Wells Fargo & Company Lowers Sirius XM (NASDAQ:SIRI) Price Target to $2.50

Sirius XM (NASDAQ:SIRI) had its target price trimmed by Wells Fargo & Company from $3.00 to $2.50 in a report released on Wednesday morning, Benzinga reports. They currently have an underweight rating on the stock.

SIRI has been the topic of several other reports. The Goldman Sachs Group upgraded shares of Sirius XM from a sell rating to a neutral rating and decreased their price target for the company from $3.50 to $3.25 in a research note on Wednesday. Pivotal Research upgraded shares of Sirius XM from a hold rating to a buy rating and reduced their price objective for the stock from $5.05 to $4.90 in a research note on Wednesday, April 24th. Seaport Res Ptn upgraded shares of Sirius XM from a neutral rating to a buy rating in a research note on Monday. Rosenblatt Securities reduced their price objective on shares of Sirius XM from $4.50 to $3.40 and set a neutral rating on the stock in a research note on Wednesday. Finally, Guggenheim began coverage on shares of Sirius XM in a research note on Thursday, March 14th. They set a neutral rating and a $4.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Sirius XM currently has a consensus rating of Hold and a consensus price target of $4.42.

Sirius XM Stock Performance

SIRI stock opened at $3.05 on Wednesday. The company’s 50-day simple moving average is $3.75 and its 200 day simple moving average is $4.57. Sirius XM has a 52 week low of $2.92 and a 52 week high of $7.95. The company has a market capitalization of $11.73 billion, a PE ratio of 9.53, a price-to-earnings-growth ratio of 1.08 and a beta of 1.04.

Sirius XM (NASDAQ:SIRI) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.06 by $0.01. Sirius XM had a net margin of 14.05% and a negative return on equity of 42.54%. The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the prior year, the company posted $0.06 earnings per share. Sirius XM’s revenue was up .8% compared to the same quarter last year. On average, analysts forecast that Sirius XM will post 0.29 EPS for the current year.

Sirius XM Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 29th. Stockholders of record on Friday, May 10th will be issued a $0.0266 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $0.11 dividend on an annualized basis and a dividend yield of 3.49%. Sirius XM’s dividend payout ratio (DPR) is currently 34.38%.

Insider Transactions at Sirius XM

In related news, Director James E. Meyer sold 800,000 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $4.92, for a total value of $3,936,000.00. Following the completion of the transaction, the director now owns 1,091,472 shares in the company, valued at approximately $5,370,042.24. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director James E. Meyer sold 800,000 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $4.92, for a total value of $3,936,000.00. Following the completion of the transaction, the director now owns 1,091,472 shares in the company, valued at approximately $5,370,042.24. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Joseph A. Inzerillo sold 107,611 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $4.90, for a total transaction of $527,293.90. Following the completion of the transaction, the insider now owns 746,816 shares of the company’s stock, valued at approximately $3,659,398.40. The disclosure for this sale can be found here. Company insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Sirius XM by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 54,682,133 shares of the company’s stock valued at $299,111,000 after buying an additional 363,551 shares during the last quarter. Berkshire Hathaway Inc increased its position in Sirius XM by 315.6% during the 4th quarter. Berkshire Hathaway Inc now owns 40,243,058 shares of the company’s stock valued at $220,130,000 after purchasing an additional 30,559,834 shares during the period. AQR Capital Management LLC increased its position in Sirius XM by 482.9% during the 3rd quarter. AQR Capital Management LLC now owns 14,641,104 shares of the company’s stock valued at $66,178,000 after purchasing an additional 12,129,166 shares during the period. Northern Trust Corp increased its position in Sirius XM by 18.7% during the 3rd quarter. Northern Trust Corp now owns 11,256,094 shares of the company’s stock valued at $50,878,000 after purchasing an additional 1,776,700 shares during the period. Finally, New York State Common Retirement Fund increased its position in Sirius XM by 169.6% during the 3rd quarter. New York State Common Retirement Fund now owns 10,303,486 shares of the company’s stock valued at $46,572,000 after purchasing an additional 6,482,109 shares during the period. 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.