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Berkshire HathawayThe Motley Fool
•79% Informative
Warren Buffett purchased 96.2 million shares in Sirius XM , increasing his position by 262% .
The stock has fallen more than 50% during the past three years , underperforming the S&P 500's 35% gain.
Buffett may have just found his next multibagger opportunity in the satellite radio service.
Sirius XM stock will undergo a 1 -for-10 reverse stock split on Sept. 9 .
The reverse split is actually related to the company's pending merger with Liberty SiriusXM Group.
With a forward P/E of just 10.1 compared to 22.4 for the S&P 500, I'd wager that investors are not too enthusiastic about company's growth prospects.
Given its beaten-down valuation, consistent cash flow, and investments in new growth opportunities, I can actually understand what may have driven Buffett 's conviction.
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