BUZZ-Sirius XM falls after beginning trading under new structure; cuts 2024 FCF target
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Sirius XM Holdingsshares fell 7.3% to $3.73 after starting trading under a new structure following a merger with Liberty Media. The company anticipates $300 million in costs from the transaction and has revised its 2024 free cash flow target to $1.0 billion, a 16% decrease. SiriusXM's board approved a $1.17 billion stock repurchase program and executed a 1-for-10 stock split. Year-to-date, the stock is down 53.6%, with brokerages rating it as 4 buy, 5 hold, and 3 sell, with a median price target of $4.50.
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