BlackRock Inc. Has $1.26 Billion Stake in Symantec Co. (SYMC)

BlackRock Inc. increased its stake in shares of Symantec Co. (NASDAQ:SYMC) by 2,815.1% during the first quarter, Holdings Channel reports. The institutional investor owned 40,975,309 shares of the technology company’s stock after buying an additional 39,569,694 shares during the period. BlackRock Inc. owned about 0.07% of Symantec worth $1,257,121,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in SYMC. Advisory Services Network LLC bought a new stake in shares of Symantec during the first quarter valued at approximately $142,000. Bessemer Group Inc. increased its position in shares of Symantec by 1,277.5% in the fourth quarter. Bessemer Group Inc. now owns 6,612 shares of the technology company’s stock valued at $158,000 after buying an additional 6,132 shares during the last quarter. Johnson Financial Group Inc. increased its position in shares of Symantec by 8.0% in the first quarter. Johnson Financial Group Inc. now owns 5,271 shares of the technology company’s stock valued at $162,000 after buying an additional 390 shares during the last quarter. IFP Advisors Inc increased its position in shares of Symantec by 0.3% in the first quarter. IFP Advisors Inc now owns 6,283 shares of the technology company’s stock valued at $193,000 after buying an additional 19 shares during the last quarter. Finally, IFM Investors Pty Ltd acquired a new position in shares of Symantec during the fourth quarter valued at about $202,000. 94.11% of the stock is currently owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for Symantec (NASDAQ:SYMC)

Shares of Symantec Co. (SYMC) traded down 0.606% during midday trading on Tuesday, hitting $28.705. The company had a trading volume of 3,016,343 shares. The stock’s 50-day moving average price is $30.48 and its 200-day moving average price is $28.64. The stock’s market capitalization is $17.46 billion. Symantec Co. has a one year low of $19.79 and a one year high of $33.22. Symantec also was the target of unusually large options trading on Monday. Investors purchased 29,300 call options on the stock. This is an increase of 449% compared to the typical volume of 5,335 call options.

Symantec (NASDAQ:SYMC) last announced its earnings results on Wednesday, May 10th. The technology company reported $0.28 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.28. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. Symantec had a negative return on equity of 19.09% and a negative net margin of 15.87%. Symantec’s revenue for the quarter was up 34.7% compared to the same quarter last year. During the same period last year, the company earned $0.22 EPS. Analysts predict that Symantec Co. will post $1.79 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 21st. Investors of record on Wednesday, June 7th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 1.04%. The ex-dividend date of this dividend is Monday, June 5th. Symantec’s dividend payout ratio is currently -176.47%.

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SYMC has been the subject of several research analyst reports. Wunderlich lifted their price objective on Symantec from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Monday, February 27th. Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and issued a $36.00 price objective on shares of Symantec in a research report on Friday, June 9th. Stifel Nicolaus reiterated a “hold” rating and issued a $29.00 price objective (up previously from $28.00) on shares of Symantec in a research report on Thursday, May 11th. Robert W. Baird reiterated a “hold” rating on shares of Symantec in a research report on Thursday, May 11th. Finally, Zacks Investment Research upgraded Symantec from a “sell” rating to a “hold” rating in a research report on Wednesday, April 5th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $30.48.

In related news, Director Suzanne M. Vautrinot sold 2,500 shares of the firm’s stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $30.69, for a total transaction of $76,725.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Roxane Divol sold 19,117 shares of the firm’s stock in a transaction on Friday, May 19th. The stock was sold at an average price of $29.34, for a total value of $560,892.78. Following the transaction, the executive vice president now directly owns 116,624 shares of the company’s stock, valued at $3,421,748.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 159,909 shares of company stock valued at $4,886,750. 0.76% of the stock is owned by corporate insiders.

Symantec 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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:SYMC”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

Want to see what other hedge funds are holding SYMC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Symantec Co. (NASDAQ:SYMC).

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