Corient Private Wealth LP Makes New $17.38 Million Investment in Sirius XM Holdings Inc. $SIRI

Key Points

• Corient Private Wealth LP acquired 439,960 Sirius XM shares worth approximately $17.38 million, giving it a 0.13% stake. Institutional investors and hedge funds collectively own 10.69% of the company.
• Sirius XM reported quarterly revenue of $2.16 billion, slightly above estimates, but earnings per share of $0.70 missed expectations of $0.78. The company’s stock opened at $28.54, while analysts maintain an average “Hold” rating and a $30.92 price target.
• The company declared a quarterly dividend of $0.27, equivalent to $1.08 annually and a 3.8% yield. Recent analyst views remain mixed, ranging from a $35 buy target at Guggenheim to a $25 sell target at Citigroup.

Corient Private Wealth LP acquired a new position in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 439,960 shares of the company's stock, valued at approximately $17,379,000. Corient Private Wealth LP owned about 0.13% of Sirius XM at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fifth Third Bancorp bought a new stake in Sirius XM during the first quarter valued at approximately $1,243,000. Aspen Grove Capital LLC bought a new stake in Sirius XM during the first quarter worth about $2,277,000. Brighton Jones LLC bought a new stake in Sirius XM during the fourth quarter worth about $622,000. Bank of New York Mellon Corp boosted its holdings in shares of Sirius XM by 7.8% in the 1st quarter. Bank of New York Mellon Corp now owns 2,177,761 shares of the company's stock worth $50,263,000 after purchasing an additional 157,860 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Sirius XM by 262.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,301,181 shares of the company's stock valued at $145,426,000 after purchasing an additional 4,560,821 shares during the last quarter. Institutional investors and hedge funds own 10.69% of the company's stock.

Sirius XM Trading Up 0.1%

NASDAQ SIRI opened at $28.54 on Friday. The stock has a market cap of $9.62 billion, a P/E ratio of 11.42, a price-to-earnings-growth ratio of 0.62 and a beta of 0.95. 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 50 day simple moving average of $29.65 and a two-hundred day simple moving average of $26.49. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.46 and a current ratio of 0.46.

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

Sirius XM Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Stockholders of record on Monday, August 10th were given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend was Monday, August 10th. Sirius XM's dividend payout ratio (DPR) is currently 43.20%.

Wall Street Analysts Forecast Growth

SIRI has been the topic of a number of recent research reports. Guggenheim reiterated a "buy" rating and set a $35.00 price target (up from $34.00) on shares of Sirius XM in a research report on Friday, July 31st. Benchmark reaffirmed a "buy" rating on shares of Sirius XM in a research note on Wednesday, July 29th. Wells Fargo & Company increased their target price on Sirius XM from $30.00 to $31.00 and gave the company an "equal weight" rating in a report on Friday, July 31st. JPMorgan Chase & Co. boosted their price objective on Sirius XM from $26.00 to $34.00 and gave the company a "neutral" rating in a research report on Friday, July 31st. Finally, Citigroup restated a "sell" rating and issued a $25.00 target price (up from $22.00) on shares of Sirius XM in a report on Friday, July 31st. Four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $30.92.

Insider Transactions at Sirius XM

In related 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 value of $499,659.84. Following the completion of the transaction, the director directly owned 18,354 shares of the company's stock, valued at $550,069.38. This represents 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 link. 3.27% of the stock is currently owned by insiders.

About Sirius XM

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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