Principal Financial Group Inc. Invests $12.64 Million in Sirius XM Holdings Inc. $SIRI

Principal Financial Group Inc. purchased a new position in Sirius XM Holdings Inc. (NASDAQ:SIRI) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 427,966 shares of the company’s stock, valued at approximately $12,642,000. Principal Financial Group Inc. owned approximately 0.13% of Sirius XM at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Brighton Jones LLC purchased a new stake in Sirius XM in the fourth quarter worth about $622,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Sirius XM by 11.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 925,313 shares of the company’s stock valued at $20,861,000 after purchasing an additional 92,111 shares during the last quarter. Focus Partners Wealth lifted its holdings in shares of Sirius XM by 5.2% during the first quarter. Focus Partners Wealth now owns 16,273 shares of the company’s stock valued at $367,000 after purchasing an additional 800 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in shares of 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, Sivia Capital Partners LLC bought a new stake in shares of Sirius XM in the 2nd quarter worth approximately $208,000. 10.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on SIRI shares. Bank of America reaffirmed an “underperform” rating on shares of Sirius XM in a research report on Friday, July 31st. Guggenheim reissued a “buy” rating and issued a $35.00 target price (up from $34.00) on shares of Sirius XM in a report on Friday, July 31st. Wells Fargo & Company increased their target price on Sirius XM from $30.00 to $31.00 and gave the stock an “equal weight” rating in a research note on Friday, July 31st. Citigroup restated a “sell” rating and set a $25.00 price target (up from $22.00) on shares of Sirius XM in a report on Friday, July 31st. Finally, Morgan Stanley lifted their price target on Sirius XM from $24.00 to $28.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 21st. Four research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $30.92.

Sirius XM Stock Performance

SIRI stock opened at $28.46 on Friday. The stock’s 50 day simple moving average is $29.47 and its 200 day simple moving average is $25.94. The company has a current ratio of 0.46, a quick 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 stock has a market capitalization of $9.59 billion, a PE ratio of 11.38, a price-to-earnings-growth ratio of 0.61 and a beta of 0.95.

Sirius XM (NASDAQ:SIRI) last posted its earnings results on Thursday, July 30th. The company reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.08). The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.14 billion. Sirius XM had a return on equity of 9.37% and a net margin of 10.23%.The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.57 EPS. As a group, research analysts forecast that Sirius XM Holdings Inc. will post 3.01 earnings per share for the current fiscal year.

Sirius XM Announces Dividend

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

Insider Transactions at Sirius XM

In other news, Director Jonelle Procope sold 16,672 shares of Sirius XM stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $29.97, for a total value of $499,659.84. Following the completion of the sale, the director directly owned 18,354 shares in the company, valued at $550,069.38. The trade was a 47.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through 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 shares were sold at an average price of $29.83, for a total transaction of $618,793.52. Following the transaction, the insider directly owned 20,163 shares of the company’s stock, valued at $601,462.29. The trade was a 50.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 3.27% of the stock is currently owned by insiders.

About Sirius XM

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.