BlackRock Inc. Takes Position in Sirius XM Holdings Inc. $SIRI

Key Points

• BlackRock acquired 2.65 million Sirius XM shares worth approximately $104.6 million, representing a 0.79% stake. Institutional investors collectively owned 10.69% of the company at the end of the reporting period.
• Sirius XM reported quarterly revenue of $2.16 billion, slightly above estimates, but earnings of $0.70 per share missed consensus by $0.08. The company maintains a quarterly dividend of $0.27 per share, yielding about 3.8% annually.
• Wall Street’s overall view remains cautious, with an average rating of “Hold” and an average price target of $30.92; analyst targets ranged from $31 to $34, while an insider separately sold nearly $500,000 in shares.

BlackRock Inc. bought a new position in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 2,648,584 shares of the company's stock, valued at approximately $104,619,000. BlackRock Inc. owned 0.79% of Sirius XM at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Valeo Financial Advisors LLC grew its position in Sirius XM by 3.2% in the second quarter. Valeo Financial Advisors LLC now owns 10,916 shares of the company's stock valued at $322,000 after acquiring an additional 340 shares during the period. Altshuler Shaham Ltd grew its holdings in shares of Sirius XM by 36.7% in the 1st quarter. Altshuler Shaham Ltd now owns 1,553 shares of the company's stock worth $36,000 after purchasing an additional 417 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Sirius XM by 33.7% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,837 shares of the company's stock worth $55,000 after purchasing an additional 463 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Sirius XM by 36.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,836 shares of the company's stock worth $41,000 after purchasing an additional 493 shares during the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its position in shares of Sirius XM by 5.4% during the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 9,862 shares of the company's stock worth $291,000 after purchasing an additional 509 shares in the last quarter. Institutional investors and hedge funds own 10.69% of the company's stock.

More Sirius XM News

Here are the key news stories impacting Sirius XM this week:

• Positive Sentiment: SiriusXM is adding former LSU football coach Brian Kelly to a weekly show with Danny Kanell and Roy Philpott. The move expands the company’s sports programming and could help attract college-football listeners and advertising revenue. Brian Kelly joins SiriusXM for weekly show
• Neutral Sentiment: Director Anjali Sud reportedly acquired 60 Sirius XM shares through a dividend-related restricted stock unit credit. Because the shares were received through an equity compensation process rather than a large open-market purchase, the transaction offers limited insight into management’s valuation view. Anjali Sud share acquisition
• Negative Sentiment: SiriusXM is reportedly dropping Howard Stern’s Channel 101 after layoffs affecting roughly a dozen staffers. The decision may reduce programming costs, but it also highlights disruption around one of the company’s highest-profile personalities and could weigh on subscriber engagement, content visibility and investor confidence. Howard Stern’s SiriusXM 101 channel dropped
• Negative Sentiment: Reports that Stern’s channel was removed following broader layoffs add to concerns about SiriusXM’s content strategy and its relationship with marquee talent. The impact could be partly offset if the replacement programming improves listening, but that benefit remains unproven. Howard Stern channel replacement announced

Insider Transactions at Sirius XM

In other news, Director Jonelle Procope sold 16,672 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at approximately $550,069.38. This trade represents a 47.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.27% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on SIRI. Benchmark restated a "buy" rating on shares of Sirius XM in a research report on Wednesday, July 29th. Weiss Ratings upgraded shares of Sirius XM from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, July 9th. The Goldman Sachs Group reissued a "neutral" rating and issued a $32.00 target price on shares of Sirius XM in a report on Friday, August 7th. Wells Fargo & Company increased their price target on Sirius XM from $30.00 to $31.00 and gave the stock an "equal weight" rating in a research report on Friday, July 31st. Finally, JPMorgan Chase & Co. lifted their price target on Sirius XM from $26.00 to $34.00 and gave the company a "neutral" rating in a 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 issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $30.92.

Sirius XM Stock Performance

SIRI stock opened at $28.54 on Friday. 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 50 day moving average price of $29.65 and a 200 day moving average price of $26.49. Sirius XM Holdings Inc. has a fifty-two week low of $19.76 and a fifty-two week high of $32.66. The stock has a market capitalization of $9.62 billion, a PE ratio of 11.42, a price-to-earnings-growth ratio of 0.62 and a beta of 0.95.

Sirius XM (NASDAQ:SIRI - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.70 EPS for the quarter, missing analysts' consensus estimates of $0.78 by ($0.08). The firm 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 firm's quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.57 earnings per share. Analysts forecast that Sirius XM Holdings Inc. will post 3.01 EPS for the current year.

Sirius XM Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Shareholders of record on Monday, August 10th were given a dividend of $0.27 per share. The ex-dividend date was Monday, August 10th. This represents a $1.08 dividend on an annualized basis and a yield of 3.8%. Sirius XM's dividend payout ratio is presently 43.20%.

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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