PineBridge Investments L.P. Cuts Stake in Symantec Corp. (SYMC)
PineBridge Investments L.P. lowered its position in Symantec Corp. (NASDAQ:SYMC) by 86.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,768 shares of the company’s stock after selling 145,016 shares during the period. PineBridge Investments L.P.’s holdings in Symantec Corp. were worth $468,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Westpac Banking Corp increased its position in Symantec Corp. by 24.2% in the second quarter. Westpac Banking Corp now owns 98,664 shares of the company’s stock worth $2,027,000 after buying an additional 19,227 shares during the period. Mizuho Asset Management Co. Ltd. increased its position in Symantec Corp. by 260.5% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 18,045 shares of the company’s stock worth $371,000 after buying an additional 13,040 shares during the period. Vanguard Group Inc. increased its position in Symantec Corp. by 15.2% in the second quarter. Vanguard Group Inc. now owns 55,082,579 shares of the company’s stock worth $1,131,397,000 after buying an additional 7,251,961 shares during the period. Brown Advisory Inc. bought a new position in Symantec Corp. during the second quarter worth approximately $268,000. Finally, FUKOKU MUTUAL LIFE INSURANCE Co increased its position in Symantec Corp. by 23.4% in the second quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 5,800 shares of the company’s stock worth $119,000 after buying an additional 1,100 shares during the period. 96.15% of the stock is owned by institutional investors.
Shares of Symantec Corp. (NASDAQ:SYMC) opened at 24.84 on Tuesday. Symantec Corp. has a 52-week low of $16.14 and a 52-week high of $25.37. The stock has a market capitalization of $15.29 billion, a price-to-earnings ratio of 6.48 and a beta of 1.07. The company has a 50-day moving average price of $23.38 and a 200-day moving average price of $19.77.
Symantec Corp. (NASDAQ:SYMC) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.04. The firm earned $884 million during the quarter, compared to analysts’ expectations of $876.96 million. Symantec Corp. had a return on equity of 13.56% and a net margin of 60.18%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.40 EPS. On average, equities analysts anticipate that Symantec Corp. will post $1.12 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 14th. Stockholders of record on Monday, August 22nd were given a $0.075 dividend. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.21%. Symantec Corp.’s payout ratio is 7.79%.
A number of research firms recently commented on SYMC. Barclays PLC boosted their price target on Symantec Corp. from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Monday. Guggenheim began coverage on Symantec Corp. in a research note on Wednesday, September 14th. They issued a “buy” rating and a $30.00 price target for the company. Wunderlich raised Symantec Corp. from a “hold” rating to a “buy” rating and boosted their price target for the company from $23.00 to $30.00 in a research note on Tuesday, September 13th. BTIG Research reaffirmed a “buy” rating and issued a $28.00 price target on shares of Symantec Corp. in a research note on Thursday, August 25th. Finally, Piper Jaffray Cos. set a $27.00 price target on Symantec Corp. and gave the company a “buy” rating in a research note on Tuesday, August 23rd. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and twelve have issued a buy rating to the company’s stock. Symantec Corp. currently has an average rating of “Hold” and a consensus target price of $24.42.
In other news, Director Suzanne M. Vautrinot sold 3,750 shares of the firm’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $20.39, for a total value of $76,462.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Amy L. Cappellanti-Wolf sold 15,474 shares of the firm’s stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $24.88, for a total value of $384,993.12. Following the completion of the sale, the senior vice president now directly owns 112,103 shares of the company’s stock, valued at approximately $2,789,122.64. The disclosure for this sale can be found here. 0.18% of the stock is owned by insiders.
Symantec Corp. Company Profile
Symantec Corporation provides security and information management solutions. The Company operates its business on a global civilian cyber intelligence threat network and tracks various threats across the Internet from mobile devices, endpoints, and servers across the world. It is developing solutions for cloud, threat protection, information protection and cyber security services.
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