Symantec Corporation (SYMC) Lowered to Sell at Zacks Investment Research
Zacks Investment Research downgraded shares of Symantec Corporation (NASDAQ:SYMC) from a hold rating to a sell rating in a report published on Tuesday.
According to Zacks, “Estimates for Internet security provider, Symantec have been stable off late. Shares of the company have underperformed the industry over the past six months. The company faces increased competition from bellwethers such as Microsoft and Intel. Other small and medium-sized companies like Kaspersky, Trend Micro and VMware are consistently launching comparable products. Also, fluctuation in demand poses challenges for Symantec. Nonetheless, investment in growth areas such as Enterprise Backup, Storage Management and Security businesses are likely to boost Symantec’s long-term prospects. Additionally, restructuring initiatives and synergies from acquisitions are likely to support the company’s bottom line.”
A number of other research analysts also recently commented on SYMC. Barclays PLC reissued an overweight rating and issued a $36.00 price objective (down previously from $38.00) on shares of Symantec Corporation in a research report on Thursday, August 3rd. Robert W. Baird reaffirmed a hold rating and issued a $32.00 target price on shares of Symantec Corporation in a report on Friday, September 8th. Royal Bank Of Canada reaffirmed a hold rating and issued a $32.00 target price on shares of Symantec Corporation in a report on Monday, July 31st. BidaskClub raised shares of Symantec Corporation from a sell rating to a hold rating in a report on Wednesday, August 23rd. Finally, Oppenheimer Holdings, Inc. reiterated an outperform rating and issued a $35.00 target price (up from $33.00) on shares of Symantec Corporation in a research note on Friday, August 4th. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and thirteen have assigned a buy rating to the stock. Symantec Corporation currently has an average rating of Hold and an average target price of $31.54.
Shares of Symantec Corporation (NASDAQ SYMC) traded up 0.64% during midday trading on Tuesday, hitting $33.23. The company had a trading volume of 2,036,363 shares. The firm’s 50-day moving average is $31.23 and its 200-day moving average is $30.42. Symantec Corporation has a 12-month low of $22.76 and a 12-month high of $34.20. The firm’s market capitalization is $20.36 billion.
Symantec Corporation (NASDAQ:SYMC) last released its earnings results on Wednesday, August 2nd. The technology company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.03. Symantec Corporation had a negative net margin of 8.68% and a positive return on equity of 10.73%. The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.20 billion. During the same period last year, the business earned $0.29 earnings per share. The firm’s revenue was up 38.9% on a year-over-year basis. On average, analysts predict that Symantec Corporation will post $1.81 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which was paid on Wednesday, September 13th. Stockholders of record on Monday, August 21st were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.91%. The ex-dividend date was Thursday, August 17th. Symantec Corporation’s dividend payout ratio (DPR) is currently -49.18%.
In related news, Director Suzanne M. Vautrinot sold 2,500 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $32.81, for a total transaction of $82,025.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Anita M. Sands sold 2,000 shares of the stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $30.00, for a total transaction of $60,000.00. Following the sale, the director now owns 43,386 shares in the company, valued at $1,301,580. The disclosure for this sale can be found here. Insiders sold 1,689,850 shares of company stock worth $49,248,699 in the last 90 days. 1.30% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in SYMC. Bessemer Group Inc. raised its position in shares of Symantec Corporation by 1.2% in the 2nd quarter. Bessemer Group Inc. now owns 9,311 shares of the technology company’s stock valued at $263,000 after buying an additional 106 shares in the last quarter. Wetherby Asset Management Inc. boosted its position in shares of Symantec Corporation by 2.8% during the 2nd quarter. Wetherby Asset Management Inc. now owns 8,885 shares of the technology company’s stock worth $251,000 after acquiring an additional 246 shares in the last quarter. Municipal Employees Retirement System of Michigan boosted its position in shares of Symantec Corporation by 1.5% during the 1st quarter. Municipal Employees Retirement System of Michigan now owns 20,120 shares of the technology company’s stock worth $617,000 after acquiring an additional 290 shares in the last quarter. Blair William & Co. IL boosted its position in shares of Symantec Corporation by 2.2% during the 2nd quarter. Blair William & Co. IL now owns 13,309 shares of the technology company’s stock worth $376,000 after acquiring an additional 291 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Symantec Corporation by 7.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,982 shares of the technology company’s stock worth $112,000 after acquiring an additional 292 shares in the last quarter. 91.65% of the stock is currently owned by hedge funds and other institutional investors.
Symantec Corporation 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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