Symantec Co. (SYMC) Given Consensus Recommendation of “Hold” by Brokerages
Symantec Co. (NASDAQ:SYMC) has been given a consensus recommendation of “Hold” by the twenty-nine ratings firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, fifteen have given a hold recommendation and twelve have issued a buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $30.96.
A number of equities analysts have recently weighed in on the company. Barclays PLC reiterated an “overweight” rating and issued a $36.00 target price (down previously from $38.00) on shares of Symantec in a report on Thursday, August 3rd. Zacks Investment Research downgraded Symantec from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 16th. Royal Bank Of Canada restated a “hold” rating and issued a $32.00 price objective on shares of Symantec in a report on Monday, July 31st. BidaskClub upgraded Symantec from a “sell” rating to a “hold” rating in a report on Wednesday, August 23rd. Finally, Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $35.00 price objective (up previously from $33.00) on shares of Symantec in a report on Friday, August 4th.
Shares of Symantec (NASDAQ SYMC) traded up 0.67% during midday trading on Wednesday, reaching $29.89. 4,665,805 shares of the company traded hands. The stock’s market capitalization is $18.32 billion. The company’s 50 day moving average is $29.68 and its 200-day moving average is $29.87. Symantec has a 12 month low of $22.76 and a 12 month high of $33.22.
Symantec (NASDAQ:SYMC) last issued its earnings results on Wednesday, August 2nd. The technology company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.20 billion. Symantec had a negative return on equity of 12.83% and a negative net margin of 9.36%. The firm’s quarterly revenue was up 38.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.29 EPS. Equities research analysts forecast that Symantec will post $1.81 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 13th. Stockholders of record on Monday, August 21st will be given a $0.075 dividend. The ex-dividend date is Thursday, August 17th. This represents a $0.30 annualized dividend and a dividend yield of 1.00%. Symantec’s dividend payout ratio is -49.18%.
In other news, insider Michael David Fey sold 1,348,831 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $28.84, for a total value of $38,900,286.04. Following the completion of the sale, the insider now directly owns 1,605,757 shares of the company’s stock, valued at $46,310,031.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Anita M. Sands sold 2,000 shares of the stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $30.00, for a total value of $60,000.00. Following the completion of the sale, the director now directly owns 43,386 shares of the company’s stock, valued at $1,301,580. The disclosure for this sale can be found here. Insiders sold 1,676,205 shares of company stock valued at $48,743,050 over the last three months. 1.30% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of SYMC. Capital World Investors boosted its stake in Symantec by 3.7% in the second quarter. Capital World Investors now owns 75,819,338 shares of the technology company’s stock valued at $2,141,896,000 after buying an additional 2,695,567 shares in the last quarter. Vanguard Group Inc. boosted its stake in Symantec by 1.3% in the second quarter. Vanguard Group Inc. now owns 61,195,217 shares of the technology company’s stock valued at $1,728,766,000 after buying an additional 757,092 shares in the last quarter. BlackRock Inc. boosted its stake in Symantec by 2,815.1% in the first quarter. BlackRock Inc. now owns 40,975,309 shares of the technology company’s stock valued at $1,257,121,000 after buying an additional 39,569,694 shares in the last quarter. State Street Corp boosted its stake in Symantec by 1.7% in the first quarter. State Street Corp now owns 27,978,710 shares of the technology company’s stock valued at $858,386,000 after buying an additional 464,913 shares in the last quarter. Finally, Jackson Square Partners LLC boosted its stake in Symantec by 5.0% in the second quarter. Jackson Square Partners LLC now owns 20,071,586 shares of the technology company’s stock valued at $567,022,000 after buying an additional 964,537 shares in the last quarter. 91.76% of the stock is owned by institutional investors.
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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