Symantec Corporation (NASDAQ:SYMC) CFO Sells $301,020.00 in Stock

Symantec Corporation (NASDAQ:SYMC) CFO Nicholas R. Noviello sold 10,034 shares of the company’s 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 $301,020.00. Following the completion of the transaction, the chief financial officer now directly owns 236,787 shares of the company’s stock, valued at approximately $7,103,610. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Shares of Symantec Corporation (NASDAQ:SYMC) traded up 1.62% during midday trading on Friday, hitting $28.29. The stock had a trading volume of 8,432,879 shares. Symantec Corporation has a 12 month low of $21.98 and a 12 month high of $33.22. The stock’s market cap is $17.34 billion. The stock’s 50-day moving average is $29.60 and its 200-day moving average is $29.78.

Symantec Corporation (NASDAQ:SYMC) last released its quarterly earnings data on Wednesday, August 2nd. The technology company reported $0.15 EPS for the quarter, topping the consensus estimate 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%. Symantec Corporation’s quarterly revenue was up 38.9% on a year-over-year basis. During the same period last year, the business posted $0.29 EPS. Equities analysts anticipate that Symantec Corporation will post $1.80 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 13th. Shareholders of record on Monday, August 21st will be issued a dividend of $0.075 per share. The ex-dividend date of this dividend is Thursday, August 17th. This represents a $0.30 annualized dividend and a yield of 1.06%. Symantec Corporation’s payout ratio is currently -49.18%.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. increased its position in Symantec Corporation by 7.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,982 shares of the technology company’s stock valued at $112,000 after buying an additional 292 shares during the last quarter. Harfst & Associates Inc. bought a new position in shares of Symantec Corporation during the second quarter worth about $127,000. Advisory Services Network LLC bought a new position in shares of Symantec Corporation during the first quarter worth about $142,000. Johnson Financial Group Inc. increased its position in shares of Symantec Corporation by 6.2% in the second quarter. Johnson Financial Group Inc. now owns 5,596 shares of the technology company’s stock worth $158,000 after buying an additional 325 shares in the last quarter. Finally, IFP Advisors Inc increased its position in shares of Symantec Corporation by 0.3% in the first quarter. IFP Advisors Inc now owns 6,283 shares of the technology company’s stock worth $193,000 after buying an additional 19 shares in the last quarter. Institutional investors own 93.82% of the company’s stock.

A number of analysts have weighed in on the stock. UBS AG downgraded shares of Symantec Corporation from a “buy” rating to a “neutral” rating and increased their target price for the company from $31.00 to $33.00 in a research report on Thursday, May 18th. Robert W. Baird restated a “hold” rating on shares of Symantec Corporation in a report on Saturday, June 10th. Evercore ISI set a $25.00 price target on Symantec Corporation and gave the stock a “hold” rating in a report on Saturday, June 10th. Zacks Investment Research upgraded Symantec Corporation from a “strong sell” rating to a “buy” rating and set a $32.00 price target on the stock in a report on Tuesday, July 11th. Finally, Barclays PLC restated an “overweight” rating and set a $36.00 price target (down from $38.00) on shares of Symantec Corporation in a report on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and thirteen have issued a buy rating to the company’s stock. Symantec Corporation has an average rating of “Hold” and a consensus price target of $31.00.

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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