Symantec Corp. (SYMC) Reaches New 52-Week High at $22.95
Symantec Corp. (NASDAQ:SYMC)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $22.95 and last traded at $22.89, with a volume of 6,805,871 shares traded. The stock had previously closed at $22.54.
SYMC has been the topic of a number of analyst reports. Morgan Stanley reiterated a “buy” rating and issued a $22.00 price target on shares of Symantec Corp. in a research note on Friday, April 29th. Citigroup Inc. lowered their target price on shares of Symantec Corp. from $19.00 to $17.50 and set a “buy” rating on the stock in a research note on Friday, April 29th. BTIG Research upgraded shares of Symantec Corp. from a “neutral” rating to a “buy” rating and set a $23.00 target price on the stock in a research note on Monday, June 13th. JMP Securities restated a “buy” rating on shares of Symantec Corp. in a research note on Wednesday, June 15th. Finally, Royal Bank Of Canada restated a “buy” rating on shares of Symantec Corp. in a research note on Monday, June 20th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $23.06.
The firm’s 50-day moving average price is $20.88 and its 200-day moving average price is $18.97. The firm has a market capitalization of $14.08 billion and a PE ratio of 5.97.
Symantec Corp. (NASDAQ:SYMC) last released its earnings results on Thursday, August 4th. The company reported $0.29 EPS for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.04. During the same period last year, the firm earned $0.40 EPS. The firm had revenue of $884 million for the quarter, compared to analyst estimates of $876.96 million. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, equities research analysts predict that Symantec Corp. will post $1.12 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 14th. Investors of record on Monday, August 22nd will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date of this dividend is Thursday, August 18th.
In other Symantec Corp. news, CAO Mark S. Garfield sold 11,852 shares of the business’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 value of $222,343.52. Following the completion of the transaction, the chief accounting officer now directly owns 68,489 shares of the company’s stock, valued at $1,284,853.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Suzanne M. Vautrinot sold 3,750 shares of the business’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 value of $76,462.50. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Symantec Corp. by 33.2% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 456,529 shares of the company’s stock worth $9,587,000 after buying an additional 113,900 shares during the last quarter. American International Group Inc. increased its position in shares of Symantec Corp. by 25.2% in the fourth quarter. American International Group Inc. now owns 16,451,830 shares of the company’s stock worth $345,489,000 after buying an additional 3,315,714 shares during the last quarter. Cambria Investment Management L.P. bought a new position in shares of Symantec Corp. during the fourth quarter worth about $1,244,000. BlackRock Advisors LLC increased its position in shares of Symantec Corp. by 27.9% in the fourth quarter. BlackRock Advisors LLC now owns 734,592 shares of the company’s stock worth $15,427,000 after buying an additional 160,350 shares during the last quarter. Finally, I.G. Investment Management LTD. increased its position in shares of Symantec Corp. by 4.0% in the fourth quarter. I.G. Investment Management LTD. now owns 404,210 shares of the company’s stock worth $8,488,000 after buying an additional 15,500 shares during the last quarter.
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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