Elevation Point Wealth Partners LLC Invests $1.56 Million in Sirius XM Holdings Inc. $SIRI

Elevation Point Wealth Partners LLC acquired a new position in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 39,297 shares of the company’s stock, valued at approximately $1,557,000.

A number of other institutional investors have also added to or reduced their stakes in SIRI. BlackRock Inc. boosted its holdings in shares of Sirius XM by 82.9% in the 2nd quarter. BlackRock Inc. now owns 17,602,229 shares of the company’s stock worth $519,970,000 after purchasing an additional 7,977,045 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in 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 buying an additional 4,560,821 shares during the last quarter. AQR Capital Management LLC boosted its stake in Sirius XM by 165.2% in the second quarter. AQR Capital Management LLC now owns 5,191,440 shares of the company’s stock worth $117,327,000 after buying an additional 3,233,922 shares in the last quarter. Deutsche Bank AG bought a new position in Sirius XM during the second quarter valued at approximately $145,468,000. Finally, William Blair Investment Management LLC bought a new stake in shares of Sirius XM in the 2nd quarter worth approximately $143,695,000. Institutional investors own 10.69% of the company’s stock.

Sirius XM Stock Performance

NASDAQ:SIRI opened at $28.69 on Monday. The firm’s fifty day simple moving average is $29.58 and its 200 day simple moving average is $26.28. 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 $9.67 billion, a P/E ratio of 11.48, a price-to-earnings-growth ratio of 0.62 and a beta of 0.95.

Sirius XM (NASDAQ:SIRI) last announced its quarterly 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 net margin of 10.23% and a return on equity of 9.37%. The company had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.14 billion. During the same quarter in the prior year, the firm earned $0.57 EPS. Sirius XM’s quarterly revenue was up 1.0% compared to the same quarter last year. As a group, research analysts predict 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. Investors of record on Monday, August 10th will be given a dividend of $0.27 per share. The ex-dividend date is Monday, August 10th. This represents a $1.08 annualized dividend and a dividend yield of 3.8%. Sirius XM’s payout ratio is currently 43.20%.

Insider Buying and Selling at Sirius XM

In related news, Director Jonelle Procope sold 16,672 shares of the company’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $29.97, for a total value of $499,659.84. Following the sale, the director directly owned 18,354 shares of the company’s stock, valued at $550,069.38. This represents a 47.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Scott Andrew Greenstein sold 20,744 shares of the firm’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $29.83, for a total value of $618,793.52. Following 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. 3.27% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. increased their target price on shares of Sirius XM from $26.00 to $34.00 and gave the company a “neutral” rating in a report on Friday, July 31st. Wells Fargo & Company lifted their price objective on Sirius XM from $30.00 to $31.00 and gave the stock an “equal weight” rating in a report on Friday, July 31st. UBS Group set a $30.00 price target on Sirius XM in a research report on Wednesday, July 29th. Guggenheim reiterated a “buy” rating and issued a $35.00 price objective (up from $34.00) on shares of Sirius XM in a research report on Friday, July 31st. Finally, Morgan Stanley raised their target price on shares of Sirius XM from $24.00 to $28.00 and gave the stock an “underweight” rating in a report on Tuesday, July 21st. Four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price 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.