Westpac Banking Corp Cuts Stake in Symantec Corporation (NASDAQ:SYMC)

Westpac Banking Corp lessened its position in Symantec Corporation (NASDAQ:SYMC) by 18.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 41,763 shares of the technology company’s stock after selling 9,614 shares during the quarter. Westpac Banking Corp’s holdings in Symantec Corporation were worth $1,180,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Bessemer Group Inc. increased its stake in Symantec Corporation by 1.2% in the second quarter. Bessemer Group Inc. now owns 9,311 shares of the technology company’s stock valued at $263,000 after acquiring an additional 106 shares during the last quarter. Mason Street Advisors LLC increased its stake in Symantec Corporation by 0.3% in the first quarter. Mason Street Advisors LLC now owns 85,518 shares of the technology company’s stock valued at $2,624,000 after acquiring an additional 237 shares during the last quarter. Wetherby Asset Management Inc. increased its stake in Symantec Corporation by 2.8% in the second quarter. Wetherby Asset Management Inc. now owns 8,885 shares of the technology company’s stock valued at $251,000 after acquiring an additional 246 shares during the last quarter. Greenwood Capital Associates LLC increased its stake in Symantec Corporation by 1.7% in the first quarter. Greenwood Capital Associates LLC now owns 15,210 shares of the technology company’s stock valued at $467,000 after acquiring an additional 255 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan increased its stake in Symantec Corporation by 1.5% in the first quarter. Municipal Employees Retirement System of Michigan now owns 20,120 shares of the technology company’s stock valued at $617,000 after acquiring an additional 290 shares during the last quarter. 91.72% of the stock is currently owned by institutional investors and hedge funds.

Shares of Symantec Corporation (SYMC) traded up 0.88% during trading on Friday, hitting $33.24. 9,577,891 shares of the company’s stock were exchanged. Symantec Corporation has a one year low of $22.76 and a one year high of $34.17. The stock’s market cap is $20.37 billion. The firm has a 50-day moving average price of $29.97 and a 200-day moving average price of $30.12.

Symantec Corporation (NASDAQ:SYMC) last released its quarterly earnings data on Wednesday, August 2nd. The technology company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.03. The company had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Symantec Corporation had a negative net margin of 8.68% and a positive return on equity of 10.73%. The firm’s quarterly revenue was up 38.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.29 EPS. Equities research analysts expect that Symantec Corporation will post $1.81 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 13th. Stockholders of record on Monday, August 21st were given a $0.075 dividend. The ex-dividend date was Thursday, August 17th. This represents a $0.30 annualized dividend and a dividend yield of 0.90%. Symantec Corporation’s payout ratio is presently -49.18%.

A number of research analysts have recently issued reports on the company. Piper Jaffray Companies reaffirmed a “buy” rating and set a $40.00 price objective on shares of Symantec Corporation in a research note on Tuesday, September 12th. Evercore ISI set a $25.00 price objective on Symantec Corporation and gave the company a “hold” rating in a research note on Saturday, June 10th. Robert W. Baird reaffirmed a “hold” rating on shares of Symantec Corporation in a research note on Saturday, June 10th. Barclays PLC reaffirmed an “overweight” rating and set a $36.00 price objective (down from $38.00) on shares of Symantec Corporation in a research note on Wednesday, August 9th. Finally, Zacks Investment Research cut Symantec Corporation from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 8th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and thirteen have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $31.54.

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In other news, SVP Amy L. Cappellanti-Wolf sold 2,163 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $29.85, for a total value of $64,565.55. Following the completion of the sale, the senior vice president now owns 115,997 shares of the company’s stock, valued at approximately $3,462,510.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Amy L. Cappellanti-Wolf sold 927 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $30.00, for a total transaction of $27,810.00. Following the completion of the sale, the senior vice president now directly owns 112,907 shares of the company’s stock, valued at approximately $3,387,210. The disclosure for this sale can be found here. Insiders sold a total of 1,677,228 shares of company stock valued at $48,822,058 in the last ninety days. Corporate insiders own 1.30% of the company’s stock.

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.

Institutional Ownership by Quarter for Symantec Corporation (NASDAQ:SYMC)

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