Symantec Corp. (SYMC) Price Target Raised to $26.00
A number of other research analysts have also commented on the company. Citigroup Inc. upgraded Symantec Corp. from a neutral rating to a buy rating and upped their target price for the company from $7.50 to $26.50 in a research note on Friday, August 19th. Royal Bank Of Canada upped their price target on Symantec Corp. from $24.00 to $25.00 and gave the company an outperform rating in a research report on Friday, August 5th. Guggenheim assumed coverage on Symantec Corp. in a research report on Wednesday, September 14th. They issued a buy rating and a $30.00 price target on the stock. Zacks Investment Research cut Symantec Corp. from a strong-buy rating to a hold rating in a research report on Wednesday, August 10th. Finally, Wunderlich upgraded Symantec Corp. from a hold rating to a buy rating and upped their price target for the company from $23.00 to $30.00 in a research report on Tuesday, September 13th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twelve have given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $24.42.
Shares of Symantec Corp. (NASDAQ:SYMC) opened at 25.08 on Monday. The firm has a 50-day moving average of $23.62 and a 200 day moving average of $19.87. Symantec Corp. has a 12 month low of $16.14 and a 12 month high of $25.37. The company has a market capitalization of $15.44 billion, a PE ratio of 6.54 and a beta of 1.07.
Symantec Corp. (NASDAQ:SYMC) last issued its earnings results on Thursday, August 4th. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.04. The business earned $884 million during the quarter, compared to analyst estimates of $876.96 million. Symantec Corp. had a return on equity of 13.56% and a net margin of 60.18%. Symantec Corp.’s revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.40 earnings per share. On average, equities research analysts expect that Symantec Corp. will post $1.12 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 14th. Stockholders of record on Monday, August 22nd were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date was Thursday, August 18th. Symantec Corp.’s dividend payout ratio is currently 7.79%.
In related news, Director Suzanne M. Vautrinot sold 3,750 shares of the stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $20.39, for a total transaction of $76,462.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Amy L. Cappellanti-Wolf sold 15,474 shares of the stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $24.88, for a total value of $384,993.12. Following the transaction, the senior vice president now owns 112,103 shares of the company’s stock, valued at $2,789,122.64. The disclosure for this sale can be found here. Insiders own 0.76% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of SYMC. 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 last quarter. Elliott Management Corp increased its position in Symantec Corp. by 130.5% in the first quarter. Elliott Management Corp now owns 11,527,275 shares of the company’s stock worth $211,871,000 after buying an additional 6,527,275 shares during the last quarter. Norges Bank purchased a new position in Symantec Corp. during the fourth quarter worth about $132,381,000. Franklin Resources Inc. increased its position in Symantec Corp. by 16.5% in the second quarter. Franklin Resources Inc. now owns 43,491,263 shares of the company’s stock worth $893,312,000 after buying an additional 6,147,041 shares during the last quarter. Finally, Slate Path Capital LP purchased a new position in Symantec Corp. during the second quarter worth about $113,073,000. Institutional investors and hedge funds own 94.93% of the company’s stock.
About Symantec Corp.
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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