Pinebridge Investments L.P. Increases Holdings in Symantec Co. (SYMC)

Pinebridge Investments L.P. raised its holdings in shares of Symantec Co. (NASDAQ:SYMC) by 11.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 143,399 shares of the technology company’s stock after purchasing an additional 15,114 shares during the quarter. Pinebridge Investments L.P.’s holdings in Symantec were worth $2,961,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in SYMC. Point72 Asia Hong Kong Ltd acquired a new stake in Symantec during the 1st quarter valued at $109,000. Optimum Investment Advisors acquired a new stake in Symantec during the 1st quarter valued at $129,000. Dupont Capital Management Corp lifted its holdings in Symantec by 117.9% during the 1st quarter. Dupont Capital Management Corp now owns 5,265 shares of the technology company’s stock valued at $136,000 after purchasing an additional 2,849 shares during the last quarter. Piedmont Investment Advisors LLC acquired a new stake in Symantec during the 2nd quarter valued at $150,000. Finally, Cerebellum GP LLC lifted its holdings 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 during the last quarter. 92.26% of the stock is owned by institutional investors and hedge funds.

Symantec stock opened at $19.76 on Monday. Symantec Co. has a 12-month low of $17.81 and a 12-month high of $34.20. The company has a current ratio of 1.16, a quick ratio of 1.15 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $12.28 billion, a price-to-earnings ratio of 20.80, a price-to-earnings-growth ratio of 2.78 and a beta of 0.67.

Symantec (NASDAQ:SYMC) last released its earnings results on Thursday, August 2nd. The technology company reported $0.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.01. Symantec had a return on equity of 14.54% and a net margin of 25.52%. The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the business posted $0.33 earnings per share. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. equities analysts anticipate that Symantec Co. will post 0.9 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 12th. Shareholders of record on Monday, August 20th will be given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend is Friday, August 17th. Symantec’s dividend payout ratio is presently 31.58%.

Several research analysts have weighed in on the company. First Analysis cut Symantec from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $35.00 to $23.00 in a research report on Friday, May 11th. Zacks Investment Research upgraded Symantec from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 10th. Deutsche Bank increased their price objective on Symantec from $18.00 to $20.00 and gave the stock a “hold” rating in a research report on Friday, August 17th. UBS Group cut Symantec from an “outperform” rating to a “market perform” rating in a research report on Friday, May 11th. Finally, Goldman Sachs Group cut Symantec from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 16th. Four equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and four have given a buy rating to the company’s stock. Symantec currently has a consensus rating of “Hold” and a consensus target price of $24.55.

Symantec Company Profile

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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Institutional Ownership by Quarter for Symantec (NASDAQ:SYMC)

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