The Goldman Sachs Group Cuts Sirius XM (NASDAQ:SIRI) Price Target to $23.00

Sirius XM (NASDAQ:SIRI) had its price objective trimmed by The Goldman Sachs Group from $26.00 to $23.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a neutral rating on the stock.

Other research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. began coverage on shares of Sirius XM in a research note on Wednesday, October 9th. They set an “underweight” rating and a $20.00 price target for the company. Barrington Research reaffirmed an “outperform” rating and issued a $40.00 price target on shares of Sirius XM in a research note on Monday. Pivotal Research lowered their price target on Sirius XM from $40.00 to $37.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Morgan Stanley reissued an “underweight” rating and set a $23.00 price objective on shares of Sirius XM in a report on Tuesday, September 24th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $28.00 target price on shares of Sirius XM in a report on Monday. Five analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Sirius XM has a consensus rating of “Hold” and a consensus price target of $28.88.

Sirius XM Stock Down 0.5 %

SIRI opened at $26.20 on Monday. Sirius XM has a fifty-two week low of $22.18 and a fifty-two week high of $57.80. The company has a market capitalization of $8.89 billion, a P/E ratio of -4.13, a P/E/G ratio of 1.37 and a beta of 1.04. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.37 and a quick ratio of 0.43. The firm’s fifty day moving average price is $26.19 and its two-hundred day moving average price is $29.26.

Sirius XM Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Tuesday, November 5th will be paid a $0.27 dividend. The ex-dividend date is Tuesday, November 5th. This is an increase from Sirius XM’s previous quarterly dividend of $0.27. This represents a $1.08 dividend on an annualized basis and a dividend yield of 4.12%. Sirius XM’s payout ratio is currently -17.03%.

Insider Activity

In related news, major shareholder Berkshire Hathaway Inc acquired 1,259,259 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The stock was purchased at an average price of $24.95 per share, for a total transaction of $31,418,512.05. Following the transaction, the insider now directly owns 108,719,088 shares of the company’s stock, valued at approximately $2,712,541,245.60. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have purchased 2,646,761 shares of company stock valued at $65,952,329 over the last three months. 0.79% of the stock is owned by insiders.

Institutional Investors Weigh In On Sirius XM

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Coston McIsaac & Partners boosted its holdings in Sirius XM by 113.5% in the third quarter. Coston McIsaac & Partners now owns 1,174 shares of the company’s stock valued at $27,000 after acquiring an additional 624 shares during the last quarter. Mather Group LLC. acquired a new position in Sirius XM during the 2nd quarter valued at about $28,000. TCTC Holdings LLC bought a new position in shares of Sirius XM in the 3rd quarter valued at about $29,000. Princeton Global Asset Management LLC boosted its stake in shares of Sirius XM by 2,683.7% in the 3rd quarter. Princeton Global Asset Management LLC now owns 1,364 shares of the company’s stock valued at $32,000 after purchasing an additional 1,315 shares during the last quarter. Finally, Walker Asset Management LLC acquired a new stake in shares of Sirius XM during the 2nd quarter worth approximately $33,000. 10.69% of the stock is owned by institutional investors and hedge funds.

Sirius XM Company Profile

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.