Today, Bank of America Corp. Reiterates “$18.00” Price Target for Symantec Corp. (SYMC)

Today, Bank of America Corp. Reiterates “$18.00” Price Target for Symantec Corp. (SYMC)

Symantec Corp. (NASDAQ:SYMC) received a $18.00 price objective from equities research analysts at Bank of America Corp. in a research note issued to investors on Sunday. The firm presently has a “sell” rating on the stock. Bank of America Corp.’s price objective would suggest a potential downside of 27.48% from the stock’s current price.

SYMC has been the topic of several other research reports. Wells Fargo & Co. reissued a “hold” rating on shares of Symantec Corp. in a research note on Sunday, September 25th. Barclays PLC lifted their target price on Symantec Corp. from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Monday, September 19th. MKM Partners lifted their target price on Symantec Corp. from $21.00 to $26.00 and gave the company a “neutral” rating in a research note on Wednesday, November 2nd. BTIG Research reissued a “buy” rating and set a $28.00 target price on shares of Symantec Corp. in a research note on Thursday, August 25th. Finally, FBN Securities initiated coverage on Symantec Corp. in a research note on Thursday, October 13th. They set an “outperform” rating and a $29.00 target price on the stock. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and twelve have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $25.44.

Shares of Symantec Corp. (NASDAQ:SYMC) traded down 0.12% during mid-day trading on Friday, reaching $24.82. The company’s stock had a trading volume of 3,810,476 shares. The stock’s market capitalization is $15473.26 billion. Symantec Corp. has a 12-month low of $16.14 and a 12-month high of $25.72. The company’s 50-day moving average price is $24.64 and its 200-day moving average price is $22.09.

Symantec Corp. (NASDAQ:SYMC) last posted its quarterly earnings data on Thursday, November 3rd. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.20 by $0.10. Symantec Corp. had a return on equity of 11.62% and a net margin of 60.52%. The firm had revenue of $979 million for the quarter, compared to the consensus estimate of $978.86 million. During the same quarter last year, the company earned $0.44 earnings per share. The business’s revenue for the quarter was up 8.1% compared to the same quarter last year. On average, equities research analysts forecast that Symantec Corp. will post $1.16 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 14th. Stockholders of record on Monday, November 21st will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend is Thursday, November 17th. Symantec Corp.’s payout ratio is 8.85%.

In related news, insider Michael David Fey sold 13,214 shares of the business’s stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $25.13, for a total transaction of $332,067.82. Following the transaction, the insider now directly owns 288,953 shares in the company, valued at approximately $7,261,388.89. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Francis C. Rosch sold 3,336 shares of the business’s stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $24.88, for a total value of $82,999.68. Following the transaction, the executive vice president now owns 299,895 shares in the company, valued at $7,461,387.60. The disclosure for this sale can be found here. 0.76% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Jackson Square Partners LLC acquired a new position in shares of Symantec Corp. during the third quarter valued at $565,123,000. Capital World Investors acquired a new position in shares of Symantec Corp. during the third quarter valued at $241,211,000. Vanguard Group Inc. increased its position in shares of Symantec Corp. by 15.2% in the second quarter. Vanguard Group Inc. now owns 55,082,579 shares of the company’s stock valued at $1,131,397,000 after buying an additional 7,251,961 shares during the period. Elliott Management Corp increased its position in shares of Symantec Corp. by 130.5% in the first quarter. Elliott Management Corp now owns 11,527,275 shares of the company’s stock valued at $211,871,000 after buying an additional 6,527,275 shares during the period. Finally, Norges Bank acquired a new position in shares of Symantec Corp. during the fourth quarter valued at $132,381,000. Hedge funds and other institutional investors own 96.69% of the company’s stock.

Symantec Corp. Company Profile

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