Billionaires Are Piling Into This Nasdaq Stock Down 72% and Yielding a Healthy 5% Dividend

Billionaires have loaded up on this ailing consumer internet business in recent years: SiriusXM (NASDAQ: SIRI). Warren Buffett's Berkshire Hathaway owns over a third of the business. Steve Cohen's Point72 owns close to $100 million in shares and so does D.E. Shaw. As of Oct. 27, SiriusXM stock has fallen 72% from highs set back in mid-2023 as the satellite music streaming service struggles to compete with modern competitors.The stock currently has a dividend yield of 5% and a dirt-cheap, price-to-earnings ratio (P/E) of just 3. Does that mean you should load up on this beleaguered stock alongside Warren Buffett and these hedge fund managers? At the beginning of the 21st century, SiriusXM disrupted the car radio market with its satellite internet service. With better connectivity and tons of music, talk radio, and sports, SiriusXM was a huge improvement over the legacy AM/FM local stations, leading the company to see huge subscriber growth. It worked with automotive dealers to bundle SiriusXM with car purchases, locking in drivers as customers for many years.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool