Morgan Stanley cut shares of Symantec (NASDAQ:SYMC) from an equal weight rating to an underweight rating in a research note issued to investors on Tuesday morning, Benzinga reports. Morgan Stanley currently has $14.00 price objective on the technology company’s stock, down from their previous price objective of $23.00.
A number of other equities analysts also recently issued reports on the company. BidaskClub downgraded Symantec from a sell rating to a strong sell rating in a research note on Wednesday, May 29th. Robert W. Baird restated a hold rating and issued a $22.00 price target on shares of Symantec in a research note on Tuesday, May 28th. Cowen began coverage on Symantec in a research note on Thursday, May 23rd. They issued a market perform rating and a $22.00 price target on the stock. ValuEngine upgraded Symantec from a sell rating to a hold rating in a research note on Wednesday, May 15th. Finally, Zacks Investment Research upgraded Symantec from a sell rating to a hold rating in a research note on Wednesday, May 15th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $21.38.
SYMC stock opened at $18.85 on Tuesday. The firm has a market capitalization of $11.65 billion, a PE ratio of 16.11, a PEG ratio of 1.92 and a beta of 1.25. Symantec has a 1 year low of $17.42 and a 1 year high of $24.77. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.69.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 26th. Investors of record on Monday, June 10th will be given a dividend of $0.075 per share. The ex-dividend date is Friday, June 7th. This represents a $0.30 annualized dividend and a yield of 1.59%. Symantec’s dividend payout ratio (DPR) is presently 25.64%.
In related news, Director Suzanne M. Vautrinot sold 18,000 shares of Symantec stock in a transaction on Monday, April 8th. The stock was sold at an average price of $24.01, for a total transaction of $432,180.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Nicholas R. Noviello sold 332,155 shares of Symantec stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $22.50, for a total value of $7,473,487.50. Following the transaction, the chief financial officer now owns 880,695 shares in the company, valued at $19,815,637.50. The disclosure for this sale can be found here. Insiders have sold 1,047,534 shares of company stock worth $24,445,539 over the last quarter. 1.90% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. lifted its position in Symantec by 59.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 152,865 shares of the technology company’s stock valued at $2,889,000 after purchasing an additional 57,015 shares in the last quarter. Mn Services Vermogensbeheer B.V. lifted its position in shares of Symantec by 4.2% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 109,870 shares of the technology company’s stock valued at $2,526,000 after acquiring an additional 4,400 shares in the last quarter. Strs Ohio lifted its position in shares of Symantec by 6,355.7% in the first quarter. Strs Ohio now owns 507,867 shares of the technology company’s stock valued at $11,675,000 after acquiring an additional 500,000 shares in the last quarter. Matrix Asset Advisors Inc. NY lifted its position in shares of Symantec by 10.1% in the fourth quarter. Matrix Asset Advisors Inc. NY now owns 229,857 shares of the technology company’s stock valued at $4,343,000 after acquiring an additional 21,003 shares in the last quarter. Finally, Nissay Asset Management Corp Japan ADV lifted its position in shares of Symantec by 3.1% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 46,701 shares of the technology company’s stock valued at $883,000 after acquiring an additional 1,388 shares in the last quarter. Institutional investors own 91.72% of the company’s stock.
Symantec Company Profile
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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