Sirius XM (NASDAQ:SIRI) Price Target Raised to $21.00

Sirius XM (NASDAQ:SIRI) had its target price boosted by Citigroup from $2.80 to $21.00 in a research note issued to investors on Thursday, Benzinga reports. Citigroup currently has a sell rating on the stock.

SIRI has been the topic of a number of other reports. Barrington Research reissued an outperform rating and issued a $47.50 price objective on shares of Sirius XM in a report on Monday, July 15th. Evercore ISI upgraded Sirius XM from an underperform rating to an in-line rating and lowered their price target for the stock from $42.50 to $32.50 in a research report on Monday, June 24th. Deutsche Bank Aktiengesellschaft decreased their target price on Sirius XM from $37.50 to $30.00 and set a hold rating on the stock in a research report on Tuesday, August 6th. Guggenheim raised Sirius XM from a neutral rating to a buy rating and set a $30.00 price target for the company in a report on Wednesday, September 18th. Finally, Morgan Stanley reissued an underweight rating and set a $23.00 target price on shares of Sirius XM in a research note on Tuesday, September 24th. Three analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $34.27.

Sirius XM Price Performance

NASDAQ:SIRI opened at $24.38 on Thursday. Sirius XM has a 1 year low of $22.73 and a 1 year high of $57.80. The stock’s 50 day simple moving average is $30.10 and its two-hundred day simple moving average is $31.41. The company has a market cap of $93.78 billion, a price-to-earnings ratio of 73.88, a PEG ratio of 0.83 and a beta of 1.08.

Sirius XM (NASDAQ:SIRI) last posted 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 negative return on equity of 52.15% and a net margin of 14.56%. The company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. As a group, analysts anticipate that Sirius XM will post 3.08 EPS for the current year.

Sirius XM Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Friday, August 9th were paid a $0.266 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.06 annualized dividend and a dividend yield of 4.36%. This is a positive change from Sirius XM’s previous quarterly dividend of $0.03. Sirius XM’s dividend payout ratio (DPR) is presently 321.21%.

Insider Activity at Sirius XM

In other Sirius XM news, insider Scott Andrew Greenstein sold 144,723 shares of Sirius XM stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $31.60, for a total value of $4,573,246.80. Following the transaction, the insider now owns 98,933 shares in the company, valued at $3,126,282.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Sirius XM

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Sirius XM by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 54,682,133 shares of the company’s stock worth $299,111,000 after acquiring an additional 363,551 shares during the last quarter. Berkshire Hathaway Inc grew its stake in shares of Sirius XM by 315.6% during the fourth quarter. Berkshire Hathaway Inc now owns 40,243,058 shares of the company’s stock valued at $220,130,000 after purchasing an additional 30,559,834 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Sirius XM during the second quarter valued at approximately $12,858,000. Dimensional Fund Advisors LP grew its stake in shares of Sirius XM by 8.9% during the second quarter. Dimensional Fund Advisors LP now owns 4,333,792 shares of the company’s stock valued at $12,260,000 after purchasing an additional 353,860 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in Sirius XM by 14.5% in the second quarter. AQR Capital Management LLC now owns 3,866,444 shares of the company’s stock valued at $10,807,000 after buying an additional 490,761 shares during the period. Institutional investors and hedge funds own 10.69% of the company’s stock.

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.