Morgan Stanley Cuts Sirius XM (NASDAQ:SIRI) Price Target to $21.00

Sirius XM (NASDAQ:SIRI) had its target price trimmed by Morgan Stanley from $23.00 to $21.00 in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has an underweight rating on the stock.

SIRI has been the subject of a number of other research reports. Rosenblatt Securities boosted their price target on Sirius XM from $28.00 to $29.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Bank of America reissued an “underperform” rating and set a $23.00 target price on shares of Sirius XM in a research report on Thursday, October 24th. Guggenheim reiterated a “buy” rating and set a $30.00 price objective on shares of Sirius XM in a research note on Wednesday, December 11th. The Goldman Sachs Group lowered their target price on Sirius XM from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Finally, Citigroup boosted their price target on Sirius XM from $2.80 to $21.00 and gave the stock a “sell” rating in a research report on Thursday, September 26th. Six investment analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $27.42.

Sirius XM Stock Performance

Shares of Sirius XM stock opened at $21.96 on Thursday. The company has a market capitalization of $7.45 billion, a PE ratio of -3.46, a price-to-earnings-growth ratio of 1.11 and a beta of 1.05. Sirius XM has a 52 week low of $20.47 and a 52 week high of $55.05. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.93. The stock’s fifty day moving average is $23.91 and its two-hundred day moving average is $27.32.

Sirius XM Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 25th. Stockholders of record on Friday, February 7th will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 4.92%. The ex-dividend date of this dividend is Friday, February 7th. Sirius XM’s payout ratio is currently -17.03%.

Hedge Funds Weigh In On Sirius XM

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Coston McIsaac & Partners lifted its position in shares of Sirius XM by 113.5% in the third quarter. Coston McIsaac & Partners now owns 1,174 shares of the company’s stock valued at $27,000 after acquiring an additional 624 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of Sirius XM by 574.9% in the fourth quarter. Geneos Wealth Management Inc. now owns 1,343 shares of the company’s stock worth $31,000 after buying an additional 1,144 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new position in Sirius XM during the fourth quarter worth about $26,000. Chicago Partners Investment Group LLC grew its stake in Sirius XM by 7.9% during the 4th quarter. Chicago Partners Investment Group LLC now owns 16,502 shares of the company’s stock valued at $356,000 after acquiring an additional 1,202 shares in the last quarter. Finally, TCTC Holdings LLC purchased a new position in Sirius XM in the 3rd quarter worth approximately $29,000. 10.69% of the stock is owned by hedge funds and other institutional investors.

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.