Sirius XM (NASDAQ:SIRI) Given New $37.00 Price Target at Pivotal Research

Sirius XM (NASDAQ:SIRI) had its price objective lowered by Pivotal Research from $40.00 to $37.00 in a research report report published on Friday morning, Benzinga reports. Pivotal Research currently has a buy rating on the stock.

Several other research firms have also recently weighed in on SIRI. The Goldman Sachs Group lowered their price target on Sirius XM from $32.50 to $26.00 and set a “neutral” rating on the stock in a report on Tuesday, September 17th. Morgan Stanley reissued an “underweight” rating and issued a $23.00 target price on shares of Sirius XM in a report on Tuesday, September 24th. JPMorgan Chase & Co. initiated coverage on Sirius XM in a research note on Wednesday, October 9th. They set an “underweight” rating and a $20.00 price target for the company. Barrington Research reiterated an “outperform” rating and issued a $47.50 price objective on shares of Sirius XM in a research note on Monday, July 15th. Finally, Benchmark restated a “buy” rating and issued a $43.00 price objective on shares of Sirius XM in a research note on Tuesday, October 15th. Five analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Sirius XM currently has a consensus rating of “Hold” and a consensus price target of $29.69.

Sirius XM Stock Performance

Shares of NASDAQ:SIRI traded up $0.99 during midday trading on Friday, reaching $27.65. 10,590,187 shares of the company’s stock traded hands, compared to its average volume of 3,455,682. Sirius XM has a one year low of $22.18 and a one year high of $57.80. The company has a market cap of $10.65 billion, a price-to-earnings ratio of -4.36, a P/E/G ratio of 1.36 and a beta of 1.04. The stock has a 50 day moving average of $26.52 and a 200 day moving average of $29.38.

Sirius XM (NASDAQ:SIRI) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.80 earnings per share for the quarter, meeting the consensus estimate of $0.80. Sirius XM had a net margin of 14.56% and a negative return on equity of 52.15%. The firm had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Sell-side analysts predict that Sirius XM will post 3.04 EPS for the current fiscal year.

Sirius XM Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Tuesday, November 5th will be given a dividend of $0.27 per share. This is an increase from Sirius XM’s previous quarterly dividend of $0.27. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date is Tuesday, November 5th. Sirius XM’s dividend payout ratio is currently -17.03%.

Insider Activity at Sirius XM

In other Sirius XM news, insider Scott Andrew Greenstein sold 144,723 shares of the stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $31.60, for a total transaction of $4,573,246.80. Following the completion of the transaction, the insider now owns 98,933 shares in the company, valued at $3,126,282.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Scott Andrew Greenstein sold 144,723 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $31.60, for a total value of $4,573,246.80. Following the completion of the sale, the insider now directly owns 98,933 shares in the company, valued at $3,126,282.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc acquired 1,259,259 shares of the business’s stock in a transaction on Friday, October 11th. The shares were purchased at an average price of $24.95 per share, for a total transaction of $31,418,512.05. Following the transaction, the insider now directly owns 108,719,088 shares of the company’s stock, valued at approximately $2,712,541,245.60. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 2,646,761 shares of company stock valued at $65,952,329. 0.79% of the stock is owned by corporate insiders.

Institutional Trading of Sirius XM

Several institutional investors and hedge funds have recently made changes to their positions in SIRI. Point72 Asset Management L.P. purchased a new stake in shares of Sirius XM during the second quarter valued at about $12,858,000. Cubist Systematic Strategies LLC acquired a new stake in Sirius XM during the second quarter valued at $5,192,000. SG Americas Securities LLC raised its holdings in Sirius XM by 516.5% in the 1st quarter. SG Americas Securities LLC now owns 1,601,048 shares of the company’s stock worth $6,212,000 after purchasing an additional 1,341,352 shares during the period. Marshall Wace LLP purchased a new position in shares of Sirius XM during the 2nd quarter valued at approximately $3,616,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Sirius XM during the second quarter valued at $3,238,000. 10.69% of the stock is currently owned by institutional investors.

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.