Symantec Sees Unusually High Options Volume (SYMC)
Symantec Co. (NASDAQ:SYMC) was the recipient of some unusual options trading on Monday. Investors acquired 38,725 call options on the stock. This represents an increase of approximately 2,248% compared to the average daily volume of 1,649 call options.
A number of research analysts recently issued reports on the company. Goldman Sachs Group upgraded Symantec from a “neutral” rating to a “buy” rating and boosted their price target for the company from $23.00 to $28.00 in a report on Monday. Zacks Investment Research lowered Symantec from a “buy” rating to a “hold” rating in a research report on Wednesday, April 3rd. Mizuho began coverage on Symantec in a report on Tuesday, March 26th. They issued a “neutral” rating and a $25.00 price objective for the company. Evercore ISI reiterated a “hold” rating and issued a $22.00 price objective on shares of Symantec in a research report on Monday, February 4th. Finally, Credit Suisse Group reissued a “hold” rating and set a $23.00 target price on shares of Symantec in a research note on Friday, February 1st. Two analysts have rated the stock with a sell rating, twenty have issued a hold rating and three have issued a buy rating to the company. Symantec currently has an average rating of “Hold” and a consensus price target of $22.94.
SYMC stock opened at $23.88 on Wednesday. Symantec has a fifty-two week low of $17.42 and a fifty-two week high of $29.20. The company has a market cap of $15.49 billion, a price-to-earnings ratio of 25.14, a PEG ratio of 2.00 and a beta of 1.09. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.75.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 13th. Shareholders of record on Tuesday, February 19th were issued a $0.075 dividend. The ex-dividend date of this dividend was Friday, February 15th. This represents a $0.30 dividend on an annualized basis and a yield of 1.26%. Symantec’s dividend payout ratio (DPR) is 31.58%.
In other Symantec news, VP Matthew Charles Brown sold 5,393 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $21.90, for a total value of $118,106.70. Following the transaction, the vice president now owns 58,514 shares in the company, valued at $1,281,456.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Nicholas R. Noviello sold 332,155 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $22.50, for a total transaction of $7,473,487.50. Following the completion of the transaction, the chief financial officer now owns 880,695 shares in the company, valued at approximately $19,815,637.50. The disclosure for this sale can be found here. Insiders sold 419,324 shares of company stock valued at $9,493,811 in the last quarter. Corporate insiders own 1.90% of the company’s stock.
A number of institutional investors have recently made changes to their positions in SYMC. Starboard Value LP bought a new stake in shares of Symantec during the 3rd quarter valued at $521,398,000. Capital International Investors purchased a new stake in shares of Symantec in the 3rd quarter worth about $222,769,000. CI Investments Inc. purchased a new stake in shares of Symantec in the 4th quarter worth about $192,976,000. Norges Bank bought a new position in shares of Symantec in the 4th quarter worth about $97,166,000. Finally, FMR LLC lifted its position in Symantec by 44.1% during the 4th quarter. FMR LLC now owns 8,779,685 shares of the technology company’s stock valued at $165,892,000 after acquiring an additional 2,686,107 shares during the period. 89.90% of the stock is owned by institutional investors and hedge funds.
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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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