Sirius XM Holdings Inc. $SIRI Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its Sirius XM stake by 38% in the first quarter, selling 37,239 shares and retaining 60,642 shares valued at approximately $1.4 million.
• Institutional ownership activity was mixed: Dimensional Fund Advisors increased its position by 262.1%, while Bank of New York Mellon raised its stake by 7.8%. Institutional investors collectively own 10.69% of Sirius XM.
• Analysts maintain a consensus “Hold” rating with a $30.92 target price. Sirius XM recently missed quarterly EPS estimates but exceeded revenue expectations, and announced a quarterly dividend of $0.27 per share, yielding about 3.8% annually.

The Manufacturers Life Insurance Company cut its holdings in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report) by 38.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 60,642 shares of the company's stock after selling 37,239 shares during the period. The Manufacturers Life Insurance Company's holdings in Sirius XM were worth $1,400,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp bought a new stake in shares of Sirius XM during the 1st quarter worth $1,243,000. Aspen Grove Capital LLC acquired a new stake in shares of Sirius XM during the first quarter worth $2,277,000. Brighton Jones LLC purchased a new stake in shares of Sirius XM during the fourth quarter valued at $622,000. Dimensional Fund Advisors LP boosted its position in shares of Sirius XM by 262.1% in 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 period. Finally, Bank of New York Mellon Corp increased its stake in 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. 10.69% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Sirius XM news, insider Scott Andrew Greenstein sold 20,744 shares of the company's stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $29.83, for a total value of $618,793.52. Following the transaction, the insider directly owned 20,163 shares of the company's stock, valued at $601,462.29. This represents a 50.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jonelle Procope sold 16,672 shares of the firm's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $29.97, for a total value of $499,659.84. Following the sale, the director directly owned 18,354 shares of the company's stock, valued at $550,069.38. This trade represents a 47.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 3.27% of the stock is currently owned by company insiders.

Analyst Ratings Changes

SIRI has been the topic of several recent analyst reports. UBS Group set a $30.00 price objective on Sirius XM in a report on Wednesday, July 29th. Morgan Stanley lifted their target price on shares of Sirius XM from $24.00 to $28.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 21st. The Goldman Sachs Group restated a "neutral" rating and set a $32.00 price target on shares of Sirius XM in a report on Friday. Barrington Research upped 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. Finally, Evercore set a $28.00 price objective on shares of Sirius XM in a research note on Friday, May 1st. Four research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, Sirius XM presently has a consensus rating of "Hold" and a consensus target price of $30.92.

Sirius XM Stock Performance

Shares of SIRI opened at $28.78 on Tuesday. The company has a market capitalization of $9.70 billion, a PE ratio of 11.51, a PEG ratio of 0.65 and a beta of 0.95. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.46 and a current ratio of 0.46. The company's 50 day moving average price is $29.43 and its 200 day moving average price is $25.76. Sirius XM Holdings Inc. has a 52 week low of $19.76 and a 52 week 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 (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.08). The company had revenue of $2.16 billion during the quarter, compared to analysts' expectations of $2.14 billion. Sirius XM had a return on equity of 9.37% and a net margin of 10.23%.The firm's quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.57 EPS. Research analysts expect that Sirius XM Holdings Inc. will post 3.01 EPS for the current fiscal year.

Sirius XM Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Monday, August 10th will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Monday, August 10th. Sirius XM's dividend payout ratio (DPR) is currently 43.20%.

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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