StockNews.com Initiates Coverage on Sirius XM (NASDAQ:SIRI)

StockNews.com assumed coverage on shares of Sirius XM (NASDAQ:SIRI) in a research report released on Sunday morning. The firm issued a hold rating on the stock.

A number of other equities analysts also recently issued reports on SIRI. Rosenblatt Securities increased their price target on shares of Sirius XM from $3.40 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, September 16th. Citigroup raised their target price on Sirius XM from $2.80 to $21.00 and gave the company a “sell” rating in a research note on Thursday, September 26th. Benchmark reaffirmed a “buy” rating and issued a $43.00 price target on shares of Sirius XM in a research note on Tuesday, October 15th. JPMorgan Chase & Co. started coverage on Sirius XM in a report on Wednesday, October 9th. They issued an “underweight” rating and a $20.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of Sirius XM from $37.50 to $30.00 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $31.25.

Sirius XM Stock Performance

SIRI opened at $27.61 on Friday. The stock has a market capitalization of $106.21 billion, a PE ratio of 83.67, a price-to-earnings-growth ratio of 0.73 and a beta of 1.07. The stock’s 50 day moving average price is $27.27 and its 200-day moving average price is $29.78. Sirius XM has a 52-week low of $22.18 and a 52-week high of $57.80.

Sirius XM (NASDAQ:SIRI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.80 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.80. Sirius XM had a net margin of 14.56% and a negative return on equity of 52.15%. The business had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.20 billion. Research analysts forecast that Sirius XM will post 3.25 EPS for the current fiscal year.

Sirius XM Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Friday, August 9th were paid a dividend of $0.266 per share. This is a positive change from Sirius XM’s previous quarterly dividend of $0.03. This represents a $1.06 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date was Friday, August 9th. Sirius XM’s dividend payout ratio (DPR) is currently 321.21%.

Insider Transactions at Sirius XM

In other news, major shareholder Berkshire Hathaway Inc purchased 869,800 shares of Sirius XM stock in a transaction that occurred on Wednesday, October 9th. The stock was bought at an average price of $23.55 per share, with a total value of $20,483,790.00. Following the completion of the transaction, the insider now directly owns 106,024,829 shares of the company’s stock, valued at approximately $2,496,884,722.95. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Sirius XM news, major shareholder Berkshire Hathaway Inc purchased 869,800 shares of the stock in a transaction dated Wednesday, October 9th. The shares were purchased at an average cost of $23.55 per share, with a total value of $20,483,790.00. Following the completion of the acquisition, the insider now directly owns 106,024,829 shares in the company, valued at $2,496,884,722.95. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Scott Andrew Greenstein sold 144,723 shares of Sirius XM stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $31.60, for a total value of $4,573,246.80. Following the completion of the sale, the insider now owns 98,933 shares of the company’s stock, valued at $3,126,282.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 2,646,761 shares of company stock worth $65,952,329. Corporate insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Trium Capital LLP bought a new stake in Sirius XM in the 3rd quarter worth approximately $50,000. Blue Trust Inc. boosted its stake in shares of Sirius XM by 113.6% in the 3rd quarter. Blue Trust Inc. now owns 3,644 shares of the company’s stock worth $86,000 after buying an additional 1,938 shares during the last quarter. Bfsg LLC grew its holdings in shares of Sirius XM by 35.3% in the third quarter. Bfsg LLC now owns 4,735 shares of the company’s stock worth $112,000 after acquiring an additional 1,235 shares during the period. Allspring Global Investments Holdings LLC increased its position in Sirius XM by 388.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 4,912 shares of the company’s stock valued at $116,000 after acquiring an additional 3,906 shares during the last quarter. Finally, First PREMIER Bank bought a new position in Sirius XM in the first quarter valued at about $31,000. Institutional investors own 10.69% of the company’s stock.

Sirius XM Company Profile

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.