Russell Investments Group Ltd. Sells 534,715 Shares of Symantec Corporation (SYMC)
Russell Investments Group Ltd. decreased its stake in Symantec Corporation (NASDAQ:SYMC) by 36.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 923,217 shares of the technology company’s stock after selling 534,715 shares during the period. Russell Investments Group Ltd. owned 0.15% of Symantec Corporation worth $30,284,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. increased its stake in shares of 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 period. Sun Life Financial INC increased its stake in shares of Symantec Corporation by 44,100.0% in the second quarter. Sun Life Financial INC now owns 4,420 shares of the technology company’s stock valued at $125,000 after buying an additional 4,410 shares during the period. Harfst & Associates Inc. acquired a new stake in shares of Symantec Corporation in the second quarter valued at about $127,000. Johnson Financial Group Inc. increased its stake 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 valued at $158,000 after buying an additional 325 shares during the period. Finally, United Bank Inc. acquired a new stake in Symantec Corporation during the third quarter worth approximately $200,000. 85.64% of the stock is owned by institutional investors.
Symantec Corporation (SYMC) opened at $28.43 on Thursday. Symantec Corporation has a fifty-two week low of $23.34 and a fifty-two week high of $34.20. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 1.72. The firm has a market capitalization of $17,427.70, a P/E ratio of 44.62, a PEG ratio of 2.84 and a beta of 1.13.
Symantec Corporation (NASDAQ:SYMC) last posted its earnings results on Wednesday, November 1st. The technology company reported $0.40 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.14. Symantec Corporation had a positive return on equity of 12.33% and a negative net margin of 5.29%. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter last year, the company earned $0.30 earnings per share. The company’s revenue for the quarter was up 25.7% on a year-over-year basis. sell-side analysts forecast that Symantec Corporation will post 1.05 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 13th. Stockholders of record on Monday, November 20th will be issued a $0.075 dividend. The ex-dividend date is Friday, November 17th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.06%. Symantec Corporation’s dividend payout ratio is presently -75.00%.
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Several equities research analysts recently commented on SYMC shares. Zacks Investment Research cut Symantec Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Moffett Nathanson started coverage on Symantec Corporation in a research note on Wednesday, September 6th. They set a “neutral” rating and a $33.00 target price for the company. Credit Suisse Group started coverage on Symantec Corporation in a research note on Tuesday, September 5th. They set an “outperform” rating and a $36.00 target price for the company. Barclays PLC reaffirmed a “buy” rating and set a $36.00 target price on shares of Symantec Corporation in a research note on Thursday, November 2nd. Finally, Morgan Stanley decreased their target price on Symantec Corporation from $34.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, November 3rd. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $32.39.
In related news, CFO Nicholas R. Noviello sold 375,000 shares of Symantec Corporation stock in a transaction on Monday, November 6th. The stock was sold at an average price of $29.38, for a total transaction of $11,017,500.00. Following the sale, the chief financial officer now directly owns 565,319 shares in the company, valued at $16,609,072.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anita M. Sands sold 2,000 shares of Symantec Corporation stock in a transaction on Monday, September 18th. The stock was sold at an average price of $33.51, for a total value of $67,020.00. Following the sale, the director now owns 37,386 shares in the company, valued at $1,252,804.86. The disclosure for this sale can be found here. Insiders sold 671,985 shares of company stock worth $20,028,343 in the last 90 days. Corporate insiders own 1.30% of the company’s stock.
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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