Symantec Co. (SYMC) Rating Lowered to Sector Perform at Royal Bank of Canada
Symantec Co. (NASDAQ:SYMC) was downgraded by stock analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research report issued on Friday. They currently have a $32.00 price target on the technology company’s stock, down from their prior price target of $34.00. Royal Bank of Canada’s price target would suggest a potential upside of 10.27% from the company’s current price. The analysts noted that the move was a valuation call.
Other research analysts have also recently issued research reports about the company. Stifel Nicolaus reaffirmed a “hold” rating and issued a $29.00 price target (up previously from $28.00) on shares of Symantec in a report on Thursday, May 11th. Jefferies Group LLC boosted their target price on shares of Symantec from $29.00 to $31.00 and gave the company a “hold” rating in a research note on Thursday, May 11th. First Analysis raised shares of Symantec from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $28.00 to $40.00 in a research note on Thursday, May 11th. Barclays PLC set a $32.00 target price on shares of Symantec and gave the company a “hold” rating in a research note on Monday, April 10th. Finally, Zacks Investment Research raised shares of Symantec from a “sell” rating to a “hold” rating in a research note on Tuesday, May 9th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eleven have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $29.86.
Shares of Symantec (NASDAQ:SYMC) traded down 2.42% during midday trading on Friday, reaching $29.02. The company’s stock had a trading volume of 14,225,247 shares. The stock’s 50 day moving average is $31.03 and its 200 day moving average is $27.83. The stock’s market capitalization is $17.93 billion. Symantec has a 12 month low of $16.83 and a 12 month high of $33.22.
Symantec (NASDAQ:SYMC) last posted its quarterly earnings results on Wednesday, May 10th. The technology company reported $0.28 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.28. The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Symantec had a return on equity of 12.69% and a net margin of 55.12%. The firm’s revenue was up 34.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.22 earnings per share. On average, analysts forecast that Symantec will post $1.79 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 21st. Investors of record on Wednesday, June 7th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend is Monday, June 5th. Symantec’s dividend payout ratio is presently 9.35%.
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In related news, CFO Nicholas R. Noviello sold 27,741 shares of the company’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $32.45, for a total value of $900,195.45. Following the completion of the sale, the chief financial officer now directly owns 184,928 shares in the company, valued at $6,000,913.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anita M. Sands sold 2,000 shares of the company’s stock in a transaction on Monday, April 17th. The stock was sold at an average price of $30.22, for a total transaction of $60,440.00. Following the completion of the sale, the director now owns 37,231 shares of the company’s stock, valued at $1,125,120.82. The disclosure for this sale can be found here. Insiders sold 91,043 shares of company stock valued at $2,797,550 over the last quarter. 0.76% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of SYMC. AMP Capital Investors Ltd boosted its stake in shares of Symantec by 5.5% in the third quarter. AMP Capital Investors Ltd now owns 252,286 shares of the technology company’s stock worth $6,309,000 after buying an additional 13,208 shares in the last quarter. Pacific Alternative Asset Management Company LLC acquired a new stake in shares of Symantec during the third quarter worth about $709,000. Oak Associates Ltd. OH boosted its stake in shares of Symantec by 10.2% in the third quarter. Oak Associates Ltd. OH now owns 710,407 shares of the technology company’s stock worth $17,781,000 after buying an additional 65,912 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. boosted its stake in shares of Symantec by 24.3% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 5,308,832 shares of the technology company’s stock worth $133,252,000 after buying an additional 1,038,202 shares in the last quarter. Finally, Advisor Group Inc. boosted its stake in shares of Symantec by 18.3% in the third quarter. Advisor Group Inc. now owns 4,636 shares of the technology company’s stock worth $117,000 after buying an additional 717 shares in the last quarter. Hedge funds and other institutional investors own 93.90% of the company’s stock.
Symantec 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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