The Goldman Sachs Group Trims Sirius XM (NASDAQ:SIRI) Target Price to $26.00

Sirius XM (NASDAQ:SIRI) had its price objective trimmed by The Goldman Sachs Group from $32.50 to $26.00 in a research note issued to investors on Tuesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other equities analysts also recently issued reports on the company. StockNews.com initiated coverage on Sirius XM in a research note on Monday, August 19th. They set a hold rating for the company. Guggenheim reduced their target price on Sirius XM from $33.00 to $29.00 and set a neutral rating for the company in a report on Thursday, June 27th. Rosenblatt Securities upped their price target on shares of Sirius XM from $3.40 to $28.00 and gave the stock a neutral rating in a research note on Monday. Citigroup cut shares of Sirius XM from a neutral rating to a sell rating and set a $28.00 price objective for the company. in a research note on Thursday, July 25th. Finally, Barrington Research restated an outperform rating and set a $47.50 target price on shares of Sirius XM in a research report on Monday, July 15th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $36.91.

Sirius XM Price Performance

Shares of NASDAQ SIRI opened at $24.02 on Tuesday. The stock has a fifty day moving average price of $31.58 and a 200 day moving average price of $32.13. Sirius XM has a 1-year low of $22.73 and a 1-year high of $57.80. The company has a market cap of $92.40 billion, a PE ratio of 72.79, a P/E/G ratio of 0.90 and a beta of 1.08.

Sirius XM (NASDAQ:SIRI) last released its earnings results on Thursday, August 1st. The company reported $0.80 EPS for the quarter, hitting 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 company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Analysts anticipate that Sirius XM will post 3.14 earnings per share for the current fiscal year.

Sirius XM Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Friday, August 9th were issued a $0.266 dividend. This represents a $1.06 dividend on an annualized basis and a yield of 4.43%. This is a positive change from Sirius XM’s previous quarterly dividend of $0.03. The ex-dividend date was Friday, August 9th. Sirius XM’s dividend payout ratio is 321.21%.

Insider Transactions at Sirius XM

In related news, insider Scott Andrew Greenstein sold 144,723 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 98,933 shares in the company, valued at $3,126,282.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.79% of the company’s stock.

Institutional Trading of Sirius XM

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SIRI. Sanctuary Advisors LLC acquired a new stake in shares of Sirius XM in the second quarter worth approximately $3,041,000. Point72 Asset Management L.P. purchased a new position in shares of Sirius XM in the 2nd quarter worth $12,858,000. Creative Planning boosted its holdings in Sirius XM by 12.1% in the second quarter. Creative Planning now owns 844,387 shares of the company’s stock valued at $2,390,000 after acquiring an additional 91,223 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Sirius XM by 37.2% in the second quarter. The Manufacturers Life Insurance Company now owns 282,600 shares of the company’s stock valued at $800,000 after acquiring an additional 76,552 shares during the last quarter. Finally, Dark Forest Capital Management LP increased its stake in Sirius XM by 44.5% during the second quarter. Dark Forest Capital Management LP now owns 100,688 shares of the company’s stock worth $285,000 after acquiring an additional 31,000 shares during the last quarter. Hedge funds and other 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.