Morgan Stanley Downgrades Symantec Corp. to Equal Weight (SYMC)
Symantec Corp. (NASDAQ:SYMC) was downgraded by Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued on Thursday, TheFlyOnTheWall.com reports. The analysts noted that the move was a valuation call.
SYMC has been the subject of a number of other recent research reports. Analysts at Argus raised their price target on shares of Symantec Corp. (NASDAQ:SYMC) from $27.00 to $35.00 in a research note to investors on Tuesday, August 6th. They now have a “buy” rating on the stock. Separately, analysts at JPMorgan Chase & Co. raised their price target on shares of Symantec Corp. (NASDAQ:SYMC) from $30.00 to $33.00 in a research note to investors on Thursday, August 1st. They now have an “overweight” rating on the stock. Finally, analysts at JMP Securities raised their price target on shares of Symantec Corp. (NASDAQ:SYMC) from $26.00 to $29.00 in a research note to investors on Thursday, August 1st.
Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $26.82.
Shares of Symantec Corp. (NASDAQ:SYMC) opened at 25.26 on Thursday. Symantec Corp. has a one year low of $17.02 and a one year high of $27.10. The stock’s 50-day moving average is $25.88 and its 200-day moving average is $24.22. The company has a market cap of $17.647 billion and a price-to-earnings ratio of 23.37.
Symantec Corp. (NASDAQ:SYMC) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.44 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.36 by $0.08. The company had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter last year, the company posted $0.43 earnings per share. Symantec Corp.’s revenue was up 2.5% compared to the same quarter last year. Analysts expect that Symantec Corp. will post $1.89 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, September 18th. Investors of record on Monday, August 26th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend is Thursday, August 22nd.
Symantec Corporation is a global provider of security, storage, and systems management solutions that help businesses and consumers secure and manage their information.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.