The Manufacturers Life Insurance Company Acquires Shares of 26,542,998 Sirius XM Holdings Inc. $SIRI

The Manufacturers Life Insurance Company acquired a new position in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 26,542,998 shares of the company’s stock, valued at approximately $1,048,227,000. Sirius XM accounts for 0.8% of The Manufacturers Life Insurance Company’s holdings, making the stock its 17th largest holding. The Manufacturers Life Insurance Company owned approximately 0.08% of Sirius XM at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of SIRI. Valeo Financial Advisors LLC boosted its position in shares of Sirius XM by 3.2% in the second quarter. Valeo Financial Advisors LLC now owns 10,916 shares of the company’s stock valued at $322,000 after acquiring an additional 340 shares during the period. Altshuler Shaham Ltd increased its position 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 acquiring an additional 417 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Sirius XM by 33.7% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,837 shares of the company’s stock worth $55,000 after acquiring an additional 463 shares during the period. Geneos Wealth Management Inc. raised its stake in Sirius XM by 36.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,836 shares of the company’s stock worth $41,000 after purchasing an additional 493 shares in the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its holdings in Sirius XM by 5.4% in the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 9,862 shares of the company’s stock valued at $291,000 after purchasing an additional 509 shares during the period. Institutional investors and hedge funds own 10.69% of the company’s stock.

Sirius XM Trading Down 0.8%

Shares of Sirius XM stock opened at $28.45 on Tuesday. The company has a market capitalization of $9.59 billion, a price-to-earnings ratio of 11.38, a PEG ratio of 0.62 and a beta of 0.95. The company has a quick ratio of 0.46, a current ratio of 0.46 and a debt-to-equity ratio of 0.79. Sirius XM Holdings Inc. has a 12-month low of $19.76 and a 12-month high of $32.66. The firm’s 50-day moving average price is $29.60 and its two-hundred day moving average price is $26.33.

Sirius XM (NASDAQ:SIRI) last released its earnings results 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 during the quarter, compared to the consensus estimate of $2.14 billion. Sirius XM had a net margin of 10.23% and a return on equity of 9.37%. Sirius XM’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.57 earnings per share. On average, analysts forecast that Sirius XM Holdings Inc. will post 3.01 earnings per share for the current fiscal year.

Sirius XM Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Monday, August 10th will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Monday, August 10th. Sirius XM’s dividend payout ratio is currently 43.20%.

Insider Buying and Selling at Sirius XM

In other Sirius XM news, 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 value of $499,659.84. Following the completion of the transaction, the director owned 18,354 shares of the company’s stock, valued at $550,069.38. This represents a 47.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Scott Andrew Greenstein sold 20,744 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $29.83, for a total transaction of $618,793.52. Following the sale, the insider directly owned 20,163 shares in the company, valued at $601,462.29. The trade was a 50.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 3.27% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SIRI shares. Citigroup restated a “sell” rating and set a $25.00 target price (up from $22.00) on shares of Sirius XM in a research report on Friday, July 31st. Weiss Ratings upgraded shares of Sirius XM from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, July 9th. Morgan Stanley boosted their price target on Sirius XM from $24.00 to $28.00 and gave the company an “underweight” rating in a research note on Tuesday, July 21st. Benchmark reissued a “buy” rating on shares of Sirius XM in a research report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. raised their price objective on Sirius XM from $26.00 to $34.00 and gave the stock a “neutral” rating in a research note on Friday, July 31st. Four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, Sirius XM currently has an average rating of “Hold” and a consensus target price 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.