JPMorgan Chase & Co. Issues Positive Forecast for Sirius XM (NASDAQ:SIRI) Stock Price

Sirius XM (NASDAQ:SIRI) had its price objective raised by JPMorgan Chase & Co. from $20.00 to $21.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have an underweight rating on the stock.

A number of other brokerages also recently weighed in on SIRI. Barrington Research reaffirmed an “outperform” rating and issued a $40.00 target price on shares of Sirius XM in a research note on Monday. The Goldman Sachs Group reduced their price objective on Sirius XM from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Monday. Deutsche Bank Aktiengesellschaft lowered their target price on Sirius XM from $37.50 to $30.00 and set a “hold” rating for the company in a research note on Tuesday, August 6th. Bank of America reissued an “underperform” rating and set a $23.00 price objective on shares of Sirius XM in a report on Thursday, October 24th. Finally, Citigroup upped their target price on shares of Sirius XM from $2.80 to $21.00 and gave the company a “sell” rating in a research report on Thursday, September 26th. Five investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $28.96.

Sirius XM Price Performance

SIRI traded up $0.01 during trading on Thursday, hitting $26.13. The company’s stock had a trading volume of 3,902,725 shares, compared to its average volume of 3,511,415. Sirius XM has a 12 month low of $22.18 and a 12 month high of $57.80. The stock has a market capitalization of $8.86 billion, a price-to-earnings ratio of -4.12, a price-to-earnings-growth ratio of 1.32 and a beta of 1.04. The company has a quick ratio of 0.43, a current ratio of 0.37 and a debt-to-equity ratio of 0.93. The firm’s 50 day moving average price is $25.93 and its two-hundred day moving average price is $29.21.

Sirius XM Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Tuesday, November 5th will be given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 4.13%. This is a boost from Sirius XM’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Tuesday, November 5th. Sirius XM’s dividend payout ratio (DPR) is currently -16.72%.

Insider Activity at Sirius XM

In other Sirius XM news, major shareholder Berkshire Hathaway Inc bought 1,259,259 shares of Sirius XM stock in a transaction on Friday, October 11th. The shares were purchased at an average cost of $24.95 per share, for a total transaction of $31,418,512.05. Following the completion of the acquisition, the insider now owns 108,719,088 shares in the company, valued at approximately $2,712,541,245.60. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Insiders bought a total of 2,646,761 shares of company stock worth $65,952,329 in the last quarter. Corporate insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 Asset Management L.P. acquired a new position in shares of Sirius XM during the second quarter worth about $12,858,000. Dimensional Fund Advisors LP grew its stake in shares of Sirius XM by 8.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,333,792 shares of the company’s stock worth $12,260,000 after acquiring an additional 353,860 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Sirius XM by 14.5% in the second quarter. AQR Capital Management LLC now owns 3,866,444 shares of the company’s stock valued at $10,807,000 after purchasing an additional 490,761 shares during the last quarter. ProShare Advisors LLC lifted its position in shares of Sirius XM by 25.8% in the first quarter. ProShare Advisors LLC now owns 3,747,881 shares of the company’s stock worth $14,542,000 after purchasing an additional 768,570 shares in the last quarter. Finally, AustralianSuper Pty Ltd lifted its position in shares of Sirius XM by 58.6% in the second quarter. AustralianSuper Pty Ltd now owns 2,442,093 shares of the company’s stock worth $6,911,000 after purchasing an additional 902,079 shares in the last quarter. Institutional investors and hedge funds 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.