Symantec (NASDAQ:SYMC) Received New Coverage from Analysts at Wedbush

Symantec (NASDAQ:SYMC) Received New Coverage from Analysts at Wedbush

Wedbush began coverage on shares of Symantec (NASDAQ:SYMC) in a research note issued to investors on Friday, October 19th, The Fly reports. The firm issued a neutral rating on the technology company’s stock.

Several other equities research analysts have also recently commented on the company. Barclays dropped their price objective on Symantec from $23.00 to $21.00 and set an equal weight rating on the stock in a research report on Monday, August 6th. Stifel Nicolaus dropped their price objective on Symantec from $21.00 to $19.00 and set a hold rating on the stock in a research report on Friday, August 3rd. BidaskClub raised Symantec from a hold rating to a buy rating in a research report on Friday, July 6th. UBS Group raised Symantec from a neutral rating to a positive rating in a report on Tuesday, August 21st. Finally, Zacks Investment Research raised Symantec from a strong sell rating to a hold rating in a report on Tuesday, July 10th. Two investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and three have given a buy rating to the stock. Symantec currently has an average rating of Hold and an average target price of $23.11.

Shares of Symantec stock traded up $0.52 during midday trading on Friday, reaching $20.02. 13,264,173 shares of the company’s stock traded hands, compared to its average volume of 8,365,175. The company has a market cap of $12.46 billion, a PE ratio of 21.07, a P/E/G ratio of 2.75 and a beta of 0.90. Symantec has a 12 month low of $17.49 and a 12 month high of $29.87. The company has a quick ratio of 1.10, a current ratio of 1.00 and a debt-to-equity ratio of 0.75.

Symantec (NASDAQ:SYMC) last issued its quarterly earnings results on Thursday, November 1st. The technology company reported $0.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.09. Symantec had a return on equity of 13.99% and a net margin of 25.95%. The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the prior year, the firm earned $0.40 earnings per share. The firm’s revenue for the quarter was down 7.2% on a year-over-year basis. On average, research analysts anticipate that Symantec will post 0.9 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Monday, November 19th will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date of this dividend is Friday, November 16th. Symantec’s dividend payout ratio is currently 31.58%.

A number of hedge funds and other institutional investors have recently modified their holdings of SYMC. Steward Partners Investment Advisory LLC raised its position in Symantec by 355.7% during the 3rd quarter. Steward Partners Investment Advisory LLC now owns 6,129 shares of the technology company’s stock valued at $130,000 after purchasing an additional 4,784 shares in the last quarter. Piedmont Investment Advisors LLC bought a new stake in Symantec during the 2nd quarter valued at $150,000. Cerebellum GP LLC raised its position in Symantec by 47.9% during the 2nd quarter. Cerebellum GP LLC now owns 8,295 shares of the technology company’s stock valued at $171,000 after purchasing an additional 2,685 shares in the last quarter. Cito Capital Group LLC bought a new position in shares of Symantec in the 2nd quarter worth $207,000. Finally, American Century Companies Inc. bought a new position in shares of Symantec in the 3rd quarter worth $223,000. 90.21% of the stock is owned by institutional investors and hedge funds.

About Symantec

Symantec Corporation, together with its subsidiaries, provides cybersecurity solutions worldwide. It operates through two segments, Consumer Digital Safety and Enterprise Security. The Consumer Digital Safety segment provides Norton-branded services that provide multi-layer security services across desktop and mobile operating systems, public Wi-Fi connections, and home networks to defend against online threats to individuals, families, and small businesses.

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