Sirius XM (NASDAQ:SIRI) Reaches New 12-Month High – Here’s Why

Sirius XM Holdings Inc. (NASDAQ:SIRI)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $30.11 and last traded at $29.63, with a volume of 7525285 shares. The stock had previously closed at $28.89.

Wall Street Analysts Forecast Growth

Several analysts recently commented on SIRI shares. UBS Group set a $24.00 price objective on Sirius XM in a research note on Tuesday, February 10th. Citigroup reiterated a “sell” rating and set a $22.00 target price (up from $19.00) on shares of Sirius XM in a report on Monday, May 4th. Weiss Ratings upgraded Sirius XM from a “sell (d+)” rating to a “hold (c)” rating in a report on Friday, May 1st. Rosenblatt Securities lowered their target price on Sirius XM from $46.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, May 19th. Finally, JPMorgan Chase & Co. increased their target price on Sirius XM from $24.00 to $26.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $27.45.

Sirius XM Stock Performance

The stock has a market cap of $9.97 billion, a P/E ratio of 12.50, a PEG ratio of 0.62 and a beta of 0.94. The stock has a fifty day simple moving average of $25.17 and a 200-day simple moving average of $22.58. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.44 and a current ratio of 0.44.

Sirius XM (NASDAQ:SIRI) last announced its quarterly earnings data on Thursday, April 30th. The company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.02. The company had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.07 billion. Sirius XM had a return on equity of 9.19% and a net margin of 9.86%.Sirius XM’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.59 EPS. On average, equities analysts expect that Sirius XM Holdings Inc. will post 3.1 earnings per share for the current year.

Sirius XM Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 27th. Stockholders of record on Monday, May 11th will be issued a $0.27 dividend. The ex-dividend date is Monday, May 11th. This represents a $1.08 annualized dividend and a dividend yield of 3.6%. Sirius XM’s dividend payout ratio (DPR) is presently 45.57%.

Hedge Funds Weigh In On Sirius XM

Several hedge funds have recently modified their holdings of SIRI. Sunbelt Securities Inc. grew its holdings in shares of Sirius XM by 158.5% in the 1st quarter. Sunbelt Securities Inc. now owns 1,295 shares of the company’s stock valued at $30,000 after acquiring an additional 794 shares in the last quarter. Root Financial Partners LLC grew its holdings in Sirius XM by 612.8% during the first quarter. Root Financial Partners LLC now owns 1,390 shares of the company’s stock worth $32,000 after purchasing an additional 1,195 shares during the period. Rossby Financial LCC grew its holdings in Sirius XM by 57.7% during the fourth quarter. Rossby Financial LCC now owns 1,621 shares of the company’s stock worth $32,000 after purchasing an additional 593 shares during the period. Western Wealth Management LLC bought a new position in Sirius XM during the first quarter worth about $33,000. Finally, Altshuler Shaham Ltd grew its holdings in Sirius XM by 36.7% during the first quarter. Altshuler Shaham Ltd now owns 1,553 shares of the company’s stock worth $36,000 after purchasing an additional 417 shares during the period. Institutional investors own 10.69% of the company’s stock.

Sirius XM Company 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.