Citigroup Raises Sirius XM (NASDAQ:SIRI) Price Target to $21.00

Sirius XM (NASDAQ:SIRI) had its price objective increased by Citigroup from $2.80 to $21.00 in a research report sent to investors on Thursday morning, Benzinga reports. Citigroup currently has a sell rating on the stock.

A number of other research firms have also issued reports on SIRI. Rosenblatt Securities boosted their price target on shares of Sirius XM from $3.40 to $28.00 and gave the company a neutral rating in a report on Monday, September 16th. StockNews.com started coverage on shares of Sirius XM in a research report on Thursday. They issued a hold rating for the company. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Sirius XM from $37.50 to $30.00 and set a hold rating on the stock in a research note on Tuesday, August 6th. Barrington Research reissued an outperform rating and issued a $47.50 price target on shares of Sirius XM in a report on Monday, July 15th. Finally, Guggenheim raised shares of Sirius XM from a neutral rating to a buy rating and set a $30.00 price objective for the company in a report on Wednesday, September 18th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Sirius XM has an average rating of Hold and an average price target of $34.27.

Sirius XM Stock Performance

SIRI opened at $24.38 on Thursday. The company has a 50-day moving average of $30.10 and a 200-day moving average of $31.41. The company has a market capitalization of $93.78 billion, a P/E ratio of 73.88, a PEG ratio of 0.83 and a beta of 1.08. Sirius XM has a 1-year low of $22.73 and a 1-year high of $57.80.

Sirius XM (NASDAQ:SIRI) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.80 EPS for the quarter, meeting the consensus estimate of $0.80. The business had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.20 billion. Sirius XM had a net margin of 14.56% and a negative return on equity of 52.15%. As a group, sell-side analysts expect that Sirius XM will post 3.08 earnings per share for the current fiscal year.

Sirius XM Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Investors of record on Friday, August 9th were issued a $0.266 dividend. The ex-dividend date was Friday, August 9th. This represents a $1.06 annualized dividend and a yield of 4.36%. This is a positive change from Sirius XM’s previous quarterly dividend of $0.03. Sirius XM’s dividend payout ratio (DPR) is 321.21%.

Insider Buying and Selling

In other news, insider Scott Andrew Greenstein sold 144,723 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was 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 of the company’s stock, valued at $3,126,282.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.79% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sirius XM

A number of hedge funds and other institutional investors have recently made changes to their positions in SIRI. Van ECK Associates Corp purchased a new stake in shares of Sirius XM in the first quarter worth $2,036,000. Morningstar Investment Services LLC purchased a new stake in shares of Sirius XM in the fourth quarter worth $85,000. Assetmark Inc. grew its stake in shares of Sirius XM by 1,320.9% in the fourth quarter. Assetmark Inc. now owns 39,076 shares of the company’s stock worth $214,000 after acquiring an additional 36,326 shares during the last quarter. Boulder Hill Capital Management LP purchased a new stake in shares of Sirius XM in the fourth quarter worth $2,473,000. Finally, Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Sirius XM by 9.9% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,124,339 shares of the company’s stock worth $4,325,000 after acquiring an additional 101,713 shares during the last quarter. 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.