The Manufacturers Life Insurance Company Takes $1.05 Billion Position in Sirius XM Holdings Inc. $SIRI

Key Points

• The Manufacturers Life Insurance Company acquired 26.5 million Sirius XM shares worth approximately $1.05 billion, giving it a 7.87% stake and making Sirius XM one of its largest portfolio holdings.
• Sirius XM reported quarterly revenue of $2.16 billion, up 1% year over year and slightly above estimates, but EPS of $0.70 missed consensus by $0.08. The company declared a quarterly dividend of $0.27, implying a 3.8% annual yield.
• SIRI shares opened at $28.45, while analysts maintained a mixed outlook: the stock carries a consensus “Hold” rating and an average price target of $30.92.

The Manufacturers Life Insurance Company bought a new position in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 26,542,998 shares of the company's stock, valued at approximately $1,048,227,000. Sirius XM makes up approximately 0.8% of The Manufacturers Life Insurance Company's portfolio, making the stock its 17th largest position. The Manufacturers Life Insurance Company owned about 7.87% of Sirius XM as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of the stock. Valeo Financial Advisors LLC increased its position in shares of Sirius XM by 3.2% during the 2nd quarter. Valeo Financial Advisors LLC now owns 10,916 shares of the company's stock worth $322,000 after purchasing an additional 340 shares during the last quarter. Altshuler Shaham Ltd boosted its holdings in shares of Sirius XM by 36.7% in the 1st quarter. Altshuler Shaham Ltd now owns 1,553 shares of the company's stock valued at $36,000 after buying an additional 417 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Sirius XM by 33.7% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,837 shares of the company's stock valued at $55,000 after buying an additional 463 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in shares of Sirius XM by 36.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,836 shares of the company's stock valued at $41,000 after buying an additional 493 shares in the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its holdings in Sirius XM by 5.4% during the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 9,862 shares of the company's stock worth $291,000 after buying an additional 509 shares during the last quarter. 10.69% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Sirius XM

In other news, insider Scott Andrew Greenstein sold 20,744 shares of the firm's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $29.83, for a total transaction of $618,793.52. Following the completion of the sale, the insider owned 20,163 shares in the company, valued at approximately $601,462.29. This trade represents a 50.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jonelle Procope sold 16,672 shares of Sirius XM stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $29.97, for a total transaction of $499,659.84. Following the sale, the director directly owned 18,354 shares of the company's stock, valued at $550,069.38. The trade was a 47.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 3.27% of the company's stock.

Sirius XM Stock Down 0.8%

SIRI stock opened at $28.45 on Tuesday. Sirius XM Holdings Inc. has a 1-year low of $19.76 and a 1-year high of $32.66. The business's 50 day simple moving average is $29.60 and its 200 day simple moving average is $26.33. The company has a current ratio of 0.46, a quick ratio of 0.46 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $9.59 billion, a PE ratio of 11.38, a PEG ratio of 0.62 and a beta of 0.95.

Sirius XM (NASDAQ:SIRI - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The company reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.08). Sirius XM had a net margin of 10.23% and a return on equity of 9.37%. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.14 billion. During the same period in the prior year, the business earned $0.57 EPS. The company's revenue for the quarter was up 1.0% compared to the same quarter last year. As a group, research analysts anticipate that Sirius XM Holdings Inc. will post 3.01 EPS for the current year.

Sirius XM Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Monday, August 10th will be given a $0.27 dividend. The ex-dividend date of this dividend is Monday, August 10th. This represents a $1.08 annualized dividend and a dividend yield of 3.8%. Sirius XM's dividend payout ratio is presently 43.20%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Bank of America reaffirmed an "underperform" rating on shares of Sirius XM in a research report on Friday, July 31st. 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. Wells Fargo & Company boosted their price objective on shares of Sirius XM from $30.00 to $31.00 and gave the stock an "equal weight" rating in a research note on Friday, July 31st. Guggenheim reaffirmed a "buy" rating and issued a $35.00 target price (up from $34.00) on shares of Sirius XM in a report on Friday, July 31st. Finally, Evercore set a $28.00 target price on shares of Sirius XM in a research note on Friday, May 1st. Four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $30.92.

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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