Symantec stock plunges on internal investigation

Symantec shares tank after annual report delays

On May 10, 2018, after the market closed, Symantec disclosed that its Audit Committee had commenced an investigation "in connection with concerns raised by a former employee" and that the Company had contacted the Securities and Exchange Commission ("SEC") to advise the SEC of the investigation. The company also noted that it has won a large number of deals worth more than $5 million during the quarter. Goldman Sachs Grp Inc Inc stated it has 3.12 million shares or 0.02% of all its holdings. Company insiders own 1.30% of the company's stock. The stock has a market cap of $17.78 billion, a price-to-earnings ratio of 44.21, a P/E/G ratio of 2.35 and a beta of 0.86. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 1.13. Symantec Corporation (NASDAQ:SYMC) has declined 16.28% since May 11, 2017 and is downtrending.

The committee has retained independent counsel and other advisers to assist in the investigation, Symantec said.

Analysts were expecting the company to report a profit of 39 cents per share on revenue of $1.19 billion. While in the same Quarter Previous year, the Actual EPS was $0.28.

"Because this is an ongoing matter, we will be unable to comment further on this topic during today's call and there will be no question-and-answer session following our prepared remarks", she added. Stockholders of record on Friday, June 8th will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 1.03%. Symantec's payout ratio is 45.45%.

Several large investors have recently made changes to their positions in the stock. Baird reiterated a "hold" rating and issued a $25.00 price target on shares of Symantec in a research note on Friday. BidaskClub cut shares of Symantec from a "sell" rating to a "strong sell" rating in a report on Saturday, January 13th. Currently, the stock has a 1 Year Price Target of $29.94.

Symantec traded up $0.43, reaching $29.18, during midday trading on Thursday, according to MarketBeat Ratings.

Among 3 analysts covering Kamada Ltd (NASDAQ:KMDA), 3 have Buy rating, 0 Sell and 0 Hold. The stock was sold at an average price of $26.59, for a total transaction of $1,379,994.41. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Yahoo Finance put the average earnings estimate of 27 analysts at US$0.39 a share. Following the transaction, the executive vice president now directly owns 188,426 shares of the company's stock, valued at approximately $5,202,441.86. The disclosure for this sale can be found here.

The Stock had a 2.79 Consensus Analyst Recommendation 30 Days Ago, whereas 60 days ago and 90 days ago the analyst recommendations were 2.79 and 2.79 respectively.

Symantec Corporation, together with its subsidiaries, provides cybersecurity solutions worldwide. It operates through two divisions, Consumer Digital Safety and Enterprise Security.

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