Share Repurchase Plan Declared by Sirius XM (NASDAQ:SIRI) Board

Sirius XM (NASDAQ:SIRI) announced that its Board of Directors has authorized a share repurchase plan, which authorizes the company to repurchase $2.00 billion in outstanding shares on Tuesday, January 23rd, EventVestor reports. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Several research firms have commented on SIRI. B. Riley reissued a “buy” rating on shares of Sirius XM in a research note on Wednesday, November 1st. Zacks Investment Research raised shares of Sirius XM from a “hold” rating to a “buy” rating and set a $6.25 price target on the stock in a research note on Wednesday, January 24th. Buckingham Research lifted their price target on shares of Sirius XM from $6.50 to $7.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Pivotal Research reaffirmed a “buy” rating and issued a $6.80 target price (up from $6.25) on shares of Sirius XM in a research note on Wednesday, October 25th. Finally, Barclays lifted their target price on shares of Sirius XM from $4.50 to $5.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 1st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $6.12.

Sirius XM (NASDAQ:SIRI) opened at $5.85 on Tuesday. Sirius XM has a 52-week low of $4.69 and a 52-week high of $6.28. The company has a debt-to-equity ratio of -4.42, a current ratio of 0.17 and a quick ratio of 0.16. The firm has a market capitalization of $26,140.00, a PE ratio of 41.79, a price-to-earnings-growth ratio of 1.62 and a beta of 1.17.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 28th. Shareholders of record on Wednesday, February 7th will be given a $0.011 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date is Tuesday, February 6th. Sirius XM’s dividend payout ratio (DPR) is 28.57%.

In related news, EVP Patrick L. Donnelly sold 1,374,479 shares of the business’s stock in a transaction that occurred on Tuesday, December 5th. The stock was sold at an average price of $5.70, for a total transaction of $7,834,530.30. Following the completion of the transaction, the executive vice president now directly owns 227,430 shares in the company, valued at approximately $1,296,351. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Thomas D. Barry sold 175,777 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $6.11, for a total value of $1,073,997.47. Following the transaction, the vice president now owns 551,815 shares of the company’s stock, valued at $3,371,589.65. The disclosure for this sale can be found here. Insiders have sold a total of 2,586,530 shares of company stock valued at $15,157,263 in the last ninety days. Insiders own 1.06% of the company’s stock.

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Sirius XM Company Profile

Sirius XM Radio Inc broadcasts its music, sports, entertainment, comedy, talk, news, traffic and weather channels in the United States on a subscription fee basis through its two satellite radio systems. Subscribers can also receive certain of its music and other channels over the Internet, including through applications for mobile devices.

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