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

Sirius XM (NASDAQ:SIRI) had its price objective upped by Rosenblatt Securities from $3.40 to $28.00 in a report published on Monday morning, Benzinga reports. They currently have a neutral rating on the stock.

Several other research firms have also recently weighed in on SIRI. StockNews.com initiated coverage on Sirius XM in a report on Monday, August 19th. They issued a hold rating for the company. Citigroup lowered shares of Sirius XM from a neutral rating to a sell rating and set a $28.00 price objective for the company. in a report on Thursday, July 25th. Guggenheim dropped their price target on Sirius XM from $33.00 to $29.00 and set a neutral rating on the stock in a research report on Thursday, June 27th. Barrington Research reiterated an outperform rating and issued a $47.50 price objective on shares of Sirius XM in a report on Monday, July 15th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of Sirius XM from $37.50 to $30.00 and set a hold rating on the stock in a research report on Tuesday, August 6th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $36.91.

Sirius XM Price Performance

Shares of SIRI opened at $23.27 on Monday. The firm has a market cap of $89.51 billion, a P/E ratio of 70.52, a P/E/G ratio of 0.90 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 stock has a 50 day simple moving average of $31.82 and a two-hundred day simple moving average of $32.18.

Sirius XM (NASDAQ:SIRI) last released its earnings results on Thursday, August 1st. The company reported $0.80 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.80. The company had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.20 billion. Sirius XM had a negative return on equity of 52.15% and a net margin of 14.56%. On average, equities analysts anticipate that Sirius XM will post 3.14 earnings per share for the current year.

Sirius XM Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Friday, August 9th were issued a $0.266 dividend. This is a boost from Sirius XM’s previous quarterly dividend of $0.03. This represents a $1.06 dividend on an annualized basis and a yield of 4.57%. The ex-dividend date was Friday, August 9th. Sirius XM’s dividend payout ratio (DPR) is currently 321.21%.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Sirius XM

Several hedge funds have recently modified their holdings of the stock. Mather Group LLC. bought a new position in Sirius XM during the second quarter valued at approximately $28,000. First PREMIER Bank purchased a new position in shares of Sirius XM during the 1st quarter worth about $31,000. Walker Asset Management LLC purchased a new stake in Sirius XM in the 2nd quarter worth about $33,000. Plato Investment Management Ltd purchased a new stake in shares of Sirius XM in the second quarter worth approximately $35,000. Finally, Riverview Capital Advisers LLC purchased a new stake in shares of Sirius XM during the second quarter valued at $35,000. Hedge funds and other 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.