Sirius XM Holdings Inc. (NASDAQ:SIRI) – Investment analysts at Barrington Research lifted their FY2019 earnings per share estimates for shares of Sirius XM in a research note issued to investors on Monday. Barrington Research analyst J. Goss now expects that the company will earn $0.27 per share for the year, up from their prior estimate of $0.26. Barrington Research currently has a “Market Perform” rating on the stock.
Several other analysts also recently weighed in on SIRI. Zacks Investment Research raised shares of Sirius XM from a “sell” rating to a “buy” rating and set a $6.25 price target for the company in a research note on Friday, October 27th. Gabelli increased their price objective on Sirius XM from $4.75 to $6.10 and gave the stock a “buy” rating in a research note on Thursday, October 26th. Pivotal Research reaffirmed a “buy” rating and set a $6.80 price target (up from $6.25) on shares of Sirius XM in a research note on Wednesday, October 25th. Bank of America set a $7.00 price target on Sirius XM and gave the stock a “buy” rating in a research note on Thursday, October 12th. Finally, Piper Jaffray Companies set a $7.00 price target on Sirius XM and gave the stock a “buy” rating in a research note on Wednesday, October 11th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $6.12.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 28th. Investors of record on Wednesday, February 7th will be given a dividend of $0.011 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.73%. The ex-dividend date of this dividend is Tuesday, February 6th. Sirius XM’s dividend payout ratio is currently 28.57%.
Sirius XM announced that its Board of Directors has authorized a stock buyback plan on Tuesday, January 23rd that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, EVP Joseph A. Verbrugge sold 863,570 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $6.10, for a total transaction of $5,267,777.00. Following the sale, the executive vice president now owns 2,986,689 shares of the company’s stock, valued at $18,218,802.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO James E. Meyer sold 172,704 shares of the stock in a transaction that occurred on Tuesday, December 12th. The stock was sold at an average price of $5.68, for a total value of $980,958.72. Following the sale, the chief executive officer now directly owns 3,377,085 shares in the company, valued at approximately $19,181,842.80. The disclosure for this sale can be found here. Insiders have sold 2,586,530 shares of company stock worth $15,157,263 in the last three months. 1.06% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of SIRI. Macquarie Group Ltd. boosted its stake in shares of Sirius XM by 476.2% in the second quarter. Macquarie Group Ltd. now owns 18,392 shares of the company’s stock valued at $101,000 after purchasing an additional 15,200 shares during the period. Colony Group LLC acquired a new stake in Sirius XM in the second quarter valued at approximately $102,000. Toronto Dominion Bank raised its holdings in Sirius XM by 9.7% in the second quarter. Toronto Dominion Bank now owns 20,278 shares of the company’s stock valued at $111,000 after acquiring an additional 1,799 shares in the last quarter. Cornerstone Financial Partners LLC acquired a new stake in Sirius XM in the fourth quarter valued at approximately $113,000. Finally, Kalos Management Inc. acquired a new stake in Sirius XM in the third quarter valued at approximately $114,000. 19.69% of the stock is currently owned by institutional investors and hedge funds.
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About Sirius XM
Sirius XM Radio Inc broadcasts its music, sports, entertainment, comedy, talk, news, traffic and weather channels in the United States on a subscription fee basis through its two satellite radio systems. Subscribers can also receive certain of its music and other channels over the Internet, including through applications for mobile devices.
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