Symantec Corp. (SYMC) Rating Lowered to Hold at Zacks Investment Research
Symantec Corp. (NASDAQ:SYMC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Symantec reported modest second-quarter results wherein its top line surpassed the Zacks Consensus Estimate and the bottom line came in line with the same. We are encouraged by the company’s overall performance as it exceeded the guidance on all metrics. Moreover, Symantec’s guidance for the full year as well as third quarter were encouraging wherein it expects strong revenue and margin improvements. However, revenue expectation for the third quarter was below the Zacks Consensus Estimate. Going ahead, we believe that the company’s restructuring initiatives and synergies from acquisitions are expected to support its bottom line. Also, investment in growth areas such as Enterprise Backup, Storage Management and Security businesses will boost Symantec’s long-term prospects. However, changing customer spending behavior makes us slightly cautious about Symantec’s near-term performance.”
Several other research firms have also recently issued reports on SYMC. Wells Fargo & Co. restated a “hold” rating on shares of Symantec Corp. in a research note on Sunday, September 25th. Barclays PLC upped their target price on shares of Symantec Corp. from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Monday, September 19th. MKM Partners upped their target price on shares of Symantec Corp. from $21.00 to $26.00 and gave the company a “neutral” rating in a research note on Wednesday, November 2nd. BTIG Research reiterated a “buy” rating and issued a $28.00 price objective on shares of Symantec Corp. in a research note on Thursday, August 25th. Finally, FBN Securities started coverage on shares of Symantec Corp. in a research note on Thursday, October 13th. They issued an “outperform” rating and a $29.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and twelve have assigned a buy rating to the stock. Symantec Corp. presently has a consensus rating of “Hold” and an average target price of $25.44.
Symantec Corp. (NASDAQ:SYMC) opened at 24.84 on Tuesday. The stock has a 50 day moving average of $24.85 and a 200 day moving average of $21.51. Symantec Corp. has a 1-year low of $16.14 and a 1-year high of $25.72. The stock has a market cap of $15.40 billion, a P/E ratio of 7.18 and a beta of 1.23.
Symantec Corp. (NASDAQ:SYMC) last announced its quarterly earnings data on Thursday, November 3rd. The company reported $0.30 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.10. Symantec Corp. had a net margin of 60.52% and a return on equity of 11.62%. The company had revenue of $979 million for the quarter, compared to the consensus estimate of $978.86 million. During the same period in the prior year, the firm posted $0.44 EPS. Symantec Corp.’s revenue for the quarter was up 8.1% on a year-over-year basis. Equities analysts anticipate that Symantec Corp. will post $1.16 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 14th. Shareholders of record on Monday, November 21st will be issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend is Thursday, November 17th. Symantec Corp.’s payout ratio is currently 8.85%.
In other news, EVP Scott C. Taylor sold 40,000 shares of the stock in a transaction on Tuesday, October 25th. The stock was sold at an average price of $25.00, for a total transaction of $1,000,000.00. Following the completion of the transaction, the executive vice president now directly owns 272,577 shares in the company, valued at approximately $6,814,425. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Michael David Fey sold 13,214 shares of the stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $25.13, for a total value of $332,067.82. Following the transaction, the insider now owns 288,953 shares of the company’s stock, valued at $7,261,388.89. The disclosure for this sale can be found here. Insiders own 0.76% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. BKS Advisors LLC acquired a new position in Symantec Corp. during the third quarter worth $113,000. Advisor Group Inc. boosted its position in Symantec Corp. by 18.3% in the third quarter. Advisor Group Inc. now owns 4,636 shares of the company’s stock worth $117,000 after buying an additional 717 shares in the last quarter. Americafirst Capital Management LLC acquired a new position in Symantec Corp. during the second quarter worth $109,000. Tower Research Capital LLC TRC boosted its position in Symantec Corp. by 339.8% in the second quarter. Tower Research Capital LLC TRC now owns 5,317 shares of the company’s stock worth $109,000 after buying an additional 4,108 shares in the last quarter. Finally, MSI Financial Services Inc boosted its position in Symantec Corp. by 8.1% in the third quarter. MSI Financial Services Inc now owns 5,618 shares of the company’s stock worth $141,000 after buying an additional 420 shares in the last quarter. Institutional investors and hedge funds own 95.50% of the company’s stock.
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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