Brokerages expect Symantec Co. (NASDAQ:SYMC) to announce sales of $1.19 billion for the current fiscal quarter, Zacks Investment Research reports. Twelve analysts have issued estimates for Symantec’s earnings, with the highest sales estimate coming in at $1.19 billion and the lowest estimate coming in at $1.18 billion. Symantec reported sales of $1.16 billion in the same quarter last year, which indicates a positive year over year growth rate of 2.6%. The firm is expected to report its next earnings report on Thursday, August 1st.
On average, analysts expect that Symantec will report full-year sales of $4.82 billion for the current financial year, with estimates ranging from $4.78 billion to $4.87 billion. For the next financial year, analysts forecast that the firm will post sales of $4.97 billion, with estimates ranging from $4.84 billion to $5.20 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Symantec.
Symantec (NASDAQ:SYMC) last issued its quarterly earnings data on Thursday, May 9th. The technology company reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. Symantec had a return on equity of 13.05% and a net margin of 0.59%. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter last year, the company earned $0.46 earnings per share. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year.
Several brokerages have weighed in on SYMC. ValuEngine raised Symantec from a “sell” rating to a “hold” rating in a report on Wednesday, May 15th. Robert W. Baird reissued a “hold” rating and issued a $22.00 price target on shares of Symantec in a report on Tuesday, May 28th. BidaskClub raised Symantec from a “strong sell” rating to a “sell” rating in a report on Thursday, May 23rd. Zacks Investment Research downgraded Symantec from a “buy” rating to a “hold” rating in a report on Saturday, February 2nd. Finally, Cowen began coverage on Symantec in a report on Thursday, May 23rd. They issued a “market perform” rating and a $22.00 price target for the company. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $21.94.
In other news, Director Peter A. Feld bought 650,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was purchased at an average price of $19.51 per share, with a total value of $12,681,500.00. Following the completion of the acquisition, the director now directly owns 22,117 shares of the company’s stock, valued at approximately $431,502.67. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Gregory S. Clark sold 61,170 shares of Symantec stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $24.00, for a total value of $1,468,080.00. Following the sale, the insider now directly owns 1,565,007 shares of the company’s stock, valued at approximately $37,560,168. The disclosure for this sale can be found here. Insiders have sold 1,052,927 shares of company stock valued at $24,563,645 in the last ninety days. Corporate insiders own 1.90% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in SYMC. Vanguard Group Inc lifted its holdings in shares of Symantec by 1.4% during the third 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 period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Symantec by 4.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 158,178 shares of the technology company’s stock worth $2,989,000 after purchasing an additional 6,178 shares during the period. Royal London Asset Management Ltd. lifted its holdings in shares of Symantec by 3.4% during the fourth quarter. Royal London Asset Management Ltd. now owns 261,966 shares of the technology company’s stock worth $4,862,000 after purchasing an additional 8,606 shares during the period. Advisor Partners LLC lifted its holdings in shares of Symantec by 11.4% during the fourth quarter. Advisor Partners LLC now owns 11,398 shares of the technology company’s stock worth $215,000 after purchasing an additional 1,163 shares during the period. Finally, Wetherby Asset Management Inc. lifted its holdings in shares of Symantec by 17.2% during the fourth quarter. Wetherby Asset Management Inc. now owns 12,212 shares of the technology company’s stock worth $231,000 after purchasing an additional 1,792 shares during the period. 88.81% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ SYMC opened at $18.73 on Friday. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.85 and a quick ratio of 1.02. The stock has a market capitalization of $11.67 billion, a price-to-earnings ratio of 16.01, a price-to-earnings-growth ratio of 1.90 and a beta of 1.09. Symantec has a fifty-two week low of $17.42 and a fifty-two week high of $24.77.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 26th. Investors of record on Monday, June 10th will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date is Friday, June 7th. Symantec’s dividend payout ratio (DPR) is 25.64%.
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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