter.
Meanwhile, Capital Management’s position stands at 1.73 million shares, constituting a 4.07% ownership. The firm reported a slight reduction from its prior 1.76 million shares, indicating a decrease of 1.49%, although they increased their allocation in SBGI by 0.28% in the last quarter.
Alden Global Capital has ramped up its stake, holding 1.23 million shares, or 2.88%, an increase of 9.47% from its previous holding of 1.11 million shares, with a notable 23.69% increase in portfolio allocation in the last quarter.
Gabelli Funds reported an increase to 1.21 million shares, equating to 2.84% ownership, from 1.19 million shares, which is a 1.71% rise. Their allocation in SBGI also grew by 3.81% in the past quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares increased its holdings to 1.02 million shares, representing 2.39%. The firm previously held 956,000 shares, marking a 6.21% increase, with a 2.61% rise in their portfolio allocation in SBGI over the last quarter.
About Sinclair Broadcast Group
(Company-provided description)
Sinclair Broadcast Group, Inc. operates as a diversified media company and a key provider of local sports and news. The company owns or operates 23 regional sports networks and manages 190 television stations across 88 markets. Sinclair is a major source of local news in the U.S., has several national channels, and partners with all major broadcast networks. Its content is accessible through various platforms, including over-the-air broadcasts and digital channels. Additionally, Sinclair engages in equity investments in strategic enterprises through its ventures and subsidiaries.
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
