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

Sirius XM (NASDAQ:SIRI) had its price target increased by Citigroup from $2.80 to $21.00 in a report released on Thursday morning, Benzinga reports. They currently have a sell rating on the stock.

Several other equities research analysts also recently commented on SIRI. Barrington Research restated an outperform rating and issued a $47.50 price target on shares of Sirius XM in a research 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 company from $42.50 to $32.50 in a report on Monday, June 24th. Rosenblatt Securities increased their price objective on Sirius XM from $3.40 to $28.00 and gave the stock a neutral rating in a research note on Monday, September 16th. Deutsche Bank Aktiengesellschaft lowered their target price on Sirius XM from $37.50 to $30.00 and set a hold rating on the stock in a research note on Tuesday, August 6th. Finally, StockNews.com assumed coverage on shares of Sirius XM in a report on Thursday. They set a hold rating for the company. Three research 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. According to data from MarketBeat, Sirius XM presently has an average rating of Hold and a consensus price target of $34.27.

Sirius XM Stock Performance

Shares of NASDAQ:SIRI opened at $24.38 on Thursday. The stock has a market capitalization 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 has a 1-year low of $22.73 and a 1-year high of $57.80. The company has a 50 day moving average price of $30.10 and a 200 day moving average price of $31.27.

Sirius XM (NASDAQ:SIRI) last announced its earnings results on Thursday, August 1st. The company reported $0.80 earnings per share (EPS) for the quarter, hitting 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 for the quarter, compared to analyst estimates of $2.20 billion. On average, sell-side analysts expect that Sirius XM will post 3.08 EPS for the current fiscal year.

Sirius XM Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Friday, August 9th were given a dividend of $0.266 per share. The ex-dividend date of this dividend was Friday, August 9th. This is an increase from Sirius XM’s previous quarterly dividend of $0.03. This represents a $1.06 dividend on an annualized basis and a yield of 4.36%. Sirius XM’s dividend payout ratio (DPR) is 321.21%.

Insider Buying and Selling at Sirius XM

In other news, insider Scott Andrew Greenstein sold 144,723 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $31.60, for a total transaction of $4,573,246.80. Following the sale, the insider now directly 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 accessible through the SEC website. Insiders own 0.79% of the company’s stock.

Institutional Trading of Sirius XM

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SIRI. Vanguard Group Inc. raised its holdings in shares of Sirius XM by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 54,682,133 shares of the company’s stock worth $299,111,000 after buying an additional 363,551 shares in the last quarter. Berkshire Hathaway Inc grew its holdings in shares of Sirius XM by 315.6% in the 4th quarter. Berkshire Hathaway Inc now owns 40,243,058 shares of the company’s stock worth $220,130,000 after purchasing an additional 30,559,834 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Sirius XM during the 2nd quarter worth about $12,858,000. Dimensional Fund Advisors LP lifted its holdings in Sirius XM by 8.9% during the 2nd 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 boosted its position 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 in the last quarter. 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.