Rosenblatt Securities has reiterated a “neutral” rating on shares of Sirius XM Holdings Inc (NASDAQ: SIRI) in a research report released to investors on November 3, 2023. The brokerage has set a target price of $23.00 for the stock, reflecting cautious optimism amid a landscape of mixed analyst reviews.
Several other financial institutions have also recently weighed in on Sirius XM’s stock. Barrington Research maintained an “outperform” rating, increasing its price target to $28.00. Meanwhile, Zacks Research upgraded Sirius XM from a “strong sell” to a “hold” rating, indicating a shift in sentiment. On the same day, Weiss Ratings reiterated a “hold (c-)” rating, consistent with Rosenblatt’s view. In contrast, JPMorgan Chase & Co. lowered its price target from $19.00 to $20.00 while assigning an “underweight” rating.
Analysts have shown a varied perspective on Sirius XM’s performance. According to MarketBeat.com, the consensus rating for the stock is currently “Hold,” with an average price target of $24.29. Specifically, one analyst has rated the stock as a Strong Buy, three have issued Buy ratings, while three others have given Hold ratings, and another three have assigned Sell ratings.
Sirius XM’s Recent Earnings Performance
Sirius XM reported its latest earnings on October 30, 2023, revealing earnings per share (EPS) of $0.84, surpassing the consensus estimate of $0.79 by $0.05. The company experienced a return on equity of 8.79% and a net margin of 11.61%. Revenue for the quarter reached $2.16 billion, exceeding expectations of $2.14 billion. Notably, this represents a 0.6% decline in revenue compared to the same quarter the previous year. Analysts predict that Sirius XM will achieve an EPS of $3.20 for the current fiscal year.
In addition to earnings, Sirius XM announced a quarterly dividend of $0.27, which was paid to shareholders on November 21, 2023. This dividend translates to an annualized figure of $1.08 and a yield of 5.1%. The company’s dividend payout ratio stands at 38.16%.
Insider Activity and Institutional Investments
In a related development, Director Kristina Salen sold 1,845 shares of Sirius XM on November 3, 2023. The shares were sold at an average price of $21.64, totaling approximately $39,925.80. Following the transaction, Salen retains 19,969 shares valued at around $432,129.16, marking an 8.46% decrease in her ownership.
Institutional investors have also made noteworthy adjustments to their positions in Sirius XM. Berkshire Hathaway Inc increased its holdings by 4.2% in the third quarter, now owning 124,807,117 shares valued at approximately $2.9 billion after acquiring an additional 5,030,425 shares. AQR Capital Management LLC significantly raised its stake by 165.2% in the second quarter, while Fuller & Thaler Asset Management Inc expanded its holdings by 661.3% in the first quarter.
Hedge funds and other institutional investors currently hold 10.69% of Sirius XM’s stock, reflecting significant interest in the company’s future trajectory.
Sirius XM Holdings Inc operates as an audio entertainment company in North America, providing music, sports, entertainment, and various other content through its Sirius XM and Pandora segments. As the company navigates through a challenging market, analysts will continue to monitor its performance and strategic decisions closely.
