$1.19 Billion in Sales Expected for Symantec Co. (SYMC) This Quarter

Equities analysts expect that Symantec Co. (NASDAQ:SYMC) will report $1.19 billion in sales for the current fiscal quarter, Zacks reports. Ten analysts have provided estimates for Symantec’s earnings. The highest sales estimate is $1.20 billion and the lowest is $1.18 billion. Symantec reported sales of $1.16 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 2.6%. The company is scheduled to announce its next earnings report on Thursday, August 1st.

On average, analysts expect that Symantec will report full-year sales of $4.83 billion for the current financial year, with estimates ranging from $4.81 billion to $4.87 billion. For the next fiscal year, analysts expect that the firm will post sales of $5.01 billion, with estimates ranging from $4.89 billion to $5.31 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Symantec.

Symantec (NASDAQ:SYMC) last announced its earnings results on Thursday, May 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.39. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.21 billion. Symantec had a net margin of 0.59% and a return on equity of 13.05%. Symantec’s revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.46 EPS.

A number of brokerages recently issued reports on SYMC. Zacks Investment Research upgraded shares of Symantec from a “sell” rating to a “hold” rating in a research report on Wednesday. BidaskClub lowered shares of Symantec from a “sell” rating to a “strong sell” rating in a research report on Friday, May 10th. Mizuho decreased their target price on shares of Symantec from $25.00 to $22.00 and set a “neutral” rating for the company in a research report on Friday, May 10th. Wedbush reiterated a “neutral” rating and issued a $19.00 target price (down previously from $24.00) on shares of Symantec in a research report on Friday, May 10th. Finally, Robert W. Baird reiterated a “hold” rating on shares of Symantec in a research report on Friday, May 10th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $22.13.

In other news, Director Suzanne M. Vautrinot sold 18,000 shares of the firm’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $24.01, for a total transaction of $432,180.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Matthew Charles Brown sold 5,393 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $21.90, for a total transaction of $118,106.70. Following the transaction, the vice president now owns 58,514 shares of the company’s stock, valued at approximately $1,281,456.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,116,703 shares of company stock valued at $26,033,682. Insiders own 1.90% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in SYMC. CI Investments Inc. acquired a new position in shares of Symantec in the fourth quarter worth about $192,976,000. Norges Bank acquired a new position in shares of Symantec in the fourth quarter worth about $97,166,000. FMR LLC boosted its holdings in shares of Symantec by 44.1% in the fourth quarter. FMR LLC now owns 8,779,685 shares of the technology company’s stock worth $165,892,000 after buying an additional 2,686,107 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Symantec by 651.6% in the first quarter. Renaissance Technologies LLC now owns 2,510,738 shares of the technology company’s stock worth $57,722,000 after buying an additional 2,176,700 shares during the period. Finally, Bank of Nova Scotia boosted its holdings in shares of Symantec by 299.8% in the fourth quarter. Bank of Nova Scotia now owns 2,858,792 shares of the technology company’s stock worth $54,015,000 after buying an additional 2,143,686 shares during the period. Institutional investors own 89.96% of the company’s stock.

SYMC traded up $0.02 on Friday, reaching $19.49. The company had a trading volume of 10,243,700 shares, compared to its average volume of 5,606,233. The firm has a market capitalization of $12.23 billion, a PE ratio of 16.66, a P/E/G ratio of 1.79 and a beta of 1.09. The company has a quick ratio of 1.02, a current ratio of 0.85 and a debt-to-equity ratio of 0.69. Symantec has a one year low of $17.42 and a one year high of $24.77.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 26th. Stockholders of record on Monday, June 10th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.30 annualized dividend and a dividend yield of 1.54%. Symantec’s dividend payout ratio (DPR) is 25.64%.

Symantec Company Profile

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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