Sinclair Broadcast Group, Inc. (SBGI): Are Hedge Funds Right About This Stock?

Because Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) has experienced a declining sentiment from the smart money, it’s easy to see that there were a few money managers that decided to sell off their entire stakes heading into Q4. At the top of the heap, Larry Robbins’s Glenview Capital said goodbye to the biggest position of the 700 funds watched by Insider Monkey, comprising close to $68 million in stock. John Lykouretzos’s fund, Hoplite Capital Management, also dumped its stock, about $53.6 million worth of shares. These moves are interesting, as total hedge fund interest was cut by 1 fund heading into Q4.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) but similarly valued. We will take a look at Tech Data Corp (NASDAQ:TECD), AMAYA INC (NASDAQ:AYA), Healthcare Services Group, Inc. (NASDAQ:HCSG), and Energizer Holdings, Inc. (NYSE:ENR). This group of stocks’ market valuations resembles Sinclair Broadcast Group, Inc. (NASDAQ:SBGI)’s market valuation.

As you can see, these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $304 million. That figure was $529 million in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI)’s case. Tech Data Corp (NASDAQ:TECD) is the most popular stock in this table. On the other hand, Healthcare Services Group, Inc. (NASDAQ:HCSG) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks, Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.