The Manufacturers Life Insurance Company Acquires 151,747 Shares of Sirius XM Holdings Inc. $SIRI

Key Points

• The Manufacturers Life Insurance Company increased its Sirius XM stake by 250.2%, purchasing 151,747 additional shares to own 212,389 shares worth approximately $6.27 million. Other institutions, including BlackRock and California State Teachers Retirement System, also substantially increased their holdings.
• Sirius XM reported quarterly revenue of $2.16 billion, slightly ahead of estimates, but earnings per share of $0.70 missed the $0.78 consensus. The company pays a quarterly dividend of $0.27, equivalent to a 3.7% annualized yield.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $32.00, compared with the stock’s reported opening price of $29.15.

The Manufacturers Life Insurance Company grew its stake in Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report) by 250.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 212,389 shares of the company's stock after purchasing an additional 151,747 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.06% of Sirius XM worth $6,274,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in SIRI. BlackRock Inc. boosted its stake in Sirius XM by 82.9% during the 2nd quarter. BlackRock Inc. now owns 17,602,229 shares of the company's stock worth $519,970,000 after acquiring an additional 7,977,045 shares during the last quarter. California State Teachers Retirement System increased its stake in Sirius XM by 2,798.6% in the second quarter. California State Teachers Retirement System now owns 6,286,910 shares of the company's stock valued at $185,715,000 after purchasing an additional 6,070,016 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Sirius XM by 262.1% in the first 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 in the last quarter. AQR Capital Management LLC raised its holdings 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 worth $117,327,000 after purchasing an additional 3,233,922 shares during the period. Finally, Norges Bank acquired a new stake in Sirius XM in the fourth quarter worth $57,124,000. 10.69% of the stock is currently owned by institutional investors.

More Sirius XM News

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

• Positive Sentiment: Sirius XM was highlighted among broadcast radio and television stocks that could benefit from strong content consumption and steady digital viewing. However, the sector continues to face intense competition for advertising revenue. 4 Broadcast Radio & TV Stocks to Watch From a Prospering Industry
• Positive Sentiment: SIRI advanced while the overall market declined in the latest session, signaling relative strength and possibly continued investor interest in the stock. The article provides limited information on a specific fundamental driver. Sirius XM Advances While Market Declines
• Neutral Sentiment: Howard Stern’s program is moving toward HBO Max after SiriusXM dropped Channel 101. The transition could reduce SiriusXM’s exclusive content appeal, but the company may also benefit from lower programming or operating costs following the channel changes and reported layoffs. Howard Stern’s Wife Addresses HBO Move
• Neutral Sentiment: A Sirius XM presentation at the Goldman Sachs Communacopia + Technology Conference was published, but the supplied report does not identify new guidance, financial targets, or strategic announcements that would materially change the investment outlook. Sirius XM Goldman Sachs Conference Transcript
• Negative Sentiment: An analysis included Sirius XM among cash-generating stocks considered risky, arguing that cash generation alone does not ensure shareholder value if management fails to reinvest effectively. This may reinforce concerns about Sirius XM’s growth prospects, although it is an opinion-based assessment rather than a new company announcement. 3 Cash-Producing Stocks We Find Risky

Sirius XM Price Performance

SIRI stock opened at $29.15 on Monday. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.46 and a quick ratio of 0.46. The stock has a market capitalization of $9.83 billion, a P/E ratio of 11.66, a P/E/G ratio of 0.52 and a beta of 0.95. Sirius XM Holdings Inc. has a fifty-two week low of $19.76 and a fifty-two week high of $32.66. The business has a 50-day moving average of $29.63 and a 200-day moving average of $27.07.

Sirius XM (NASDAQ:SIRI - Get Free Report) last announced 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 firm had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.14 billion. Sirius XM had a net margin of 10.23% and a return on equity of 9.37%. The firm's quarterly revenue was up 1.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.57 EPS. On average, sell-side analysts anticipate that Sirius XM Holdings Inc. will post 3 earnings per share for the current fiscal year.

Sirius XM Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 26th. Stockholders of record on Monday, August 10th were issued a $0.27 dividend. The ex-dividend date was 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 43.20%.

Insider Activity at Sirius XM

In related news, Director Jonelle Procope sold 16,672 shares of the stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $29.97, for a total transaction of $499,659.84. Following the completion of the transaction, the director owned 18,354 shares in the company, valued at approximately $550,069.38. This represents a 47.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.27% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. William Blair upgraded shares of Sirius XM to a "market perform" rating in a research report on Wednesday, September 2nd. Cantor Fitzgerald assumed coverage on Sirius XM in a report on Wednesday, September 2nd. They set an "overweight" rating on the stock. UBS Group set a $30.00 target price on Sirius XM in a research note on Wednesday, July 29th. JPMorgan Chase & Co. increased their price target on Sirius XM from $26.00 to $34.00 and gave the stock a "neutral" rating in a report on Friday, July 31st. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $45.00 price target on shares of Sirius XM in a research report on Tuesday, July 28th. Nine equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, Sirius XM currently has a consensus rating of "Hold" and a consensus price target of $32.00.

About Sirius XM

Sirius XM Holdings Inc provides subscription-based audio entertainment and information services in the United States and Canada. Its SiriusXM service delivers commercial-free music, sports, news, talk and entertainment programming through satellite radio and internet streaming, including its mobile app and connected-vehicle platforms.

The company offers a broad range of exclusive and licensed content, including live sports coverage, original talk and comedy programs, news services, podcasts, and music channels organized by genre and artist.

Want to see what other hedge funds are holding SIRI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.