Symantec Corp.’s (SYMC) Outperform Rating Reaffirmed at Oppenheimer Holdings Inc.
Symantec Corp. (NASDAQ:SYMC)‘s stock had its “outperform” rating restated by equities research analysts at Oppenheimer Holdings Inc. in a research report issued to clients and investors on Monday. They currently have a $28.00 price objective on the stock. Oppenheimer Holdings Inc.’s price target indicates a potential upside of 16.18% from the company’s previous close.
Several other analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Symantec Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, November 8th. Bank of America Corp. set a $18.00 price objective on shares of Symantec Corp. and gave the company a “sell” rating in a research report on Sunday, November 6th. Nomura reissued a “hold” rating and issued a $25.00 price objective on shares of Symantec Corp. in a research report on Friday, November 4th. MKM Partners increased their price objective on shares of Symantec Corp. from $21.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, November 2nd. Finally, BTIG Research reissued a “buy” rating and issued a $28.00 price objective on shares of Symantec Corp. in a research report on Monday, October 31st. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $25.44.
Shares of Symantec Corp. (NASDAQ:SYMC) traded up 3.768% during trading on Monday, reaching $24.645. 18,702,432 shares of the company traded hands. The company has a 50-day moving average of $24.81 and a 200-day moving average of $21.62. The stock has a market capitalization of $15.36 billion, a PE ratio of 7.123 and a beta of 1.23. Symantec Corp. has a 12 month low of $16.14 and a 12 month high of $25.72.
Symantec Corp. (NASDAQ:SYMC) last posted its quarterly earnings results on Thursday, November 3rd. The company reported $0.30 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $979 million for the quarter, compared to analyst estimates of $978.86 million. During the same period in the prior year, the firm posted $0.44 earnings per share. The company’s quarterly revenue was up 8.1% compared to the same quarter last year. Analysts forecast that Symantec Corp. will post $1.16 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 14th. Stockholders of record on Monday, November 21st will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 1.24%. The ex-dividend date is Thursday, November 17th. Symantec Corp.’s dividend payout ratio (DPR) is 8.85%.
In other news, EVP Francis C. Rosch sold 3,336 shares of the firm’s stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $24.88, for a total transaction of $82,999.68. Following the completion of the sale, the executive vice president now owns 299,895 shares of the company’s stock, valued at approximately $7,461,387.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Amy L. Cappellanti-Wolf sold 15,474 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $24.88, for a total transaction of $384,993.12. Following the sale, the senior vice president now directly owns 112,103 shares of the company’s stock, valued at approximately $2,789,122.64. The disclosure for this sale can be found here. Insiders own 0.76% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake 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 valued at $1,131,397,000 after buying an additional 7,251,961 shares during the period. Franklin Resources Inc. increased its stake in shares of Symantec Corp. by 16.5% in the second quarter. Franklin Resources Inc. now owns 43,491,263 shares of the company’s stock valued at $893,312,000 after buying an additional 6,147,041 shares during the period. Jackson Square Partners LLC bought a new stake in shares of Symantec Corp. during the third quarter valued at approximately $565,123,000. BlackRock Institutional Trust Company N.A. increased its stake in shares of Symantec Corp. by 4.0% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 16,663,740 shares of the company’s stock valued at $418,260,000 after buying an additional 645,870 shares during the period. Finally, BlackRock Fund Advisors increased its stake in shares of Symantec Corp. by 2.2% in the third quarter. BlackRock Fund Advisors now owns 11,443,848 shares of the company’s stock valued at $287,241,000 after buying an additional 248,144 shares during the period. 96.69% of the stock is owned by institutional investors.
About Symantec Corp.
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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