Bank of Nova Scotia Purchases New Shares in Sirius XM Holdings Inc. $SIRI

Bank of Nova Scotia acquired a new position in Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 9,798,316 shares of the company's stock, valued at approximately $387,690,000. Sirius XM accounts for about 0.6% of Bank of Nova Scotia's portfolio, making the stock its 29th largest holding. Bank of Nova Scotia owned about 2.91% of Sirius XM at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of SIRI. Sunbelt Securities Inc. grew its stake in Sirius XM by 158.5% in the 1st quarter. Sunbelt Securities Inc. now owns 1,295 shares of the company's stock valued at $30,000 after acquiring an additional 794 shares during the period. Root Financial Partners LLC lifted its stake in Sirius XM by 612.8% in the 1st quarter. Root Financial Partners LLC now owns 1,390 shares of the company's stock valued at $32,000 after buying an additional 1,195 shares in the last quarter. Gables Capital Management Inc. purchased a new stake in shares of Sirius XM during the second quarter worth approximately $32,000. Global Retirement Partners LLC purchased a new stake in shares of Sirius XM during the second quarter worth approximately $32,000. Finally, Rossby Financial LCC lifted its holdings in Sirius XM by 57.7% in the 4th quarter. Rossby Financial LCC now owns 1,621 shares of the company's stock valued at $32,000 after purchasing an additional 593 shares in the last quarter. 10.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Guggenheim reaffirmed 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. Rosenblatt Securities reissued a "buy" rating and issued a $45.00 price target on shares of Sirius XM in a research note on Tuesday, July 28th. Barrington Research boosted their price target on shares of Sirius XM from $28.00 to $32.00 and gave the stock an "outperform" rating in a research report on Monday, May 4th. The Goldman Sachs Group reissued a "neutral" rating and issued a $32.00 price objective on shares of Sirius XM in a report on Friday, August 7th. Finally, Bank of America restated an "underperform" rating on shares of Sirius XM in a research report on Friday, July 31st. Four research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $30.92.

Insider Activity

In other news, Director Jonelle Procope sold 16,672 shares of the stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $29.97, for a total transaction of $499,659.84. Following the sale, the director owned 18,354 shares of the company's stock, valued at approximately $550,069.38. This represents a 47.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Scott Andrew Greenstein sold 20,744 shares of the firm's stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $29.83, for a total transaction of $618,793.52. Following the completion of the transaction, the insider directly owned 20,163 shares of the company's stock, valued at approximately $601,462.29. The trade was a 50.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 3.27% of the stock is currently owned by corporate insiders.

Sirius XM Stock Up 1.1%

Shares of NASDAQ:SIRI opened at $28.69 on Friday. The business has a 50-day moving average price of $29.58 and a 200 day moving average price of $26.23. The company has a current ratio of 0.46, a quick ratio of 0.46 and a debt-to-equity ratio of 0.79. The company has a market capitalization of $9.67 billion, a price-to-earnings ratio of 11.48, a PEG ratio of 0.62 and a beta of 0.95. Sirius XM Holdings Inc. has a 12-month low of $19.76 and a 12-month high of $32.66.

Sirius XM (NASDAQ:SIRI - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported $0.70 EPS for the quarter, missing analysts' consensus estimates of $0.78 by ($0.08). Sirius XM had a net margin of 10.23% and a return on equity of 9.37%. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same period in the previous year, the company earned $0.57 EPS. The company's quarterly revenue was up 1.0% compared to the same quarter last year. Sell-side analysts expect that Sirius XM Holdings Inc. will post 3.01 EPS for the current year.

Sirius XM Dividend Announcement

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

Sirius XM 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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