Sirius XM Holdings Inc. $SIRI Shares Sold by Empyrean Capital Partners LP

Key Points

• Empyrean Capital Partners cut its Sirius XM stake by 23.5% in the fourth quarter, selling 212,848 shares and ending with 692,775 shares valued at about $13.85 million.
• Sirius XM reported better-than-expected quarterly results, posting EPS of $0.72 on revenue of $2.09 billion, both slightly above analyst estimates.
• The company also declared a quarterly dividend of $0.27 per share, equal to an annualized yield of 3.9%, while analysts currently rate the stock a consensus Hold with an average price target of $27.45.

Empyrean Capital Partners LP lowered its stake in Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report) by 23.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 692,775 shares of the company's stock after selling 212,848 shares during the quarter. Empyrean Capital Partners LP owned about 0.21% of Sirius XM worth $13,852,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Berkshire Hathaway Inc lifted its position in Sirius XM by 4.2% in the third quarter. Berkshire Hathaway Inc now owns 124,807,117 shares of the company's stock valued at $2,904,886,000 after buying an additional 5,030,425 shares during the last quarter. AQR Capital Management LLC lifted its position in Sirius XM by 165.2% in the second quarter. AQR Capital Management LLC now owns 5,191,440 shares of the company's stock valued at $117,327,000 after buying an additional 3,233,922 shares during the last quarter. State Street Corp lifted its position in Sirius XM by 0.7% in the fourth quarter. State Street Corp now owns 3,487,415 shares of the company's stock valued at $69,731,000 after buying an additional 25,906 shares during the last quarter. Check Capital Management Inc. CA lifted its position in Sirius XM by 39.9% in the fourth quarter. Check Capital Management Inc. CA now owns 2,883,500 shares of the company's stock valued at $57,656,000 after buying an additional 821,657 shares during the last quarter. Finally, Norges Bank acquired a new position in Sirius XM in the fourth quarter valued at about $57,124,000. Institutional investors and hedge funds own 10.69% of the company's stock.

Sirius XM Stock Up 0.3%

Shares of SIRI opened at $27.93 on Thursday. The stock has a market capitalization of $9.40 billion, a PE ratio of 11.78, a P/E/G ratio of 0.60 and a beta of 0.96. Sirius XM Holdings Inc. has a 1 year low of $19.76 and a 1 year high of $30.11. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.44 and a current ratio of 0.44. The company's 50-day simple moving average is $26.87 and its 200-day simple moving average is $23.37.

Sirius XM (NASDAQ:SIRI - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.02. The business had revenue of $2.09 billion for the quarter, compared to analysts' expectations of $2.07 billion. Sirius XM had a net margin of 9.86% and a return on equity of 9.19%. The business's quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.59 earnings per share. Analysts forecast that Sirius XM Holdings Inc. will post 3.1 earnings per share for the current fiscal year.

Sirius XM Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 27th. Investors of record on Monday, May 11th were issued a $0.27 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $1.08 annualized dividend and a yield of 3.9%. Sirius XM's dividend payout ratio (DPR) is 45.57%.

Wall Street Analyst Weigh In

SIRI has been the topic of a number of recent analyst reports. Evercore set a $28.00 target price on shares of Sirius XM in a research report on Friday, May 1st. JPMorgan Chase & Co. increased their price target on shares of Sirius XM from $24.00 to $26.00 and gave the stock a "neutral" rating in a research report on Friday, May 1st. Barrington Research increased 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. Rosenblatt Securities reduced their price target on shares of Sirius XM from $46.00 to $45.00 and set a "buy" rating on the stock in a research report on Tuesday, May 19th. Finally, Citigroup reissued a "sell" rating and set a $22.00 price target (up from $19.00) on shares of Sirius XM in a research report on Monday, May 4th. Four research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $27.45.

Insiders Place Their Bets

In other Sirius XM news, insider Scott Andrew Greenstein sold 20,744 shares of the firm's stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $29.83, for a total transaction of $618,793.52. Following the sale, the insider owned 20,163 shares of the company's stock, valued at approximately $601,462.29. This trade represents a 50.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.27% of the stock is currently owned by company 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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