Symantec Corporation (SYMC) Cut to “Underperform” at Cowen and Company

Cowen and Company lowered shares of Symantec Corporation (NASDAQ:SYMC) from a market perform rating to an underperform rating in a research note issued to investors on Monday, Marketbeat.com reports. Cowen and Company currently has $31.00 target price on the technology company’s stock.

Other equities analysts have also recently issued research reports about the company. BidaskClub upgraded Symantec Corporation from a hold rating to a buy rating in a research report on Wednesday, July 12th. Zacks Investment Research upgraded Symantec Corporation from a strong sell rating to a buy rating and set a $32.00 price target on the stock in a research report on Tuesday, July 11th. Standpoint Research upgraded Symantec Corporation from a hold rating to a buy rating in a research report on Thursday, June 29th. Piper Jaffray Companies restated a buy rating and issued a $40.00 price target on shares of Symantec Corporation in a research report on Tuesday, September 12th. Finally, Royal Bank Of Canada restated a hold rating and issued a $32.00 price target on shares of Symantec Corporation in a research report on Monday, July 31st. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating and eleven have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $31.42.

Shares of Symantec Corporation (NASDAQ SYMC) opened at 31.61 on Monday. The firm’s market capitalization is $19.37 billion. Symantec Corporation has a 12-month low of $22.76 and a 12-month high of $34.20. The company’s 50-day moving average price is $31.99 and its 200 day moving average price is $30.52.

Symantec Corporation (NASDAQ:SYMC) last issued its quarterly earnings results on Wednesday, August 2nd. The technology company reported $0.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.03. The firm had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.20 billion. Symantec Corporation had a positive return on equity of 10.73% and a negative net margin of 8.68%. The firm’s revenue for the quarter was up 38.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.29 EPS. On average, equities research analysts forecast that Symantec Corporation will post $1.80 EPS for the current fiscal year.

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The business also recently announced a quarterly dividend, which was paid on Wednesday, September 13th. Investors of record on Monday, August 21st were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date was Thursday, August 17th. Symantec Corporation’s payout ratio is currently -49.18%.

In related news, Director Suzanne M. Vautrinot sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $32.81, for a total value of $82,025.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Scott C. Taylor sold 10,622 shares of the company’s stock in a transaction that occurred on Monday, September 25th. The shares were sold at an average price of $32.83, for a total value of $348,720.26. Following the completion of the sale, the executive vice president now directly owns 232,609 shares in the company, valued at approximately $7,636,553.47. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,662,816 shares of company stock worth $48,437,529. 1.30% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the stock. Bessemer Group Inc. lifted its stake in shares of Symantec Corporation by 1.2% during the 2nd quarter. Bessemer Group Inc. now owns 9,311 shares of the technology company’s stock worth $263,000 after purchasing an additional 106 shares during the period. Wetherby Asset Management Inc. lifted its stake in shares of Symantec Corporation by 2.8% during the 2nd quarter. Wetherby Asset Management Inc. now owns 8,885 shares of the technology company’s stock worth $251,000 after purchasing an additional 246 shares during the period. Municipal Employees Retirement System of Michigan lifted its stake in shares of Symantec Corporation by 1.5% during the 1st quarter. Municipal Employees Retirement System of Michigan now owns 20,120 shares of the technology company’s stock worth $617,000 after purchasing an additional 290 shares during the period. Blair William & Co. IL lifted its stake in shares of Symantec Corporation by 2.2% during the 2nd quarter. Blair William & Co. IL now owns 13,309 shares of the technology company’s stock worth $376,000 after purchasing an additional 291 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Symantec Corporation by 7.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,982 shares of the technology company’s stock worth $112,000 after purchasing an additional 292 shares during the period. 91.65% of the stock is currently owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Symantec Corporation (NASDAQ:SYMC)

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