NewEdge Wealth LLC Buys Shares of 1,220,556 Sirius XM Holdings Inc. $SIRI

by · The Cerbat Gem

NewEdge Wealth LLC purchased a new stake in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI – Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 1,220,556 shares of the company’s stock, valued at approximately $48,212,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Fifth Third Bancorp bought a new stake in shares of Sirius XM during the 1st quarter valued at about $1,243,000. Aspen Grove Capital LLC purchased a new stake in shares of Sirius XM during the 1st quarter valued at about $2,277,000. Brighton Jones LLC bought a new position in shares of Sirius XM in the 4th quarter worth approximately $622,000. Bank of New York Mellon Corp lifted its stake in shares of Sirius XM by 7.8% in the 1st quarter. Bank of New York Mellon Corp now owns 2,177,761 shares of the company’s stock worth $50,263,000 after purchasing an additional 157,860 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Sirius XM by 262.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,301,181 shares of the company’s stock worth $145,426,000 after purchasing an additional 4,560,821 shares during the period. 10.69% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Sirius XM Stock Up 0.2%

SIRI stock opened at $28.67 on Thursday. Sirius XM Holdings Inc. has a twelve month low of $19.76 and a twelve month high of $32.66. The company has a quick ratio of 0.46, a current ratio of 0.46 and a debt-to-equity ratio of 0.79. The stock has a market cap of $9.66 billion, a P/E ratio of 11.47, a PEG ratio of 0.62 and a beta of 0.95. The business’s 50-day moving average price is $29.54 and its 200-day moving average price is $26.16.

Sirius XM (NASDAQ:SIRI – Get Free Report) last released its 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 return on equity of 9.37% and a net margin of 10.23%.The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.14 billion. During the same period in the prior year, the company posted $0.57 earnings per share. The company’s revenue was up 1.0% compared to the same quarter last year. On average, equities research analysts forecast that Sirius XM Holdings Inc. will post 3.01 EPS for the current year.

Sirius XM Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Monday, August 10th will be given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Monday, August 10th. Sirius XM’s dividend payout ratio is presently 43.20%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Guggenheim restated a “buy” rating and set a $35.00 target price (up from $34.00) on shares of Sirius XM in a research report on Friday, July 31st. Evercore set a $28.00 price target on shares of Sirius XM in a research report on Friday, May 1st. Bank of America reiterated an “underperform” rating on shares of Sirius XM in a research report on Friday, July 31st. The Goldman Sachs Group reiterated a “neutral” rating and set a $32.00 price target on shares of Sirius XM in a research note on Friday, August 7th. Finally, Morgan Stanley boosted their price objective on shares of Sirius XM from $24.00 to $28.00 and gave the company an “underweight” rating in a research report on Tuesday, July 21st. Four research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Sirius XM has an average rating of “Hold” and a consensus price target of $30.92.

Get Our Latest Analysis on SIRI

Sirius XM Company Profile

(Free Report)

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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