Symantec Corporation (SYMC) Downgraded to “Underperform” at Cowen and Company
Cowen and Company downgraded shares of Symantec Corporation (NASDAQ:SYMC) from a market perform rating to an underperform rating in a research report report published on Monday. Cowen and Company currently has $31.00 price objective on the technology company’s stock.
SYMC has been the subject of a number of other reports. Barclays PLC reissued an overweight rating and issued a $36.00 price target (down from $38.00) on shares of Symantec Corporation in a research report on Thursday, August 3rd. Robert W. Baird reaffirmed a hold rating and set a $32.00 target price on shares of Symantec Corporation in a research report on Friday, September 8th. Royal Bank Of Canada reaffirmed a hold rating and set a $32.00 target price on shares of Symantec Corporation in a research report on Monday, July 31st. BidaskClub raised Symantec Corporation from a sell rating to a hold rating in a research report on Wednesday, August 23rd. Finally, Oppenheimer Holdings, Inc. reaffirmed an outperform rating and set a $35.00 target price (up from $33.00) on shares of Symantec Corporation in a research report on Friday, August 4th. Three investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eleven have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $31.54.
Symantec Corporation (NASDAQ SYMC) opened at 32.63 on Monday. The company’s market capitalization is $20.00 billion. The company has a 50 day moving average of $31.81 and a 200 day moving average of $30.50. Symantec Corporation has a 1-year low of $22.76 and a 1-year high of $34.20.
Symantec Corporation (NASDAQ:SYMC) last released its quarterly earnings results on Wednesday, August 2nd. The technology company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.20 billion. Symantec Corporation had a positive return on equity of 10.73% and a negative net margin of 8.68%. Symantec Corporation’s quarterly revenue was up 38.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.29 EPS. On average, analysts predict that Symantec Corporation will post $1.81 earnings per share for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 13th. Investors of record on Monday, August 21st were issued a dividend of $0.075 per share. The ex-dividend date was Thursday, August 17th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.92%. Symantec Corporation’s dividend payout ratio is -49.18%.
In related news, CEO Gregory S. Clark sold 186,433 shares of the firm’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $30.00, for a total transaction of $5,592,990.00. Following the transaction, the chief executive officer now directly owns 1,321,671 shares of the company’s stock, valued at approximately $39,650,130. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael David Fey sold 1,348,831 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $28.84, for a total value of $38,900,286.04. Following the transaction, the insider now directly owns 1,605,757 shares in the company, valued at $46,310,031.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,689,850 shares of company stock worth $49,248,699. 1.30% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in SYMC. Northwestern Mutual Wealth Management Co. increased its stake in Symantec Corporation by 7.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,982 shares of the technology company’s stock worth $112,000 after purchasing an additional 292 shares during the period. Sun Life Financial INC increased its stake in Symantec Corporation by 44,100.0% in the 2nd quarter. Sun Life Financial INC now owns 4,420 shares of the technology company’s stock worth $125,000 after purchasing an additional 4,410 shares during the period. Harfst & Associates Inc. purchased a new position in Symantec Corporation in the 2nd quarter worth approximately $127,000. Johnson Financial Group Inc. increased its stake in Symantec Corporation by 6.2% in the 2nd quarter. Johnson Financial Group Inc. now owns 5,596 shares of the technology company’s stock worth $158,000 after purchasing an additional 325 shares during the period. Finally, Yakira Capital Management Inc. purchased a new position in Symantec Corporation in the 1st quarter worth approximately $217,000. 91.65% of the stock is currently owned by institutional investors.
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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