Wells Fargo & Company Cuts Sirius XM (NASDAQ:SIRI) Price Target to $16.00

Sirius XM (NASDAQ:SIRI) had its target price trimmed by Wells Fargo & Company from $22.00 to $16.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has an underweight rating on the stock.

Other equities analysts also recently issued reports about the stock. The Goldman Sachs Group decreased their price objective on shares of Sirius XM from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Benchmark reissued a “buy” rating and issued a $43.00 price target on shares of Sirius XM in a report on Tuesday, October 15th. Rosenblatt Securities boosted their price objective on Sirius XM from $28.00 to $29.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Pivotal Research lowered their target price on Sirius XM from $40.00 to $37.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Finally, Guggenheim restated a “buy” rating and issued a $30.00 price target on shares of Sirius XM in a research note on Wednesday, December 11th. Six analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $27.58.

Sirius XM Stock Performance

Shares of NASDAQ SIRI opened at $23.08 on Thursday. Sirius XM has a 12 month low of $20.47 and a 12 month high of $56.80. The stock has a 50 day moving average of $26.16 and a 200-day moving average of $28.38. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $7.83 billion, a P/E ratio of -3.64 and a beta of 1.03.

Sirius XM Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Tuesday, November 5th were issued a $0.27 dividend. This is a positive change from Sirius XM’s previous quarterly dividend of $0.27. This represents a $1.08 annualized dividend and a yield of 4.68%. The ex-dividend date was Tuesday, November 5th. Sirius XM’s dividend payout ratio (DPR) is currently -17.03%.

Insider Transactions at Sirius XM

In other Sirius XM news, major shareholder Berkshire Hathaway Inc purchased 1,259,259 shares of the firm’s stock in a transaction dated Friday, October 11th. The shares were bought at an average price of $24.95 per share, for a total transaction of $31,418,512.05. Following the purchase, the insider now owns 108,719,088 shares in the company, valued at approximately $2,712,541,245.60. This trade represents a 1.17 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders bought 2,646,761 shares of company stock valued at $65,952,329. Company insiders own 0.79% of the company’s stock.

Institutional Trading of Sirius XM

Large investors have recently bought and sold shares of the business. Point72 Asset Management L.P. bought a new position in shares of Sirius XM in the second quarter worth about $12,858,000. Sessa Capital IM L.P. acquired a new stake in Sirius XM in the third quarter valued at approximately $77,983,000. Thompson Siegel & Walmsley LLC bought a new stake in shares of Sirius XM during the third quarter worth $67,598,000. Seizert Capital Partners LLC acquired a new position in shares of Sirius XM during the third quarter worth $46,173,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Sirius XM in the 2nd quarter valued at $5,192,000. 10.69% of the stock is owned by institutional investors and hedge funds.

About Sirius XM

Sirius XM Holdings Inc operates as an audio entertainment company in North America. It operates in two segments, Sirius XM, and Pandora and Off-platform. The company’s Sirius XM segment provides music, sports, entertainment, comedy, talk, news, traffic and weather channels, and other content, as well as podcast and infotainment services on subscription fee basis; and live, curated, and exclusive and on demand programming services through satellite radio systems and streamed through applications for mobile and home devices, and other consumer electronic equipment.