38,636,215 Shares in Sirius XM Holdings Inc. $SIRI Acquired by Canada Pension Plan Investment Board

Key Points

• Canada Pension Plan Investment Board acquired 38.6 million Sirius XM shares worth approximately $1.53 billion, giving it an 11.46% stake and making SIRI its 21st-largest holding.
• Other major institutions, including Manufacturers Life, Bank of Nova Scotia, BlackRock and OMERS, also added shares during the second quarter; institutional investors collectively owned 10.69% of Sirius XM.
• Analysts held a consensus “Hold” rating with an average price target of $30.92. Sirius XM reported quarterly revenue of $2.16 billion, missed earnings estimates, and announced a $0.27 quarterly dividend yielding about 3.8%.

Canada Pension Plan Investment Board acquired a new stake in Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 38,636,215 shares of the company's stock, valued at approximately $1,527,300,000. Sirius XM comprises about 0.8% of Canada Pension Plan Investment Board's investment portfolio, making the stock its 21st largest holding. Canada Pension Plan Investment Board owned about 11.46% of Sirius XM at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in SIRI. The Manufacturers Life Insurance Company bought a new stake in Sirius XM during the 2nd quarter worth $1,048,227,000. Bank of Nova Scotia bought a new position in Sirius XM in the second quarter valued at about $387,690,000. BlackRock Inc. boosted its stake in shares of Sirius XM by 82.9% during the second quarter. BlackRock Inc. now owns 17,602,229 shares of the company's stock valued at $519,970,000 after purchasing an additional 7,977,045 shares in the last quarter. OMERS ADMINISTRATION Corp acquired a new stake in shares of Sirius XM during the second quarter valued at about $279,010,000. Finally, Legal & General Group Plc bought a new stake in shares of Sirius XM during the second quarter worth about $238,990,000. Institutional investors and hedge funds own 10.69% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $32.00 price objective on shares of Sirius XM in a research note on Friday, August 7th. Guggenheim reissued a "buy" rating and set a $35.00 target price (up from $34.00) on shares of Sirius XM in a report on Friday, July 31st. Evercore set a $28.00 price target on shares of Sirius XM in a research report on Friday, May 1st. Rosenblatt Securities reaffirmed a "buy" rating and set a $45.00 price target on shares of Sirius XM in a research note on Tuesday, July 28th. Finally, Bank of America reiterated an "underperform" rating on shares of Sirius XM in a report on Friday, July 31st. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $30.92.

Sirius XM Price Performance

Shares of SIRI opened at $28.73 on Wednesday. The business has a 50-day moving average of $29.62 and a 200-day moving average of $26.39. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.46 and a quick ratio of 0.46. The company has a market capitalization of $9.68 billion, a price-to-earnings ratio of 11.49, a price-to-earnings-growth ratio of 0.62 and a beta of 0.95. Sirius XM Holdings Inc. has a 1 year low of $19.76 and a 1 year high of $32.66.

Sirius XM (NASDAQ:SIRI - Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.08). The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.14 billion. Sirius XM had a net margin of 10.23% and a return on equity of 9.37%. The business's revenue was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.57 earnings per share. As a group, equities research analysts anticipate that Sirius XM Holdings Inc. will post 3.01 earnings per share for the current year.

Sirius XM Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Monday, August 10th will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Monday, August 10th. Sirius XM's dividend payout ratio (DPR) is currently 43.20%.

Insiders Place Their Bets

In related news, Director Jonelle Procope sold 16,672 shares of the business's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $29.97, for a total value of $499,659.84. Following the transaction, the director owned 18,354 shares in the company, valued at $550,069.38. The trade was a 47.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.27% of the stock is owned by corporate insiders.

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.

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