PCM Encore LLC Acquires New Shares in Sirius XM Holdings Inc. $SIRI

Key Points

• PCM Encore LLC acquired 41,613 Sirius XM shares in the second quarter, worth approximately $1.64 million. Institutional investors and hedge funds collectively own 10.69% of the company.
• Analysts remain mixed on Sirius XM, with a consensus “Hold” rating and an average price target of $30.92. Recent targets range from $25 to $34, while JPMorgan, Citigroup and Wells Fargo maintained neutral or negative views.
• Sirius XM reported quarterly revenue of $2.16 billion, slightly above estimates, but EPS of $0.70 missed expectations. The company also declared a quarterly dividend of $0.27 per share, equivalent to a 3.8% annualized yield.

PCM Encore LLC 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 Securities & Exchange Commission. The fund acquired 41,613 shares of the company's stock, valued at approximately $1,644,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SIRI. Brighton Jones LLC purchased a new position in shares of Sirius XM in the fourth quarter valued at $622,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Sirius XM by 11.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 925,313 shares of the company's stock worth $20,861,000 after buying an additional 92,111 shares in the last quarter. Focus Partners Wealth boosted its position in shares of Sirius XM by 5.2% in the 1st quarter. Focus Partners Wealth now owns 16,273 shares of the company's stock worth $367,000 after buying an additional 800 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in Sirius XM by 36.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,836 shares of the company's stock valued at $41,000 after acquiring an additional 493 shares during the last quarter. Finally, Sivia Capital Partners LLC acquired a new stake in Sirius XM in the 2nd quarter valued at about $208,000. 10.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have weighed in on SIRI shares. JPMorgan Chase & Co. raised their target price on shares of Sirius XM from $26.00 to $34.00 and gave the company a "neutral" rating in a report on Friday, July 31st. Citigroup reaffirmed a "sell" rating and issued a $25.00 price target (up from $22.00) on shares of Sirius XM in a report on Friday, July 31st. Barrington Research increased their price target on shares of Sirius XM from $28.00 to $32.00 and gave the company an "outperform" rating in a research report on Monday, May 4th. Benchmark reissued a "buy" rating on shares of Sirius XM in a research note on Wednesday, July 29th. Finally, Wells Fargo & Company lifted their price objective 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. Four analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, Sirius XM presently has a consensus rating of "Hold" and a consensus target price of $30.92.

Insiders Place Their Bets

In other news, insider Scott Andrew Greenstein sold 20,744 shares of Sirius XM stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $29.83, for a total value 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. The trade was a 50.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jonelle Procope sold 16,672 shares of the company'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 completion of the transaction, the director owned 18,354 shares of the company's stock, valued at $550,069.38. The trade was a 47.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 3.27% of the stock is owned by insiders.

Sirius XM Price Performance

NASDAQ:SIRI opened at $28.39 on Friday. Sirius XM Holdings Inc. has a 12-month low of $19.76 and a 12-month high of $32.66. The firm has a market cap of $9.57 billion, a price-to-earnings ratio of 11.36, a price-to-earnings-growth ratio of 0.62 and a beta of 0.95. The company's 50-day moving average is $29.56 and its two-hundred day moving average is $26.22. The company has a current ratio of 0.46, a quick ratio of 0.46 and a debt-to-equity ratio of 0.79.

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

Sirius XM Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Monday, August 10th will be issued a dividend of $0.27 per share. The ex-dividend date is Monday, August 10th. This represents a $1.08 annualized dividend and a dividend yield of 3.8%. Sirius XM's dividend payout ratio (DPR) is 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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