Symantec Corporation (SYMC) Stake Lowered by Bank of New York Mellon Corp
Bank of New York Mellon Corp reduced its stake in Symantec Corporation (NASDAQ:SYMC) by 22.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 4,579,015 shares of the technology company’s stock after selling 1,301,451 shares during the quarter. Bank of New York Mellon Corp owned 0.74% of Symantec Corporation worth $150,238,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of SYMC. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of 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 acquiring an additional 292 shares during the last quarter. Sun Life Financial INC lifted its holdings in shares of 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 acquiring an additional 4,410 shares during the last quarter. Harfst & Associates Inc. acquired a new position in shares of Symantec Corporation in the 2nd quarter worth approximately $127,000. Johnson Financial Group Inc. lifted its holdings in shares of 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 acquiring an additional 325 shares during the last quarter. Finally, United Bank Inc. acquired a new position in shares of Symantec Corporation in the 3rd quarter worth approximately $200,000. Hedge funds and other institutional investors own 85.64% of the company’s stock.
In related news, CFO Nicholas R. Noviello sold 375,000 shares of Symantec Corporation stock in a transaction on Monday, November 6th. The shares were sold at an average price of $29.38, for a total value of $11,017,500.00. Following the completion of the sale, the chief financial officer now owns 565,319 shares in the company, valued at $16,609,072.22. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Anita M. Sands sold 2,000 shares of Symantec Corporation stock in a transaction on Monday, September 18th. The stock was sold at an average price of $33.51, for a total transaction of $67,020.00. Following the completion of the sale, the director now owns 37,386 shares of the company’s stock, valued at approximately $1,252,804.86. The disclosure for this sale can be found here. Over the last three months, insiders have sold 671,985 shares of company stock worth $20,028,343. Corporate insiders own 1.30% of the company’s stock.
Shares of Symantec Corporation (SYMC) opened at $28.11 on Tuesday. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 1.72. Symantec Corporation has a twelve month low of $23.20 and a twelve month high of $34.20. The company has a market cap of $17,480.00, a PE ratio of 44.51, a PEG ratio of 2.83 and a beta of 1.12.
Symantec Corporation (NASDAQ:SYMC) last announced its quarterly earnings results on Wednesday, November 1st. The technology company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.14. The firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Symantec Corporation had a negative net margin of 5.29% and a positive return on equity of 12.33%. Symantec Corporation’s revenue was up 25.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.30 earnings per share. research analysts predict that Symantec Corporation will post 1.05 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 13th. Stockholders of record on Monday, November 20th will be given a dividend of $0.075 per share. The ex-dividend date is Friday, November 17th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.07%. Symantec Corporation’s payout ratio is currently -51.72%.
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Several equities analysts have recently commented on the stock. Cowen and Company lowered shares of Symantec Corporation from a “market perform” rating to an “underperform” rating and set a $31.00 price objective on the stock. in a report on Monday, October 9th. Standpoint Research lowered shares of Symantec Corporation from a “buy” rating to a “hold” rating in a report on Monday, October 9th. Zacks Investment Research lowered shares of Symantec Corporation from a “hold” rating to a “sell” rating in a report on Monday, October 9th. Piper Jaffray Companies restated a “buy” rating and issued a $40.00 price objective on shares of Symantec Corporation in a report on Tuesday, September 12th. Finally, Morgan Stanley downgraded shares of Symantec Corporation from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $37.00 to $34.00 in a research note on Tuesday, October 10th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and ten have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $32.39.
Symantec Corporation Company Profile
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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