Korea Investment CORP Acquires Shares of 1,007,197 Sirius XM Holdings Inc. $SIRI

Key Points

• Korea Investment CORP acquired 1,007,197 Sirius XM shares worth approximately $39.8 million, representing about 0.30% of the company. Other institutional investors, including Dimensional Fund Advisors, also increased their holdings.
• Analyst sentiment remains mixed: four analysts rate Sirius XM a Buy, five rate it Hold, and three rate it Sell. The consensus rating is Hold, with an average price target of $30.92.
• Sirius XM reported quarterly revenue of $2.16 billion, slightly ahead of estimates, but earnings per share of $0.70 missed expectations. The company declared a quarterly dividend of $0.27 per share, implying a 3.8% annualized yield.

Korea Investment CORP acquired a new stake in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,007,197 shares of the company's stock, valued at approximately $39,841,000. Korea Investment CORP owned approximately 0.30% of Sirius XM as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in SIRI. Fifth Third Bancorp bought a new position in Sirius XM during the first quarter valued at approximately $1,243,000. Aspen Grove Capital LLC bought a new stake in Sirius XM in the 1st quarter worth approximately $2,277,000. Brighton Jones LLC bought a new stake in Sirius XM in the 4th quarter worth approximately $622,000. Bank of New York Mellon Corp raised its holdings in shares of Sirius XM by 7.8% during 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 acquiring an additional 157,860 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings 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 worth $145,426,000 after acquiring an additional 4,560,821 shares in the last quarter. 10.69% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Jonelle Procope sold 16,672 shares of the 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 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 legal filing with the SEC, which can be accessed through this link. Also, insider Scott Andrew Greenstein sold 20,744 shares of the firm's stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $29.83, for a total transaction of $618,793.52. Following the completion of the sale, the insider owned 20,163 shares of the company's stock, valued at $601,462.29. This trade represents a 50.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 3.27% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Benchmark reiterated a "buy" rating on shares of Sirius XM in a research report on Wednesday, July 29th. 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. Citigroup reaffirmed a "sell" rating and set a $25.00 price target (up from $22.00) on shares of Sirius XM in a research note on Friday, July 31st. Rosenblatt Securities reiterated a "buy" rating and set a $45.00 price objective on shares of Sirius XM in a research report on Tuesday, July 28th. Finally, Wells Fargo & Company lifted their price objective on shares of Sirius XM from $30.00 to $31.00 and gave the stock an "equal weight" rating in a research note on Friday, July 31st. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $30.92.

Sirius XM Price Performance

NASDAQ:SIRI opened at $28.69 on Friday. The firm 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. 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 business has a 50 day simple moving average of $29.58 and a 200-day simple moving average of $26.23. 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 released its earnings results on Thursday, July 30th. The company reported $0.70 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $2.14 billion. During the same period in the prior year, the firm posted $0.57 EPS. The business's revenue for the quarter was up 1.0% compared to the same quarter last year. Equities analysts forecast 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. Shareholders of record on Monday, August 10th will be given a dividend of $0.27 per share. The ex-dividend date is Monday, August 10th. This represents a $1.08 dividend on an annualized basis and a yield of 3.8%. Sirius XM's payout ratio is 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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