Insider Buying: Symantec Corp. CEO Acquires 100,000 Shares of Stock (SYMC)
Symantec Corp. (NASDAQ:SYMC) CEO Stephen Bennett acquired 100,000 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was purchased at an average cost of $22.06 per share, for a total transaction of $2,206,000.00. Following the completion of the transaction, the chief executive officer now directly owns 86,250 shares in the company, valued at approximately $1,902,675. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
A number of research firms have recently commented on SYMC. Analysts at Robert W. Baird cut their price target on shares of Symantec Corp. from $30.00 to $26.00 in a research note to investors on Thursday, October 24th. They now have an “outperform” rating on the stock. Separately, analysts at JMP Securities cut their price target on shares of Symantec Corp. from $29.00 to $26.00 in a research note to investors on Thursday, October 24th. They now have a “market outperform” rating on the stock. Finally, analysts at Cowen and Company cut their price target on shares of Symantec Corp. from $28.00 to $25.00 in a research note to investors on Thursday, October 24th. They now have an “outperform” rating on the stock. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and sixteen have given a buy rating to the stock. Symantec Corp. currently has an average rating of “Buy” and a consensus price target of $26.55.
Shares of Symantec Corp. (NASDAQ:SYMC) traded up 0.41% on Tuesday, hitting $22.13. 8,018,440 shares of the company’s stock traded hands. Symantec Corp. has a 52 week low of $17.02 and a 52 week high of $27.10. The stock has a 50-day moving average of $25.9 and a 200-day moving average of $24.24. The company has a market cap of $15.469 billion and a price-to-earnings ratio of 19.17.
Symantec Corp. (NASDAQ:SYMC) last announced its earnings results on Wednesday, October 23rd. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.06. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter in the previous year, the company posted $0.45 earnings per share. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. Analysts expect that Symantec Corp. will post $1.79 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, December 18th. Shareholders of record on Monday, November 25th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date of this dividend is Thursday, November 21st.
Symantec Corporation is a global provider of security, storage, and systems management solutions that help businesses and consumers secure and manage their information.
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