CIBC reiterated their outperform rating on shares of Symantec Corporation (NASDAQ:SYMC) in a report released on Thursday. CIBC currently has a $33.00 price target on the technology company’s stock, down from their previous price target of $35.00.
Several other equities research analysts also recently weighed in on the company. Oppenheimer Holdings, Inc. lowered their price target on Symantec Corporation from $35.00 to $33.00 and set an outperform rating for the company in a report on Thursday. Piper Jaffray Companies set a $40.00 price target on Symantec Corporation and gave the stock a buy rating in a report on Sunday, October 15th. Morgan Stanley downgraded Symantec Corporation from an overweight rating to an equal weight rating and lowered their price target for the stock from $37.00 to $34.00 in a report on Tuesday, October 10th. Zacks Investment Research downgraded Symantec Corporation from a hold rating to a sell rating in a report on Monday, October 9th. Finally, Standpoint Research downgraded Symantec Corporation from a buy rating to a hold rating in a report on Monday, October 9th. Three investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and ten have given a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $31.52.
Shares of Symantec Corporation (SYMC) traded down $2.28 during mid-day trading on Thursday, reaching $29.88. The company had a trading volume of 10,966,443 shares, compared to its average volume of 5,533,243. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.12 and a quick ratio of 1.02. The company has a market cap of $18,359.38, a P/E ratio of 47.42, a P/E/G ratio of 2.25 and a beta of 1.13.
Symantec Corporation (NASDAQ:SYMC) last issued its quarterly earnings results on Wednesday, November 1st. The technology company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.14. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.27 billion. Symantec Corporation had a positive return on equity of 12.33% and a negative net margin of 5.29%. The company’s quarterly revenue was up 25.7% on a year-over-year basis. During the same quarter last year, the company earned $0.30 earnings per share. equities analysts anticipate that Symantec Corporation will post 1.14 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 13th. Shareholders of record on Monday, November 20th will be issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 1.00%. The ex-dividend date is Friday, November 17th. Symantec Corporation’s payout ratio is currently -75.00%.
In other Symantec Corporation news, SVP Amy L. Cappellanti-Wolf sold 927 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $30.00, for a total value of $27,810.00. Following the sale, the senior vice president now directly owns 112,907 shares of the company’s stock, valued at $3,387,210. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Michael David Fey sold 1,348,831 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $28.84, for a total value of $38,900,286.04. Following the completion of the sale, the insider now directly owns 1,605,757 shares in the company, valued at $46,310,031.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,645,816 shares of company stock worth $47,911,129. 1.30% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Capital World Investors grew its holdings 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 valued at $2,141,896,000 after purchasing an additional 2,695,567 shares during the period. Vanguard Group Inc. boosted its stake in shares of Symantec Corporation by 1.3% in the second quarter. Vanguard Group Inc. now owns 61,195,217 shares of the technology company’s stock worth $1,728,766,000 after acquiring an additional 757,092 shares during the last quarter. Jackson Square Partners LLC boosted its stake in shares of Symantec Corporation by 5.0% in the second quarter. Jackson Square Partners LLC now owns 20,071,586 shares of the technology company’s stock worth $567,022,000 after acquiring an additional 964,537 shares during the last quarter. Coatue Management LLC boosted its stake in shares of Symantec Corporation by 4.3% in the second quarter. Coatue Management LLC now owns 17,902,408 shares of the technology company’s stock worth $505,743,000 after acquiring an additional 743,961 shares during the last quarter. Finally, Capital Research Global Investors boosted its stake in shares of Symantec Corporation by 1,784.9% in the second quarter. Capital Research Global Investors now owns 14,305,855 shares of the technology company’s stock worth $404,140,000 after acquiring an additional 13,546,895 shares during the last quarter. 91.41% 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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