Sirius XM Holdings Inc. $SIRI Stock Sold by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management reduced its Sirius XM stake by 43.9% in the second quarter, selling 76,142 shares and retaining 97,477 shares valued at approximately $2.9 million.
• Institutional sentiment was mixed: State Street, Manufacturers Life Insurance, Sequoia Financial Advisors, and Winton Group increased their positions, while hedge funds and institutional investors collectively owned 10.69% of Sirius XM.
• Sirius XM reported quarterly revenue of $2.16 billion, slightly above estimates, but earnings per share of $0.70 missed expectations. The company maintains a quarterly dividend of $0.27 per share, representing a 4.1% annualized yield.

Envestnet Asset Management Inc. decreased its holdings in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report) by 43.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 97,477 shares of the company's stock after selling 76,142 shares during the period. Envestnet Asset Management Inc.'s holdings in Sirius XM were worth $2,879,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. State Street Corp increased its stake in Sirius XM by 68.9% in the 2nd quarter. State Street Corp now owns 5,992,497 shares of the company's stock worth $177,018,000 after buying an additional 2,444,881 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Sirius XM by 250.2% in the second quarter. The Manufacturers Life Insurance Company now owns 212,389 shares of the company's stock valued at $6,274,000 after acquiring an additional 151,747 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in shares of Sirius XM by 23.5% during the second quarter. Sequoia Financial Advisors LLC now owns 23,736 shares of the company's stock worth $701,000 after purchasing an additional 4,523 shares in the last quarter. BlueCrest Capital Management Ltd purchased a new stake in shares of Sirius XM during the second quarter worth about $1,477,000. Finally, WINTON GROUP Ltd raised its stake in Sirius XM by 1,801.7% during the 2nd quarter. WINTON GROUP Ltd now owns 298,563 shares of the company's stock valued at $8,820,000 after purchasing an additional 282,863 shares during the period. 10.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Sirius XM

In other Sirius XM news, Director Jonelle Procope sold 16,672 shares of the stock in a transaction on 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 owned 18,354 shares in the company, valued at $550,069.38. This trade represents a 47.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.27% of the stock is currently owned by insiders.

Sirius XM Stock Performance

NASDAQ SIRI opened at $26.31 on Tuesday. The business's 50 day moving average price is $28.48 and its 200-day moving average price is $27.62. Sirius XM Holdings Inc. has a fifty-two week low of $19.76 and a fifty-two week high of $32.66. The company has a market cap of $8.87 billion, a P/E ratio of 10.52, a P/E/G ratio of 0.46 and a beta of 0.98. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.46 and a current ratio of 0.46.

Sirius XM (NASDAQ:SIRI - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $2.16 billion for the quarter, compared to analysts' expectations of $2.14 billion. During the same period in the previous year, the firm earned $0.57 earnings per share. The firm's quarterly revenue was up 1.0% compared to the same quarter last year. Sell-side analysts predict that Sirius XM Holdings Inc. will post 3 earnings per share for the current year.

Sirius XM Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 26th. Investors of record on Monday, August 10th were paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Monday, August 10th. Sirius XM's dividend payout ratio (DPR) is currently 43.20%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. William Blair upgraded shares of Sirius XM to a "market perform" rating in a research report on Wednesday, September 2nd. Deutsche Bank Aktiengesellschaft upgraded shares of Sirius XM from a "hold" rating to a "buy" rating and upped their target price for the stock from $31.00 to $45.00 in a research report on Wednesday, September 2nd. Rosenblatt Securities reaffirmed a "buy" rating and set a $45.00 target price on shares of Sirius XM in a research note on Tuesday, July 28th. Wolfe Research initiated coverage on shares of Sirius XM in a report on Wednesday, September 2nd. They issued an "outperform" rating on the stock. Finally, Guggenheim reiterated a "buy" rating and issued a $37.00 price target (up from $35.00) on shares of Sirius XM in a research note on Thursday, September 17th. Eight analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $32.15.

Sirius XM Company Profile

Sirius XM Holdings Inc NASDAQ: SIRI is an audio entertainment company that provides subscription-based satellite radio and streaming services in the United States and Canada. Its SiriusXM service offers commercial-free music, live sports, news, talk programming, comedy, entertainment, and exclusive original content through connected vehicles, the SiriusXM app, and other connected devices.

The company distributes SiriusXM primarily through automakers and vehicle dealers, as well as directly to consumers.

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