Wells Fargo & Company Increases Sirius XM (NASDAQ:SIRI) Price Target to $19.00

Sirius XM (NASDAQ:SIRI - Free Report) had its target price lifted by Wells Fargo & Company from $16.00 to $19.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has an underweight rating on the stock.

Other research analysts have also issued research reports about the stock. Rosenblatt Securities reduced their price objective on shares of Sirius XM from $24.00 to $22.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. Guggenheim reiterated a "buy" rating and set a $29.00 price objective on shares of Sirius XM in a research note on Thursday, June 26th. Barrington Research restated an "outperform" rating and set a $28.00 price target on shares of Sirius XM in a research note on Friday, May 2nd. Finally, Seaport Res Ptn upgraded shares of Sirius XM from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 8th. Six research analysts have rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Sirius XM has a consensus rating of "Hold" and a consensus price target of $26.42.

Sirius XM Stock Up 1.3%

Shares of SIRI traded up $0.31 during mid-day trading on Wednesday, hitting $24.26. The company's stock had a trading volume of 2,621,212 shares, compared to its average volume of 4,905,752. The company's 50-day moving average is $21.93 and its 200-day moving average is $22.52. Sirius XM has a 52-week low of $18.69 and a 52-week high of $41.60. The firm has a market capitalization of $8.20 billion, a price-to-earnings ratio of -3.72, a PEG ratio of 0.34 and a beta of 0.92. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.93.

Sirius XM (NASDAQ:SIRI - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.11). The business had revenue of $2.07 billion during the quarter, compared to analysts' expectations of $2.09 billion. Sirius XM had a positive return on equity of 6.77% and a negative net margin of 25.00%. Sirius XM's revenue for the quarter was down 4.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.07 EPS. On average, equities research analysts forecast that Sirius XM will post 3.2 EPS for the current fiscal year.

Sirius XM Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Friday, May 9th were paid a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 4.45%. The ex-dividend date of this dividend was Friday, May 9th. Sirius XM's payout ratio is -16.56%.

Insider Transactions at Sirius XM

In related news, Director Kristina Salen sold 1,651 shares of Sirius XM stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $22.27, for a total value of $36,767.77. Following the completion of the transaction, the director owned 15,471 shares in the company, valued at $344,539.17. The trade was a 9.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.32% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Voya Investment Management LLC lifted its stake in Sirius XM by 3.8% in the first quarter. Voya Investment Management LLC now owns 28,342 shares of the company's stock worth $639,000 after acquiring an additional 1,035 shares during the last quarter. Strs Ohio acquired a new stake in Sirius XM during the first quarter worth approximately $814,000. Geneos Wealth Management Inc. raised its holdings in Sirius XM by 36.7% during 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 in the last quarter. Focus Partners Wealth raised its holdings in Sirius XM by 5.2% during the first quarter. Focus Partners Wealth now owns 16,273 shares of the company's stock worth $367,000 after purchasing an additional 800 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Sirius XM by 11.1% during 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 worth $20,861,000 after purchasing an additional 92,111 shares in the last quarter. Hedge funds and other institutional investors own 10.69% of the company's stock.

About Sirius XM

Sirius XM Holdings Inc operates as an audio entertainment company in North America. It operates in two segments, Sirius XM, and Pandora and Off-platform. The company's Sirius XM segment provides music, sports, entertainment, comedy, talk, news, traffic and weather channels, and other content, as well as podcast and infotainment services on subscription fee basis; and live, curated, and exclusive and on demand programming services through satellite radio systems and streamed through applications for mobile and home devices, and other consumer electronic equipment.