Symantec Co. (SYMC) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its position in Symantec Co. (NASDAQ:SYMC) by 1.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,368,059 shares of the technology company’s stock after selling 50,588 shares during the period. Bank of New York Mellon Corp owned about 0.70% of Symantec worth $90,201,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. grew its holdings in Symantec by 0.4% during the 2nd quarter. BlackRock Inc. now owns 40,628,486 shares of the technology company’s stock valued at $838,978,000 after buying an additional 145,704 shares during the last quarter. Morgan Stanley grew its holdings in Symantec by 154.9% during the 2nd quarter. Morgan Stanley now owns 9,064,682 shares of the technology company’s stock valued at $187,185,000 after buying an additional 5,508,428 shares during the last quarter. First Trust Advisors LP grew its holdings in Symantec by 59.0% during the 2nd quarter. First Trust Advisors LP now owns 6,116,614 shares of the technology company’s stock valued at $126,308,000 after buying an additional 2,268,620 shares during the last quarter. FMR LLC grew its holdings in Symantec by 53.4% during the 2nd quarter. FMR LLC now owns 4,536,913 shares of the technology company’s stock valued at $93,688,000 after buying an additional 1,578,770 shares during the last quarter. Finally, Beutel Goodman & Co Ltd. grew its holdings in Symantec by 7.6% during the 2nd quarter. Beutel Goodman & Co Ltd. now owns 4,087,248 shares of the technology company’s stock valued at $64,213,000 after buying an additional 287,865 shares during the last quarter. 90.21% of the stock is owned by hedge funds and other institutional investors.

SYMC stock opened at $22.25 on Friday. Symantec Co. has a 52-week low of $17.49 and a 52-week high of $29.73. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.10 and a current ratio of 1.00. The firm has a market cap of $14.40 billion, a PE ratio of 23.42, a price-to-earnings-growth ratio of 2.86 and a beta of 0.90.

Symantec (NASDAQ:SYMC) last posted its quarterly earnings data on Thursday, November 1st. The technology company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.09. Symantec had a return on equity of 13.99% and a net margin of 25.95%. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter last year, the firm earned $0.40 earnings per share. The business’s revenue was down 7.2% on a year-over-year basis. As a group, equities research analysts predict that Symantec Co. will post 1 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Monday, November 19th will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend is Friday, November 16th. Symantec’s dividend payout ratio (DPR) is 31.58%.

A number of brokerages have commented on SYMC. Robert W. Baird increased their target price on Symantec from $22.00 to $23.00 and gave the company a “neutral” rating in a report on Friday, November 2nd. Wedbush increased their target price on Symantec from $19.00 to $21.00 and gave the company a “neutral” rating in a report on Friday, November 2nd. BidaskClub upgraded Symantec from a “sell” rating to a “hold” rating in a report on Saturday, November 3rd. Barclays reiterated a “hold” rating and set a $23.00 target price on shares of Symantec in a report on Sunday, November 4th. Finally, UBS Group lowered their target price on Symantec from $23.00 to $21.00 and set a “neutral” rating on the stock in a report on Friday, August 3rd. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and three have issued a buy rating to the company’s stock. Symantec currently has an average rating of “Hold” and an average target price of $23.11.

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Symantec Profile

Symantec Corporation, together with its subsidiaries, provides cybersecurity solutions worldwide. It operates through two segments, Consumer Digital Safety and Enterprise Security. The Consumer Digital Safety segment provides Norton-branded services that provide multi-layer security services across desktop and mobile operating systems, public Wi-Fi connections, and home networks to defend against online threats to individuals, families, and small businesses.

Further Reading: Cost of Capital

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Institutional Ownership by Quarter for Symantec (NASDAQ:SYMC)

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