Sandy Spring Bank Trims Holdings in Symantec Co. (SYMC)

Sandy Spring Bank cut its holdings in shares of Symantec Co. (NASDAQ:SYMC) by 4.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,222 shares of the technology company’s stock after selling 554 shares during the quarter. Sandy Spring Bank’s holdings in Symantec were worth $304,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc grew its position in Symantec by 1.4% during the 3rd quarter. Vanguard Group Inc now owns 65,537,473 shares of the technology company’s stock worth $1,394,637,000 after purchasing an additional 902,112 shares during the last quarter. BlackRock Inc. grew its position in Symantec by 3.3% during the 4th quarter. BlackRock Inc. now owns 42,309,498 shares of the technology company’s stock worth $799,438,000 after purchasing an additional 1,366,225 shares during the last quarter. CI Investments Inc. purchased a new position in Symantec during the 4th quarter worth $192,976,000. FMR LLC grew 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 worth $165,892,000 after purchasing an additional 2,686,107 shares during the last quarter. Finally, Northern Trust Corp grew its position in Symantec by 6.8% during the 4th quarter. Northern Trust Corp now owns 7,027,112 shares of the technology company’s stock worth $132,776,000 after purchasing an additional 448,919 shares during the last quarter. Institutional investors own 89.96% of the company’s stock.

Several brokerages have issued reports on SYMC. BidaskClub downgraded shares of Symantec from a “hold” rating to a “sell” rating in a research report on Saturday, May 4th. Zacks Investment Research cut shares of Symantec from a “buy” rating to a “hold” rating in a research note on Wednesday, April 3rd. Mizuho began coverage on shares of Symantec in a research report on Tuesday, March 26th. They set a “neutral” rating and a $25.00 target price for the company. Goldman Sachs Group upgraded shares of Symantec from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $23.00 to $28.00 in a report on Monday, April 8th. Finally, Evercore ISI reiterated a “hold” rating and set a $22.00 price target on shares of Symantec in a report on Monday, February 4th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the stock. Symantec has an average rating of “Hold” and an average target price of $22.13.

In related news, SVP Amy L. Cappellanti-Wolf sold 18,321 shares of the firm’s stock in a transaction on Thursday, February 14th. The stock was sold at an average price of $23.05, for a total value of $422,299.05. Following the completion of the transaction, the senior vice president now directly owns 276,640 shares of the company’s stock, valued at $6,376,552. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Matthew Charles Brown sold 5,393 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $21.90, for a total value of $118,106.70. Following the completion of the transaction, the vice president now directly owns 58,514 shares of the company’s stock, valued at $1,281,456.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,116,703 shares of company stock worth $26,033,682. 1.90% of the stock is currently owned by corporate insiders.

NASDAQ SYMC opened at $19.47 on Wednesday. The company has a quick ratio of 1.02, a current ratio of 0.85 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $12.23 billion, a PE ratio of 16.64, a P/E/G ratio of 1.79 and a beta of 1.09. Symantec Co. has a 52-week low of $17.42 and a 52-week high of $24.77.

Symantec (NASDAQ:SYMC) last released its quarterly earnings data on Thursday, May 9th. The technology company reported $0.39 EPS for the quarter, hitting analysts’ consensus estimates of $0.39. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.21 billion. Symantec had a return on equity of 13.05% and a net margin of 0.59%. The firm’s revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.46 earnings per share. Sell-side analysts predict that Symantec Co. will post 1.35 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 26th. Stockholders of record on Monday, June 10th will be paid a $0.075 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.30 annualized dividend and a dividend yield of 1.54%. Symantec’s payout ratio is 25.64%.

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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.

See Also: Green Investing

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Institutional Ownership by Quarter for Symantec (NASDAQ:SYMC)

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