Royal Bank of Canada Has $2.29 Million Position in Sirius XM Holdings Inc. $SIRI

Key Points

• Royal Bank of Canada cut its Sirius XM stake by 27% in the first quarter, selling 36,661 shares and retaining 99,165 shares valued at approximately $2.29 million. Institutional investors and hedge funds collectively own 10.69% of the company.
• Analysts maintain a mixed outlook, with a consensus “Hold” rating and an average price target of $30.92. Sirius XM recently reported quarterly revenue of $2.16 billion, slightly above estimates, but earnings per share of $0.70 missed expectations.
• Sirius XM declared a quarterly dividend of $0.27 per share, equivalent to an annualized $1.08 payout and a 3.7% dividend yield; company insiders also recently sold shares.

Royal Bank of Canada lessened its stake in Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report) by 27.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 99,165 shares of the company's stock after selling 36,661 shares during the period. Royal Bank of Canada's holdings in Sirius XM were worth $2,288,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in SIRI. Root Financial Partners LLC raised its holdings 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 acquiring an additional 1,195 shares in the last quarter. Rossby Financial LCC grew its holdings in shares of Sirius XM by 57.7% during the 4th quarter. Rossby Financial LCC now owns 1,621 shares of the company's stock worth $32,000 after purchasing an additional 593 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Sirius XM during the 4th quarter worth approximately $40,000. Jessup Wealth Management Inc acquired a new stake in shares of Sirius XM during the 4th quarter worth approximately $40,000. Finally, Geneos Wealth Management Inc. increased its position in shares of Sirius XM by 36.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,836 shares of the company's stock valued at $41,000 after purchasing an additional 493 shares during the period. 10.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on SIRI shares. Bank of America restated an "underperform" rating on shares of Sirius XM in a research note on Friday, July 31st. Barrington Research lifted their price target on shares of Sirius XM from $28.00 to $32.00 and gave the stock an "outperform" rating in a research note on Monday, May 4th. Weiss Ratings raised shares of Sirius XM from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, July 9th. The Goldman Sachs Group restated a "neutral" rating and issued a $32.00 price objective on shares of Sirius XM in a research note on Friday, August 7th. Finally, Wells Fargo & Company raised their price objective on shares of Sirius XM from $30.00 to $31.00 and gave the stock an "equal weight" rating in a report on Friday, July 31st. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $30.92.

Sirius XM Trading Up 2.4%

Shares of SIRI opened at $29.13 on Tuesday. Sirius XM Holdings Inc. has a 1 year low of $19.76 and a 1 year high of $32.66. 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 stock has a 50 day simple moving average of $29.50 and a 200-day simple moving average of $26.04. The stock has a market cap of $9.82 billion, a PE ratio of 11.65, a PEG ratio of 0.62 and a beta of 0.95.

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 the consensus estimate of $0.78 by ($0.08). Sirius XM had a return on equity of 9.37% and a net margin of 10.23%.The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter last year, the business earned $0.57 EPS. Sirius XM's quarterly revenue was up 1.0% compared to the same quarter last year. On average, sell-side analysts predict that Sirius XM Holdings Inc. will post 3.01 EPS for the current fiscal year.

Sirius XM Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Monday, August 10th will be issued a dividend of $0.27 per share. The ex-dividend date of this dividend is Monday, August 10th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.7%. Sirius XM's dividend payout ratio (DPR) is presently 43.20%.

Insider Buying and Selling at Sirius XM

In related news, insider Scott Andrew Greenstein sold 20,744 shares of the stock in a transaction dated 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 sale, the insider owned 20,163 shares in the company, valued at $601,462.29. This trade represents a 50.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jonelle Procope sold 16,672 shares of Sirius XM 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 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. Additional details regarding this sale are available in the official SEC disclosure. 3.27% of the stock is currently owned by insiders.

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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