Investors Buy Symantec Corp. (SYMC) on Weakness
Investors purchased shares of Symantec Corp. (NASDAQ:SYMC) on weakness during trading hours on Tuesday. $80.32 million flowed into the stock on the tick-up and $57.56 million flowed out of the stock on the tick-down, for a money net flow of $22.76 million into the stock. Of all stocks tracked, Symantec Corp. had the 12th highest net in-flow for the day. Symantec Corp. traded down ($0.11) for the day and closed at $20.69
Several equities research analysts recently issued reports on SYMC shares. Nomura Holdings Inc. reiterated a “hold” rating on shares of Symantec Corp. in a research note on Wednesday, June 15th. Raymond James Financial Inc. downgraded shares of Symantec Corp. from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 28th. Piper Jaffray Cos. reiterated an “overweight” rating and issued a $24.00 target price on shares of Symantec Corp. in a research note on Tuesday, July 5th. Zacks Investment Research upgraded shares of Symantec Corp. from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research note on Wednesday, April 6th. Finally, JMP Securities reiterated a “buy” rating on shares of Symantec Corp. in a research note on Wednesday, June 15th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $21.91.
The stock’s 50-day moving average price is $19.57 and its 200 day moving average price is $18.79. The stock has a market cap of $12.67 billion and a price-to-earnings ratio of 5.58.
Symantec Corp. (NASDAQ:SYMC) last posted its earnings results on Thursday, May 12th. The company reported $0.22 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.23 by $0.01. During the same quarter in the previous year, the business earned $0.43 earnings per share. The company had revenue of $873 million for the quarter, compared to analyst estimates of $878.66 million. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. Equities analysts anticipate that Symantec Corp. will post $1.08 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, June 22nd. Investors of record on Wednesday, June 8th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date was Monday, June 6th.
In related news, Director Suzanne M. Vautrinot sold 3,750 shares of the company’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $20.39, for a total transaction of $76,462.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 11,852 shares of the company’s stock in a transaction that occurred on Tuesday, June 14th. The stock was sold at an average price of $18.76, for a total transaction of $222,343.52. Following the sale, the chief accounting officer now directly owns 68,489 shares in the company, valued at approximately $1,284,853.64. The disclosure for this sale can be found here.
Other hedge funds have recently bought and sold shares of the company. Penserra Capital Management LLC purchased a new stake in Symantec Corp. during the fourth quarter worth $40,312,000. Bank of Montreal Can raised its stake in Symantec Corp. by 185.9% in the fourth quarter. Bank of Montreal Can now owns 1,438,834 shares of the company’s stock worth $30,216,000 after buying an additional 935,499 shares during the period. Boston Partners raised its stake in Symantec Corp. by 26.3% in the fourth quarter. Boston Partners now owns 2,599,594 shares of the company’s stock worth $54,591,000 after buying an additional 540,677 shares during the period. Vanguard Group Inc. raised its stake in Symantec Corp. by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 39,835,447 shares of the company’s stock worth $836,545,000 after buying an additional 525,758 shares during the period. Finally, Cibc World Markets Corp raised its stake in Symantec Corp. by 1,074.4% in the fourth quarter. Cibc World Markets Corp now owns 556,014 shares of the company’s stock worth $11,676,000 after buying an additional 508,671 shares during the period.
Symantec Corporation is a United States-based company, which offers security, backup and availability solutions. The Company’s segments include Consumer Security and Enterprise Security. Its Consumer Security segment focuses on customers to be productive and protected at home and at work. Its Norton-branded services provide multi-layer security and identity protection on desktop and mobile operating systems to defend against online threats to individuals, families and small businesses.
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