Benchmark Cuts Sirius XM (NASDAQ:SIRI) Price Target to $43.00

Sirius XM (NASDAQ:SIRI) had its price objective decreased by Benchmark from $65.00 to $43.00 in a research report released on Tuesday, Benzinga reports. Benchmark currently has a buy rating on the stock.

A number of other equities analysts have also weighed in on the company. Deutsche Bank Aktiengesellschaft decreased their target price on Sirius XM from $37.50 to $30.00 and set a hold rating for the company in a research report on Tuesday, August 6th. Citigroup increased their price objective on shares of Sirius XM from $2.80 to $21.00 and gave the company a sell rating in a research report on Thursday, September 26th. The Goldman Sachs Group dropped their target price on shares of Sirius XM from $32.50 to $26.00 and set a neutral rating on the stock in a report on Tuesday, September 17th. StockNews.com assumed coverage on shares of Sirius XM in a research note on Friday, October 4th. They set a hold rating for the company. Finally, Morgan Stanley restated an underweight rating and issued a $23.00 price target on shares of Sirius XM in a research note on Tuesday, September 24th. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and an average price target of $31.25.

Sirius XM Stock Up 2.3 %

NASDAQ:SIRI opened at $24.30 on Tuesday. The stock has a market cap of $93.47 billion, a price-to-earnings ratio of 74.18, a PEG ratio of 0.83 and a beta of 1.07. The company’s 50 day moving average price is $27.94 and its 200-day moving average price is $30.41. 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 earnings results on Thursday, August 1st. The company reported $0.80 EPS for the quarter, meeting the consensus estimate of $0.80. Sirius XM had a negative return on equity of 52.15% and a net margin of 14.56%. The business had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.20 billion. As a group, sell-side analysts anticipate that Sirius XM will post 3.08 earnings per share for the current year.

Sirius XM Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Friday, August 9th were given a $0.266 dividend. This is a boost from Sirius XM’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.06 dividend on an annualized basis and a yield of 4.38%. Sirius XM’s dividend payout ratio is presently 321.21%.

Insider Activity

In related news, insider Scott Andrew Greenstein sold 144,723 shares of the 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 completion of the sale, the insider now directly owns 98,933 shares of the company’s stock, valued at approximately $3,126,282.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SIRI. Trium Capital LLP purchased a new position in shares of Sirius XM in the third quarter valued at about $50,000. V Square Quantitative Management LLC raised its stake in Sirius XM by 66.6% during the 4th quarter. V Square Quantitative Management LLC now owns 7,990 shares of the company’s stock valued at $44,000 after purchasing an additional 3,194 shares during the period. Bard Financial Services Inc. lifted its holdings in Sirius XM by 41.3% in the 2nd quarter. Bard Financial Services Inc. now owns 17,100 shares of the company’s stock worth $48,000 after purchasing an additional 5,000 shares in the last quarter. Pitcairn Co. boosted its stake in Sirius XM by 33.7% in the 1st quarter. Pitcairn Co. now owns 19,994 shares of the company’s stock worth $78,000 after purchasing an additional 5,043 shares during the period. Finally, Cambridge Advisors Inc. boosted its stake in Sirius XM by 18.0% in the 2nd quarter. Cambridge Advisors Inc. now owns 34,800 shares of the company’s stock worth $98,000 after purchasing an additional 5,316 shares during the period. Institutional investors 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.