First Mercantile Trust Co. Has $1.56 Million Stake in Symantec Corporation (SYMC)
First Mercantile Trust Co. cut its stake in Symantec Corporation (NASDAQ:SYMC) by 18.7% during the second quarter, Holdings Channel reports. The firm owned 55,147 shares of the technology company’s stock after selling 12,719 shares during the period. First Mercantile Trust Co.’s holdings in Symantec Corporation were worth $1,558,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Advisory Services Network LLC purchased a new position in Symantec Corporation during the first quarter valued at $142,000. Johnson Financial Group Inc. increased its position in Symantec Corporation by 8.0% in the first quarter. Johnson Financial Group Inc. now owns 5,271 shares of the technology company’s stock valued at $162,000 after buying an additional 390 shares during the period. IFP Advisors Inc increased its position in Symantec Corporation by 0.3% in the first quarter. IFP Advisors Inc now owns 6,283 shares of the technology company’s stock valued at $193,000 after buying an additional 19 shares during the period. American Asset Management Inc. purchased a new position in Symantec Corporation during the first quarter valued at $207,000. Finally, Yakira Capital Management Inc. purchased a new position in Symantec Corporation during the first quarter valued at $217,000. 93.82% of the stock is currently owned by institutional investors and hedge funds.
Shares of Symantec Corporation (SYMC) opened at 27.84 on Friday. The stock has a 50 day moving average of $29.60 and a 200-day moving average of $29.78. Symantec Corporation has a 52 week low of $21.98 and a 52 week high of $33.22. The firm’s market capitalization is $17.06 billion.
Symantec Corporation (NASDAQ:SYMC) last released its earnings results on Wednesday, August 2nd. The technology company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.03. Symantec Corporation had a negative net margin of 8.68% and a positive return on equity of 10.73%. The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.20 billion. During the same period last year, the business earned $0.29 earnings per share. The firm’s revenue was up 38.9% on a year-over-year basis. Equities analysts anticipate that Symantec Corporation will post $1.80 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 13th. Investors of record on Monday, August 21st will be paid a $0.075 dividend. The ex-dividend date is Thursday, August 17th. This represents a $0.30 annualized dividend and a dividend yield of 1.08%. Symantec Corporation’s dividend payout ratio is presently -49.18%.
Several research firms have recently weighed in on SYMC. Barclays PLC reissued an “overweight” rating and issued a $36.00 target price (down from $38.00) on shares of Symantec Corporation in a research report on Thursday, August 3rd. Zacks Investment Research downgraded shares of Symantec Corporation from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 16th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $32.00 price objective on shares of Symantec Corporation in a research report on Monday, July 31st. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $35.00 price objective (up from $33.00) on shares of Symantec Corporation in a research report on Friday, August 4th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $27.00 price objective on shares of Symantec Corporation in a research report on Wednesday, July 19th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and thirteen have assigned a buy rating to the company. Symantec Corporation presently has an average rating of “Hold” and an average target price of $31.00.
In other Symantec Corporation news, EVP Scott C. Taylor sold 13,000 shares of Symantec Corporation stock in a transaction on Monday, May 15th. The shares were sold at an average price of $32.45, for a total transaction of $421,850.00. Following the completion of the transaction, the executive vice president now directly owns 237,030 shares of the company’s stock, valued at $7,691,623.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Anita M. Sands sold 2,000 shares of Symantec Corporation stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $30.16, for a total transaction of $60,320.00. Following the transaction, the director now directly owns 45,486 shares of the company’s stock, valued at $1,371,857.76. The disclosure for this sale can be found here. Insiders sold 1,537,774 shares of company stock valued at $44,666,616 over the last three months. 0.76% of the stock is owned by company insiders.
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.
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