Symantec Corporation (SYMC) Downgraded to “Hold” at BidaskClub
BidaskClub cut shares of Symantec Corporation (NASDAQ:SYMC) from a buy rating to a hold rating in a research note published on Saturday morning.
Several other brokerages also recently weighed in on SYMC. Susquehanna Bancshares Inc initiated coverage on Symantec Corporation in a research report on Wednesday, June 7th. They issued a neutral rating and a $32.00 target price for the company. Evercore ISI set a $25.00 target price on Symantec Corporation and gave the stock a hold rating in a research report on Thursday, August 3rd. Robert W. Baird reaffirmed a hold rating on shares of Symantec Corporation in a research report on Thursday, August 3rd. Barclays PLC set a $32.00 target price on Symantec Corporation and gave the stock a hold rating in a research report on Monday, April 10th. Finally, Citigroup Inc. reaffirmed a neutral rating and issued a $31.00 target price (up previously from $29.00) on shares of Symantec Corporation in a research report on Thursday, May 11th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and fourteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $31.00.
Symantec Corporation (NASDAQ SYMC) opened at 28.87 on Friday. Symantec Corporation has a 52 week low of $20.47 and a 52 week high of $33.22. The stock has a 50 day moving average price of $29.53 and a 200 day moving average price of $29.72. The stock’s market cap is $17.58 billion.
Symantec Corporation (NASDAQ:SYMC) last issued its earnings results on Wednesday, August 2nd. The technology company reported $0.15 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.03. Symantec Corporation had a positive return on equity of 10.73% and a negative net margin of 8.68%. The company had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the prior year, the business earned $0.29 earnings per share. The company’s revenue was up 38.9% compared to the same quarter last year. On average, equities analysts predict that Symantec Corporation will post $1.80 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 13th. Stockholders of record on Monday, August 21st will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date of this dividend is Thursday, August 17th. Symantec Corporation’s payout ratio is -49.18%.
In related news, SVP Amy L. Cappellanti-Wolf sold 3,741 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $29.91, for a total value of $111,893.31. Following the sale, the senior vice president now directly owns 88,774 shares in the company, valued at approximately $2,655,230.34. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Francis C. Rosch sold 47,344 shares of the firm’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $30.18, for a total value of $1,428,841.92. Following the completion of the sale, the executive vice president now owns 193,054 shares in the company, valued at $5,826,369.72. The disclosure for this sale can be found here. Insiders have sold a total of 188,943 shares of company stock worth $5,766,330 over the last quarter. Insiders own 0.76% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in Symantec Corporation by 2,815.1% in the first quarter. BlackRock Inc. now owns 40,975,309 shares of the technology company’s stock valued at $1,257,121,000 after buying an additional 39,569,694 shares in the last quarter. FMR LLC boosted its stake in Symantec Corporation by 41.9% in the first quarter. FMR LLC now owns 10,420,611 shares of the technology company’s stock valued at $319,703,000 after buying an additional 3,076,263 shares in the last quarter. Janus Capital Management LLC boosted its stake in Symantec Corporation by 32.2% in the first quarter. Janus Capital Management LLC now owns 7,033,459 shares of the technology company’s stock valued at $215,787,000 after buying an additional 1,714,844 shares in the last quarter. Vanguard Group Inc. boosted its stake in Symantec Corporation by 2.7% in the first quarter. Vanguard Group Inc. now owns 60,438,125 shares of the technology company’s stock valued at $1,854,242,000 after buying an additional 1,611,647 shares in the last quarter. Finally, Jericho Capital Asset Management L.P. acquired a new stake in Symantec Corporation during the first quarter valued at approximately $38,663,000. Hedge funds and other institutional investors own 93.82% of the company’s stock.
About Symantec Corporation
Symantec Corporation is a United States-based cyber security company. The Company offers products under categories, such as threat protection, information protection, cyber security services and Website security. Under threat protection, it offers Advanced Threat Protection, Endpoint Protection, Endpoint Protection Cloud, IT Management Suite, Email Security.Cloud, Data Center Security and Cloud Workload Protection products.
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