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

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

Other equities analysts also recently issued reports about the stock. StockNews.com assumed coverage on shares of Sirius XM in a research note on Monday, April 29th. They set a hold rating for the company. Benchmark decreased their price target on shares of Sirius XM from $7.00 to $6.50 and set a buy rating for the company in a research note on Wednesday, March 27th. Barrington Research reaffirmed an outperform rating and set a $5.75 target price on shares of Sirius XM in a research note on Tuesday. Pivotal Research raised shares of Sirius XM from a hold rating to a buy rating and decreased their target price for the company from $5.05 to $4.90 in a research note on Wednesday, April 24th. Finally, The Goldman Sachs Group upgraded shares of Sirius XM from a sell rating to a neutral rating and cut their price target for the company from $3.50 to $3.25 in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Sirius XM presently has an average rating of Hold and a consensus price target of $4.42.

Sirius XM Stock Performance

Shares of NASDAQ:SIRI opened at $3.12 on Wednesday. Sirius XM has a 52-week low of $2.92 and a 52-week high of $7.95. The firm has a fifty day moving average of $3.72 and a 200 day moving average of $4.56. The firm has a market capitalization of $12.00 billion, a PE ratio of 9.45, a price-to-earnings-growth ratio of 1.02 and a beta of 1.10.

Sirius XM (NASDAQ:SIRI) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.01. Sirius XM had a net margin of 14.38% and a negative return on equity of 47.17%. The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same period in the prior year, the business posted $0.06 earnings per share. The company’s revenue was up .8% on a year-over-year basis. On average, sell-side analysts forecast that Sirius XM will post 0.3 EPS for the current fiscal year.

Sirius XM Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 29th. Shareholders of record on Friday, May 10th will be given a $0.0266 dividend. The ex-dividend date is Thursday, May 9th. This represents a $0.11 annualized dividend and a yield of 3.41%. Sirius XM’s payout ratio is presently 33.33%.

Insiders Place Their Bets

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

Institutional Trading of Sirius XM

Several hedge funds have recently bought and sold shares of SIRI. Berkshire Hathaway Inc lifted its stake in Sirius XM by 315.6% in the 4th quarter. Berkshire Hathaway Inc now owns 40,243,058 shares of the company’s stock worth $220,130,000 after purchasing an additional 30,559,834 shares in the last quarter. AQR Capital Management LLC lifted its stake in Sirius XM by 482.9% in the 3rd quarter. AQR Capital Management LLC now owns 14,641,104 shares of the company’s stock worth $66,178,000 after purchasing an additional 12,129,166 shares in the last quarter. New York State Common Retirement Fund lifted its stake in Sirius XM by 169.6% in the 3rd quarter. New York State Common Retirement Fund now owns 10,303,486 shares of the company’s stock worth $46,572,000 after purchasing an additional 6,482,109 shares in the last quarter. Cadian Capital Management LP purchased a new stake in Sirius XM in the 3rd quarter worth $8,929,000. Finally, Northern Trust Corp lifted its stake in Sirius XM by 18.7% in the 3rd quarter. Northern Trust Corp now owns 11,256,094 shares of the company’s stock worth $50,878,000 after purchasing an additional 1,776,700 shares in 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.