Brokerages Expect Symantec Corporation (SYMC) Will Post Quarterly Sales of $1.28 Billion
Analysts forecast that Symantec Corporation (NASDAQ:SYMC) will announce $1.28 billion in sales for the current quarter, according to Zacks. Seven analysts have issued estimates for Symantec Corporation’s earnings, with the lowest sales estimate coming in at $1.27 billion and the highest estimate coming in at $1.29 billion. Symantec Corporation posted sales of $979.00 million in the same quarter last year, which suggests a positive year over year growth rate of 30.7%. The firm is scheduled to announce its next earnings results on Thursday, November 2nd.
According to Zacks, analysts expect that Symantec Corporation will report full year sales of $1.28 billion for the current fiscal year, with estimates ranging from $4.98 billion to $5.26 billion. For the next financial year, analysts expect that the business will report sales of $5.47 billion per share, with estimates ranging from $5.15 billion to $5.56 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Symantec Corporation.
Symantec Corporation (NASDAQ:SYMC) last released its earnings results on Wednesday, August 2nd. The technology company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Symantec Corporation had a negative net margin of 8.68% and a positive return on equity of 10.73%. The company’s quarterly revenue was up 38.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.29 earnings per share.
SYMC has been the subject of a number of research analyst reports. BidaskClub downgraded shares of Symantec Corporation from a “buy” rating to a “hold” rating in a report on Thursday, June 15th. Standpoint Research upgraded shares of Symantec Corporation from a “hold” rating to a “buy” rating in a report on Thursday, June 29th. Zacks Investment Research upgraded shares of Symantec Corporation from a “strong sell” rating to a “buy” rating and set a $32.00 price target for the company in a report on Tuesday, July 11th. Morgan Stanley reiterated an “overweight” rating and issued a $37.00 price target on shares of Symantec Corporation in a report on Thursday, July 13th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $27.00 price target on shares of Symantec Corporation in a report on Wednesday, July 19th. Three investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eleven have assigned a buy rating to the company. Symantec Corporation has a consensus rating of “Hold” and a consensus price target of $31.42.
In related news, SVP Amy L. Cappellanti-Wolf sold 2,163 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $29.85, for a total value of $64,565.55. Following the sale, the senior vice president now directly owns 115,997 shares of the company’s stock, valued at $3,462,510.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Suzanne M. Vautrinot sold 2,500 shares of Symantec Corporation stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $32.81, for a total transaction of $82,025.00. The disclosure for this sale can be found here. Insiders sold 1,662,816 shares of company stock worth $48,437,529 over the last three months. Corporate insiders own 1.30% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Commerce Bank lifted its position in Symantec Corporation by 352.5% during the second quarter. Commerce Bank now owns 43,888 shares of the technology company’s stock valued at $1,240,000 after buying an additional 34,189 shares in the last quarter. Delta Lloyd Asset Management N.V. acquired a new position in Symantec Corporation during the second quarter valued at approximately $1,830,000. Numeric Investors LLC lifted its position in Symantec Corporation by 168.5% during the second quarter. Numeric Investors LLC now owns 54,500 shares of the technology company’s stock valued at $1,540,000 after buying an additional 34,200 shares in the last quarter. Spirit of America Management Corp NY lifted its position in Symantec Corporation by 9.9% during the second quarter. Spirit of America Management Corp NY now owns 26,200 shares of the technology company’s stock valued at $740,000 after buying an additional 2,350 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan lifted its position in Symantec Corporation by 1.5% during the first quarter. Municipal Employees Retirement System of Michigan now owns 20,120 shares of the technology company’s stock valued at $617,000 after buying an additional 290 shares in the last quarter. 91.65% of the stock is currently owned by hedge funds and other institutional investors.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 13th. Investors of record on Monday, August 21st were given a $0.075 dividend. The ex-dividend date was Thursday, August 17th. This represents a $0.30 annualized dividend and a dividend yield of 0.94%. Symantec Corporation’s dividend payout ratio is presently -49.18%.
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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