Symantec Corp. (SYMC) Updates FY18 Earnings Guidance
Symantec Corp. (NASDAQ:SYMC) updated its FY18 earnings guidance on Monday. The company provided earnings per share guidance of $1.70-1.80 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.73. Symantec Corp. also updated its FY17 guidance to $1.12-1.18 EPS.
Shares of Symantec Corp. (NASDAQ:SYMC) opened at 23.75 on Monday. Symantec Corp. has a 12-month low of $16.14 and a 12-month high of $25.72. The firm has a market cap of $14.81 billion, a price-to-earnings ratio of 6.86 and a beta of 1.23. The stock’s 50 day moving average is $24.81 and its 200 day moving average is $21.62.
Symantec Corp. (NASDAQ:SYMC) last announced its quarterly earnings data on Thursday, November 3rd. The company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.10. Symantec Corp. had a net margin of 60.52% and a return on equity of 11.62%. The company earned $979 million during the quarter, compared to the consensus estimate of $978.86 million. During the same quarter last year, the firm posted $0.44 EPS. The company’s quarterly revenue was up 8.1% on a year-over-year basis. Equities analysts expect that Symantec Corp. will post $1.16 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 14th. Stockholders of record on Monday, November 21st will be given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date is Thursday, November 17th. Symantec Corp.’s dividend payout ratio (DPR) is presently 8.85%.
SYMC has been the subject of several research analyst reports. Jefferies Group reaffirmed a hold rating and set a $20.00 target price (up previously from $17.00) on shares of Symantec Corp. in a report on Tuesday, August 2nd. MKM Partners lifted their target price on shares of Symantec Corp. from $18.00 to $21.00 and gave the stock a neutral rating in a report on Tuesday, August 2nd. Barclays PLC initiated coverage on shares of Symantec Corp. in a report on Friday, August 5th. They set an equal weight rating and a $24.00 target price for the company. Oppenheimer Holdings Inc. raised shares of Symantec Corp. from a market perform rating to an outperform rating and set a $28.00 target price for the company in a report on Friday, August 5th. Finally, Royal Bank Of Canada lifted their target price on shares of Symantec Corp. from $24.00 to $25.00 and gave the stock an outperform rating in a report on Friday, August 5th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and twelve have given a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $25.44.
In related news, SVP Amy L. Cappellanti-Wolf sold 15,474 shares of the stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $24.88, for a total transaction of $384,993.12. Following the transaction, the senior vice president now directly owns 112,103 shares of the company’s stock, valued at $2,789,122.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Francis C. Rosch sold 3,336 shares of the stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $24.88, for a total transaction of $82,999.68. Following the transaction, the executive vice president now directly owns 299,895 shares in the company, valued at $7,461,387.60. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Mackenzie Financial Corp increased its position in Symantec Corp. by 3.6% in the second quarter. Mackenzie Financial Corp now owns 24,988 shares of the company’s stock valued at $513,000 after buying an additional 863 shares during the last quarter. LPL Financial LLC increased its position in Symantec Corp. by 2.6% in the third quarter. LPL Financial LLC now owns 39,302 shares of the company’s stock valued at $992,000 after buying an additional 1,010 shares during the last quarter. Fort L.P. increased its position in Symantec Corp. by 12.8% in the second quarter. Fort L.P. now owns 11,675 shares of the company’s stock valued at $240,000 after buying an additional 1,329 shares during the last quarter. Scotia Capital Inc. increased its position in Symantec Corp. by 6.0% in the second quarter. Scotia Capital Inc. now owns 34,438 shares of the company’s stock valued at $710,000 after buying an additional 1,949 shares during the last quarter. Finally, Cibc World Markets Corp increased its position in Symantec Corp. by 5.5% in the second quarter. Cibc World Markets Corp now owns 41,251 shares of the company’s stock valued at $847,000 after buying an additional 2,143 shares during the last quarter. 96.69% of the stock is currently owned by institutional investors and hedge funds.
About Symantec Corp.
Symantec Corporation provides security and information management solutions. The Company operates its business on a global civilian cyber intelligence threat network and tracks various threats across the Internet from mobile devices, endpoints, and servers across the world. It is developing solutions for cloud, threat protection, information protection and cyber security services.
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