Symantec Corporation (SYMC) Posts Earnings Results
Symantec Corporation (NASDAQ:SYMC) announced its earnings results on Wednesday. The technology company reported $0.40 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.14, Bloomberg Earnings reports. Symantec Corporation had a negative net margin of 5.29% and a positive return on equity of 12.27%. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter last year, the firm earned $0.30 earnings per share. The business’s revenue for the quarter was up 25.7% on a year-over-year basis. Symantec Corporation updated its Q3 guidance to $0.42-0.46 EPS and its FY18 guidance to $1.66-1.76 EPS.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 13th. Stockholders of record on Monday, November 20th will be paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 1.02%. The ex-dividend date is Friday, November 17th. Symantec Corporation’s dividend payout ratio is presently -75.00%.
In other news, Director Suzanne M. Vautrinot sold 2,500 shares of Symantec Corporation stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $32.81, for a total value of $82,025.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael David Fey sold 1,348,831 shares of Symantec Corporation stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $28.84, for a total transaction of $38,900,286.04. Following the completion of the transaction, the insider now directly owns 1,605,757 shares in the company, valued at $46,310,031.88. The disclosure for this sale can be found here. Insiders sold a total of 1,645,816 shares of company stock worth $47,911,129 over the last ninety days. Corporate insiders own 1.30% of the company’s stock.
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A number of brokerages have weighed in on SYMC. Evercore ISI reaffirmed a “hold” rating and set a $25.00 target price on shares of Symantec Corporation in a research note on Thursday. Barclays PLC reaffirmed an “overweight” rating and set a $36.00 target price (down previously from $38.00) on shares of Symantec Corporation in a research note on Wednesday, August 9th. Oppenheimer Holdings, Inc. decreased their target price on shares of Symantec Corporation from $35.00 to $33.00 and set an “outperform” rating for the company in a research note on Thursday. CIBC reaffirmed an “outperform” rating and set a $33.00 target price (down previously from $35.00) on shares of Symantec Corporation in a research note on Thursday. Finally, Zacks Investment Research downgraded shares of Symantec Corporation from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 8th. Three research analysts have rated the stock with a sell rating, sixteen have given a hold rating and ten have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $31.64.
Symantec Corporation Company Profile
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.
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