NewEdge Wealth LLC Makes New Investment in Sirius XM Holdings Inc. $SIRI

NewEdge Wealth LLC acquired a new stake in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,220,556 shares of the company’s stock, valued at approximately $48,212,000. NewEdge Wealth LLC owned 0.36% of Sirius XM at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of SIRI. Sunbelt Securities Inc. increased its stake in shares of Sirius XM by 158.5% in the 1st quarter. Sunbelt Securities Inc. now owns 1,295 shares of the company’s stock worth $30,000 after acquiring an additional 794 shares in the last quarter. Root Financial Partners LLC lifted its position in Sirius XM by 612.8% during the 1st quarter. Root Financial Partners LLC now owns 1,390 shares of the company’s stock valued at $32,000 after acquiring an additional 1,195 shares during the period. Gables Capital Management Inc. bought a new stake in Sirius XM during the second quarter worth about $32,000. Global Retirement Partners LLC bought a new stake in Sirius XM during the second quarter worth about $32,000. Finally, Rossby Financial LCC boosted its stake in Sirius XM by 57.7% during the fourth quarter. Rossby Financial LCC now owns 1,621 shares of the company’s stock worth $32,000 after acquiring an additional 593 shares in the last quarter. Institutional investors own 10.69% of the company’s stock.

Sirius XM Price Performance

Shares of NASDAQ SIRI opened at $28.67 on Thursday. The firm 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. 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 company has a 50 day moving average of $29.54 and a 200 day moving average of $26.16.

Sirius XM (NASDAQ:SIRI) last issued its earnings results on Thursday, July 30th. The company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.08). The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.14 billion. Sirius XM had a net margin of 10.23% and a return on equity of 9.37%. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.57 earnings per share. As a group, research analysts expect that Sirius XM Holdings Inc. will post 3.01 EPS for the current fiscal year.

Sirius XM Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Monday, August 10th will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Monday, August 10th. This represents a $1.08 annualized dividend and a dividend yield of 3.8%. Sirius XM’s dividend payout ratio (DPR) is 43.20%.

Insider Buying and Selling at Sirius XM

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

Analysts Set New Price Targets

A number of brokerages have weighed in on SIRI. JPMorgan Chase & Co. raised their target price on shares of Sirius XM from $26.00 to $34.00 and gave the company a “neutral” rating in a research note on Friday, July 31st. Weiss Ratings raised Sirius XM from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, July 9th. Rosenblatt Securities restated a “buy” rating and issued a $45.00 price target on shares of Sirius XM in a research note on Tuesday, July 28th. Benchmark reaffirmed a “buy” rating on shares of Sirius XM in a research report on Wednesday, July 29th. Finally, Morgan Stanley raised their price objective on Sirius XM from $24.00 to $28.00 and gave the company an “underweight” rating in a research report on Tuesday, July 21st. Four analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $30.92.

About Sirius XM

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.