Pivotal Research reissued their buy rating on shares of Sirius XM (NASDAQ:SIRI) in a report published on Friday morning, AnalystRatings.com reports. Pivotal Research currently has a $7.70 price objective on the stock.
“We updated our model to more fully integrate Pandora into our forecasts that resulted in no change to our $7 target. However, the move to a YE’20 target price from YE’19 resulted in a $0.70 increase in our target to $7.70. As evidenced by the solid 2Q results, overall the SIRI core business is chugging along nicely as the used car market becomes an increasing driver of subscriber growth, while Pandora has gotten off to a nicely better than expected start on the advertising front.”,” Pivotal Research’s analyst commented.
SIRI has been the topic of a number of other research reports. ValuEngine raised Sirius XM from a hold rating to a buy rating in a research note on Friday, August 2nd. Zacks Investment Research lowered Sirius XM from a buy rating to a hold rating in a research note on Monday, May 6th. Credit Suisse Group raised Sirius XM from a neutral rating to an outperform rating and set a $7.00 price objective on the stock in a research note on Monday, June 10th. Barrington Research reaffirmed a buy rating and set a $8.00 price objective on shares of Sirius XM in a research note on Wednesday, April 24th. Finally, BidaskClub raised Sirius XM from a buy rating to a strong-buy rating in a research note on Friday, July 19th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $7.37.
Sirius XM (NASDAQ:SIRI) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. Sirius XM had a negative return on equity of 117.72% and a net margin of 15.25%. The business had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.93 billion. During the same quarter last year, the business posted $0.06 earnings per share. The business’s revenue for the quarter was up 38.1% on a year-over-year basis. Analysts forecast that Sirius XM will post 0.21 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 9th will be paid a dividend of $0.0121 per share. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.80%. The ex-dividend date of this dividend is Thursday, August 8th. Sirius XM’s payout ratio is currently 19.23%.
In related news, insider Jennifer C. Witz sold 504,830 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $6.02, for a total transaction of $3,039,076.60. Following the sale, the insider now owns 913,904 shares of the company’s stock, valued at $5,501,702.08. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Thomas D. Barry sold 164,715 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $5.99, for a total value of $986,642.85. Following the sale, the vice president now directly owns 265,735 shares in the company, valued at approximately $1,591,752.65. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 732,612 shares of company stock worth $4,383,940. Corporate insiders own 0.93% of the company’s stock.
A number of large investors have recently modified their holdings of SIRI. Farmers National Bank acquired a new stake in Sirius XM in the 1st quarter worth about $27,000. Quadrant Capital Group LLC boosted its stake in Sirius XM by 62.5% in the 1st quarter. Quadrant Capital Group LLC now owns 5,650 shares of the company’s stock worth $30,000 after buying an additional 2,174 shares during the last quarter. Rockefeller Capital Management L.P. boosted its stake in Sirius XM by 533.0% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 5,393 shares of the company’s stock worth $30,000 after buying an additional 4,541 shares during the last quarter. Coastal Capital Group Inc. acquired a new stake in Sirius XM in the 2nd quarter worth about $32,000. Finally, Westside Investment Management Inc. acquired a new stake in Sirius XM in the 2nd quarter worth about $37,000. 21.08% of the stock is currently owned by hedge funds and other institutional investors.
About Sirius XM
Sirius XM Holdings Inc provides satellite radio services in the United States. The company broadcasts music, sports, entertainment, comedy, talk, news, traffic, and weather channels, including various music genres ranging from rock, pop and hip-hop, country, dance, jazz, Latin, and classical; live play-by-play sports from principal leagues and colleges; multitude of talk and entertainment channels for various audiences; national, international, and financial news; and limited run channels.
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