Morgan Stanley lowered shares of Symantec Corporation (NASDAQ:SYMC) from an overweight rating to an equal weight rating in a report released on Tuesday. Morgan Stanley currently has $34.00 price target on the technology company’s stock, down from their prior price target of $37.00.
A number of other equities research analysts also recently commented on SYMC. Barclays PLC reiterated an overweight rating and issued a $36.00 target price (down from $38.00) on shares of Symantec Corporation in a research report on Wednesday, August 9th. Zacks Investment Research downgraded Symantec Corporation from a hold rating to a sell rating in a research report on Tuesday, October 3rd. BidaskClub downgraded Symantec Corporation from a buy rating to a hold rating in a research report on Saturday, August 5th. Robert W. Baird restated a hold rating on shares of Symantec Corporation in a research report on Thursday, August 3rd. Finally, Oppenheimer Holdings, Inc. restated an outperform rating and set a $35.00 price objective (up from $33.00) on shares of Symantec Corporation in a research report on Friday, August 4th. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating and eleven have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $31.42.
Shares of Symantec Corporation (NASDAQ SYMC) traded down 0.142% during trading on Tuesday, hitting $31.545. The company had a trading volume of 656,625 shares. Symantec Corporation has a 52 week low of $22.76 and a 52 week high of $34.20. The stock’s market capitalization is $19.33 billion. The firm’s 50 day moving average is $31.91 and its 200-day moving average is $30.51.
Symantec Corporation (NASDAQ:SYMC) last posted its earnings results on Wednesday, August 2nd. The technology company reported $0.15 EPS for the quarter, topping 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 Corporation had a positive return on equity of 10.73% and a negative net margin of 8.68%. The firm’s revenue for the quarter was up 38.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.29 earnings per share. Equities research analysts anticipate that Symantec Corporation will post $1.81 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 13th. Investors of record on Monday, August 21st were paid a $0.075 dividend. The ex-dividend date was Thursday, August 17th. This represents a $0.30 annualized dividend and a yield of 0.95%. Symantec Corporation’s dividend payout ratio (DPR) is currently -49.18%.
In related news, CEO Gregory S. Clark sold 186,433 shares of the stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $30.00, for a total value of $5,592,990.00. Following the transaction, the chief executive officer now owns 1,321,671 shares of the company’s stock, valued at $39,650,130. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Anita M. Sands sold 2,000 shares of the stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $30.40, for a total value of $60,800.00. Following the completion of the transaction, the director now directly owns 41,386 shares in the company, valued at approximately $1,258,134.40. The disclosure for this sale can be found here. In the last three months, insiders sold 1,662,816 shares of company stock worth $48,437,529. 1.30% of the stock is owned by insiders.
A number of large investors have recently made changes to their positions in the stock. Capital World Investors grew its stake in Symantec Corporation by 3.7% in the second quarter. Capital World Investors now owns 75,819,338 shares of the technology company’s stock worth $2,141,896,000 after purchasing an additional 2,695,567 shares in the last quarter. Vanguard Group Inc. boosted its position in Symantec Corporation by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 61,195,217 shares of the technology company’s stock valued at $1,728,766,000 after acquiring an additional 757,092 shares in the last quarter. BlackRock Inc. boosted its position in Symantec Corporation by 2,815.1% during the 1st quarter. BlackRock Inc. now owns 40,975,309 shares of the technology company’s stock valued at $1,257,121,000 after acquiring an additional 39,569,694 shares in the last quarter. State Street Corp boosted its position in Symantec Corporation by 1.7% during the 1st quarter. State Street Corp now owns 27,978,710 shares of the technology company’s stock valued at $858,386,000 after acquiring an additional 464,913 shares in the last quarter. Finally, Jackson Square Partners LLC boosted its position in Symantec Corporation by 5.0% during the 2nd quarter. Jackson Square Partners LLC now owns 20,071,586 shares of the technology company’s stock valued at $567,022,000 after acquiring an additional 964,537 shares in the last quarter. 91.65% of the stock is currently owned by institutional investors.
About Symantec Corporation
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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