Symantec Corp. (NASDAQ:SYMC) was upgraded by investment analysts at Wunderlich from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $30.00 price objective on the stock, up from their previous price objective of $23.00. Wunderlich’s price target suggests a potential upside of 18.91% from the stock’s previous close.
Several other analysts have also weighed in on the company. BTIG Research restated a “buy” rating and issued a $28.00 price objective on shares of Symantec Corp. in a report on Thursday, August 25th. Piper Jaffray Cos. set a $27.00 price objective on Symantec Corp. and gave the company a “buy” rating in a report on Tuesday, August 23rd. Citigroup Inc. upgraded Symantec Corp. from a “neutral” rating to a “buy” rating and upped their price objective for the company from $7.50 to $26.50 in a report on Friday, August 19th. Goldman Sachs Group Inc. restated a “buy” rating and issued a $26.00 price objective on shares of Symantec Corp. in a report on Monday, August 15th. Finally, Morgan Stanley restated an “overweight” rating and issued a $27.00 price objective on shares of Symantec Corp. in a report on Monday, August 15th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twelve have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $24.33.
Symantec Corp. (NASDAQ:SYMC) traded up 1.37% during mid-day trading on Tuesday, reaching $25.21. The company had a trading volume of 15,882,081 shares. The firm has a market capitalization of $15.52 billion, a P/E ratio of 6.58 and a beta of 1.07. Symantec Corp. has a 12 month low of $16.14 and a 12 month high of $25.36. The stock’s 50-day moving average is $23.25 and its 200 day moving average is $19.75.
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Symantec Corp. (NASDAQ:SYMC) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.04. The business earned $884 million during the quarter, compared to analyst estimates of $876.96 million. Symantec Corp. had a return on equity of 13.56% and a net margin of 60.18%. The company’s revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.40 earnings per share. On average, analysts predict that Symantec Corp. will post $1.12 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 14th. Shareholders of record on Monday, August 22nd were issued a $0.075 dividend. The ex-dividend date was Thursday, August 18th. This represents a $0.30 annualized dividend and a yield of 1.19%. Symantec Corp.’s dividend payout ratio (DPR) is 7.79%.
In other news, SVP Amy L. Cappellanti-Wolf sold 15,474 shares of the stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $24.88, for a total value of $384,993.12. Following the completion of the transaction, the senior vice president now directly owns 112,103 shares of the company’s stock, valued at approximately $2,789,122.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Suzanne M. Vautrinot sold 3,750 shares of the stock in a transaction that occurred on Monday, June 27th. The stock was sold at an average price of $20.22, for a total value of $75,825.00. The disclosure for this sale can be found here. 0.18% of the stock is owned by company insiders.
Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Symantec Corp. by 15.2% in the second quarter. Vanguard Group Inc. now owns 55,082,579 shares of the company’s stock worth $1,131,397,000 after buying an additional 7,251,961 shares during the last quarter. Elliott Management Corp boosted its stake in Symantec Corp. by 130.5% in the first quarter. Elliott Management Corp now owns 11,527,275 shares of the company’s stock worth $211,871,000 after buying an additional 6,527,275 shares in the last quarter. Norges Bank acquired a new stake in Symantec Corp. during the fourth quarter worth $132,381,000. Franklin Resources Inc. boosted its stake in Symantec Corp. by 16.5% in the second quarter. Franklin Resources Inc. now owns 43,491,263 shares of the company’s stock worth $893,312,000 after buying an additional 6,147,041 shares in the last quarter. Finally, Slate Path Capital LP acquired a new stake in Symantec Corp. during the second quarter worth $113,073,000. 96.15% of the stock is owned by institutional investors and hedge funds.
Symantec Corp. Company Profile
Symantec Corporation provides security and information management solutions. The Company operates its business on a global civilian cyber intelligence threat network and tracks various threats across the Internet from mobile devices, endpoints, and servers across the world. It is developing solutions for cloud, threat protection, information protection and cyber security services.
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