Sirius XM (NASDAQ:SIRI) Price Target Raised to $28.00

Sirius XM (NASDAQ:SIRI) had its target price upped by Morgan Stanley from $24.00 to $28.00 in a research note released on Tuesday,Benzinga reports. Morgan Stanley currently has an underweight rating on the stock.

A number of other research firms have also commented on SIRI. Barrington Research lifted their price objective on shares of Sirius XM from $28.00 to $32.00 and gave the company an “outperform” rating in a research note on Monday, May 4th. Weiss Ratings upgraded shares of Sirius XM from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, July 9th. Guggenheim reissued a “buy” rating on shares of Sirius XM in a report on Wednesday, June 17th. Rosenblatt Securities dropped their price target on Sirius XM from $46.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, May 19th. Finally, JPMorgan Chase & Co. boosted their price target on Sirius XM from $24.00 to $26.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Four research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, Sirius XM has an average rating of “Hold” and an average price target of $28.00.

Sirius XM Price Performance

SIRI stock opened at $29.87 on Tuesday. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $10.05 billion, a P/E ratio of 12.60, a PEG ratio of 0.64 and a beta of 0.95. The business has a 50 day simple moving average of $28.90 and a 200-day simple moving average of $24.95. Sirius XM has a twelve month low of $19.76 and a twelve month high of $31.42.

Sirius XM (NASDAQ:SIRI) last announced its earnings results on Thursday, April 30th. The company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. The business had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Sirius XM had a net margin of 9.86% and a return on equity of 9.19%. The company’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.59 EPS. As a group, equities analysts anticipate that Sirius XM will post 3.1 EPS for the current year.

Sirius XM Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Monday, August 10th will be issued a $0.27 dividend. The ex-dividend date of this dividend is Monday, August 10th. This represents a $1.08 annualized dividend and a dividend yield of 3.6%. Sirius XM’s payout ratio is presently 45.57%.

Insider Activity

In other news, insider Scott Andrew Greenstein sold 20,744 shares of the business’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $29.83, for a total transaction of $618,793.52. Following the transaction, the insider directly owned 20,163 shares in the company, valued at $601,462.29. The trade was a 50.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 3.27% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sirius XM

A number of institutional investors have recently added to or reduced their stakes in SIRI. Valeo Financial Advisors LLC boosted its position in shares of Sirius XM by 3.2% in the second quarter. Valeo Financial Advisors LLC now owns 10,916 shares of the company’s stock worth $322,000 after buying an additional 340 shares during the period. Altshuler Shaham Ltd grew its stake in shares of Sirius XM by 36.7% in the first quarter. Altshuler Shaham Ltd now owns 1,553 shares of the company’s stock valued at $36,000 after buying an additional 417 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of Sirius XM by 36.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,836 shares of the company’s stock valued at $41,000 after buying an additional 493 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its holdings in shares of Sirius XM by 5.4% during the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 9,862 shares of the company’s stock valued at $291,000 after buying an additional 509 shares during the period. Finally, Versant Capital Management Inc lifted its position in Sirius XM by 28.0% during the 2nd quarter. Versant Capital Management Inc now owns 2,562 shares of the company’s stock worth $76,000 after acquiring an additional 560 shares in the last quarter. Hedge funds and other institutional investors own 10.69% of the company’s stock.

Sirius XM News Roundup

Here are the key news stories impacting Sirius XM this week:

• Positive Sentiment: SiriusXM is partnering with WWE to launch “WWE Radio,” replacing its Pro Wrestling Nation 24/7 channel and giving the platform a higher-profile sports-entertainment offering ahead of SummerSlam. WWE partnering with SiriusXM to launch ‘WWE Radio’
• Positive Sentiment: The company is expanding its sports and talk radio inventory by adding stations such as Audacy sports/news/talk content, WEEI, WFAN, and 92.3 The Fan, which could broaden audience reach and strengthen the value of its subscription bundle. Audacy Sports, News and Talk Stations Will Be Heard on SiriusXM
• Positive Sentiment: SiriusXM declared a quarterly cash dividend of $0.27 per share, reinforcing the company’s shareholder-return profile and offering investors a 3.6% annualized yield. SiriusXM Declares Quarterly Cash Dividend
• Positive Sentiment: Analysts are heading into next week’s earnings report with expectations for earnings growth and the possibility of a beat, which may be supporting sentiment around the stock. Sirius XM (SIRI) Earnings Expected to Grow: What to Know Ahead of Next Week’s Release
• Neutral Sentiment: Coverage noting Morgan Stanley’s bullish view on SiriusXM adds to the constructive outlook, but it is more of a sentiment signal than a confirmed business catalyst. Morgan Stanley Forecasts Strong Price Appreciation for Sirius XM (NASDAQ:SIRI) Stock

Sirius XM Company Profile

Sirius XM Holdings Inc is a leading audio entertainment company specializing in subscription-based satellite and streaming radio services. Formed in 2008 through the merger of Sirius Satellite Radio and XM Satellite Radio, the company delivers a broad range of programming across music, sports, news, talk and comedy channels. Sirius XM’s offerings include exclusive live sports play-by-play, artist-curated music channels, news coverage from major networks and original talk and entertainment series.

Headquartered in New York City, Sirius XM serves listeners throughout the United States and Canada, reaching tens of millions of subscribers.