Cadence Wealth Management LLC Acquires Shares of 23,551 Sirius XM Holdings Inc. $SIRI

Cadence Wealth Management LLC bought a new stake in Sirius XM Holdings Inc. (NASDAQ:SIRI) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 23,551 shares of the company’s stock, valued at approximately $930,000.

Several other institutional investors have also recently made changes to their positions in the company. Fifth Third Bancorp purchased a new position in shares of Sirius XM during the first quarter valued at approximately $1,243,000. Aspen Grove Capital LLC purchased a new stake in shares of Sirius XM in the first quarter worth approximately $2,277,000. Brighton Jones LLC purchased a new stake in shares of Sirius XM in the fourth quarter worth approximately $622,000. Bank of New York Mellon Corp lifted its stake in shares of Sirius XM by 7.8% during the 1st quarter. Bank of New York Mellon Corp now owns 2,177,761 shares of the company’s stock worth $50,263,000 after acquiring an additional 157,860 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Sirius XM by 262.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,301,181 shares of the company’s stock worth $145,426,000 after acquiring an additional 4,560,821 shares during the last quarter. Institutional investors own 10.69% of the company’s stock.

Insider Buying and Selling at Sirius XM

In related news, 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 value of $618,793.52. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jonelle Procope sold 16,672 shares of the company’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $29.97, for a total transaction of $499,659.84. Following the completion of the sale, the director directly owned 18,354 shares of the company’s stock, valued at approximately $550,069.38. This trade represents a 47.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 3.27% of the company’s stock.

Sirius XM Stock Up 1.1%

Shares of NASDAQ SIRI opened at $28.69 on Friday. Sirius XM Holdings Inc. has a 52-week low of $19.76 and a 52-week high of $32.66. The firm has a market capitalization of $9.67 billion, a price-to-earnings ratio of 11.48, a PEG ratio of 0.62 and a beta of 0.95. The stock has a 50 day moving average price of $29.58 and a 200 day moving average price of $26.23. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.46 and a current ratio of 0.46.

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

Sirius XM Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.8%. Sirius XM’s dividend payout ratio is presently 43.20%.

Analysts Set New Price Targets

SIRI has been the topic of several research analyst reports. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $32.00 price objective on shares of Sirius XM in a research report on Friday, August 7th. Morgan Stanley lifted their target price on Sirius XM from $24.00 to $28.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 21st. Guggenheim reissued a “buy” rating and set a $35.00 target price (up from $34.00) on shares of Sirius XM in a research note on Friday, July 31st. Benchmark restated a “buy” rating on shares of Sirius XM in a report on Wednesday, July 29th. Finally, Bank of America reaffirmed an “underperform” rating on shares of Sirius XM in a research note on Friday, July 31st. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Sirius XM presently has an average rating of “Hold” and an average price target of $30.92.

Sirius XM Profile

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.