Sirius XM Holdings Inc. $SIRI Stock Position Lifted by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon increased its Sirius XM stake by 7.8% in the first quarter, bringing its holdings to 2.18 million shares worth about $50.3 million. Institutional ownership remains significant, with hedge funds and other investors continuing to adjust positions.
• Sirius XM is getting attention from new content initiatives and upbeat sentiment, including a 24/7 WWE Radio channel that could help attract and retain subscribers. The company also recently declared a quarterly dividend of $0.27 per share, implying a 3.6% yield.
• The stock has seen mixed analyst views, but the latest earnings were solid: Sirius XM beat EPS and revenue estimates for the quarter, reporting $0.72 EPS on $2.09 billion in revenue. Shares were trading near $29.80, close to their 52-week high of $31.42.

Bank of New York Mellon Corp lifted its position in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report) by 7.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 2,177,761 shares of the company's stock after acquiring an additional 157,860 shares during the period. Bank of New York Mellon Corp owned 0.65% of Sirius XM worth $50,263,000 as of its most recent filing with the SEC.

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

Trending Headlines about Sirius XM

Here are the key news stories impacting Sirius XM this week:

• Positive Sentiment: Sirius XM announced a new 24/7 WWE radio channel, replacing its current pro wrestling programming and expanding its sports/entertainment lineup ahead of SummerSlam. WWE partnering with SiriusXM to launch ‘WWE Radio’
• Positive Sentiment: The WWE partnership could help Sirius XM attract and retain subscribers by adding a popular, year-round fan channel and strengthening its exclusive content strategy. SiriusXM to launch 24/7 WWE Radio station
• Positive Sentiment: Analysts are noting that Sirius XM enters its upcoming earnings report with the potential for an earnings beat, which can support sentiment if management confirms improving fundamentals. Sirius XM (SIRI) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
• Positive Sentiment: Management also announced a quarterly dividend of $0.27 per share, reinforcing Sirius XM’s appeal to income-focused investors.
• Neutral Sentiment: Additional coverage highlighted Sirius XM’s move to pick up two Pittsburgh radio stations, but the immediate stock impact is less clear than the WWE announcement. SiriusXM picking up 2 Pittsburgh radio stations
• Neutral Sentiment: Morgan Stanley also reportedly sees strong price appreciation potential for SIRI, adding to the bullish analyst backdrop. Morgan Stanley Forecasts Strong Price Appreciation for Sirius XM NASDAQ: SIRI Stock

Analyst Ratings Changes

SIRI has been the subject of a number of recent research reports. Weiss Ratings upgraded shares of Sirius XM from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, July 9th. Rosenblatt Securities reduced their price target on Sirius XM from $46.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday, May 19th. Barrington Research upped their target price on Sirius XM from $28.00 to $32.00 and gave the company an "outperform" rating in a research report on Monday, May 4th. Guggenheim reiterated a "buy" rating on shares of Sirius XM in a report on Wednesday, June 17th. Finally, Evercore set a $28.00 target price on shares of Sirius XM in a report on Friday, May 1st. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $28.00.

Sirius XM Stock Down 0.2%

Shares of NASDAQ:SIRI opened at $29.80 on Friday. 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 firm has a market capitalization of $10.03 billion, a P/E ratio of 12.57, a P/E/G ratio of 0.64 and a beta of 0.95. The stock has a 50 day moving average price of $28.98 and a 200-day moving average price of $24.98. Sirius XM Holdings Inc. has a 52-week low of $19.76 and a 52-week high of $31.42.

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

Sirius XM Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Monday, August 10th will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Monday, August 10th. This represents a $1.08 annualized dividend and a dividend yield of 3.6%. Sirius XM's dividend payout ratio (DPR) is 45.57%.

Insider Buying and Selling

In other Sirius XM 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 approximately $601,462.29. This trade represents a 50.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.27% of the company's stock.

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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