Symantec (SYMC) Lifted to Sell at BidaskClub

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BidaskClub upgraded shares of Symantec (NASDAQ:SYMC) from a strong sell rating to a sell rating in a research note published on Thursday morning, BidAskClub reports.

A number of other equities analysts have also commented on SYMC. ValuEngine raised shares of Symantec from a sell rating to a hold rating in a research report on Wednesday, May 15th. Zacks Investment Research lowered shares of Symantec from a buy rating to a hold rating in a research report on Saturday, February 2nd. Wedbush reissued a neutral rating and issued a $19.00 price target (down previously from $24.00) on shares of Symantec in a research report on Friday, May 10th. Mizuho began coverage on shares of Symantec in a research report on Tuesday, March 26th. They issued a neutral rating and a $25.00 price target on the stock. Finally, Goldman Sachs Group raised shares of Symantec from a neutral rating to a buy rating and lifted their price target for the company from $23.00 to $28.00 in a research report on Monday, April 8th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $22.13.

Shares of SYMC opened at $19.85 on Thursday. The company has a market cap of $12.69 billion, a P/E ratio of 16.97, a price-to-earnings-growth ratio of 2.06 and a beta of 1.09. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.02 and a current ratio of 0.85. Symantec has a twelve month low of $17.42 and a twelve month high of $24.77.

Symantec (NASDAQ:SYMC) last released its quarterly earnings results on Thursday, May 9th. The technology company reported $0.39 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.39. Symantec had a net margin of 0.59% and a return on equity of 13.05%. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same quarter last year, the firm posted $0.46 earnings per share. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. Analysts predict that Symantec will post 1.26 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 26th. Stockholders of record on Monday, June 10th will be paid a $0.075 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.30 annualized dividend and a dividend yield of 1.51%. Symantec’s payout ratio is 25.64%.

In other news, insider Gregory S. Clark sold 636,209 shares of the firm’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $23.69, for a total value of $15,071,791.21. Following the sale, the insider now owns 1,503,837 shares in the company, valued at $35,625,898.53. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Matthew Charles Brown sold 5,393 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $21.90, for a total transaction of $118,106.70. Following the completion of the sale, the vice president now owns 58,514 shares in the company, valued at approximately $1,281,456.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,052,927 shares of company stock worth $24,563,645. 1.90% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in SYMC. Covington Capital Management acquired a new stake in Symantec during the fourth quarter worth $28,000. PRW Wealth Management LLC acquired a new stake in Symantec during the fourth quarter worth $30,000. Parisi Gray Wealth Management acquired a new stake in Symantec during the fourth quarter worth $45,000. Bronfman E.L. Rothschild L.P. boosted its stake in Symantec by 27.1% during the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 3,363 shares of the technology company’s stock worth $64,000 after buying an additional 718 shares in the last quarter. Finally, CX Institutional boosted its stake in Symantec by 133.1% during the first quarter. CX Institutional now owns 2,813 shares of the technology company’s stock worth $65,000 after buying an additional 1,606 shares in the last quarter. Institutional investors and hedge funds own 89.90% of the company’s stock.

About Symantec

Symantec Corporation provides cybersecurity products, services, and solutions worldwide. The company operates through two segments, Enterprise Security and Consumer Digital Safety. The Enterprise Security segment provides endpoint and information protection products, including endpoint security, advanced threat protection, and information protection solutions and their related support services; and network and Web security products, such as network security, Web security, and cloud security solutions and their related support services.

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