Howard Stern Contract Extension Could Be Exactly What Sirius XM Stock Needed

Wrapping up 2020 with a deep-dive into Sirius XM stock over the past month

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Sirius XM Holdings Inc (NASDAQ:SIRI) is an American audio entertainment and radio broadcasting company. Subsidiaries of the company include Sirius XM Radio, Pandora, and Stitcher. On October 19, Sirius XM completed the acquisition of Stitcher, an audio podcast platform. Sirius XM also completed the acquisition of Pandora back in 2019.

In addition to regular acquisition news news, Sirius XM announced earlier this month a 5-year contract extension with the immensely popular radio host, Howard Stern. The company released a statement on Dec. 8 confirming that "The Howard Stern Show" would continue to broadcast exclusively on Sirius XM for the next five years. This is fantastic news for the Sirius XM, as it looks to maintain its exponential revenue growth.

Sirius XM's stock price is still quite far off its all-time highs reached in in the late 1990’s and early 2000’s, though its slowly recovering from its penny stock days, and now stands at a market cap of $27 billion. SIRI stock price is closing out the year with an approximate 10% year-to-date deficit, though it's gained over 18% in the fourth quarter.

Sirius XM stock has a forward dividend of $0.06 and a forward dividend yield of 0.91%.  Back in early October, SIRI increased its dividend by 10% over the previous quarter's dividend. Sirius XM stock has paid dividends to shareholders since November 2016. 

Overall, especially from a fundamental and technical overview, Sirius XM has a solid consumer-base, but the company isn’t showing much growth potential. SIRI stock will likely continue losing out on market-share to Spotify (SPOT) in the foreseeable future. There is a possibility that Sirius XM stock continues to creep up over the long run, as it’s done for the past decade. However, at a price-earnings ratio of 32.05, potential investors may want to hold off for a better entry price.

 

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