Analysts Anticipate Symantec Co. (SYMC) Will Announce Quarterly Sales of $1.21 Billion

Brokerages predict that Symantec Co. (NASDAQ:SYMC) will report sales of $1.21 billion for the current quarter, according to Zacks Investment Research. Eleven analysts have provided estimates for Symantec’s earnings, with the lowest sales estimate coming in at $1.20 billion and the highest estimate coming in at $1.22 billion. Symantec reported sales of $1.22 billion in the same quarter last year, which would suggest a negative year-over-year growth rate of 0.8%. The business is scheduled to issue its next earnings report on Thursday, May 9th.

According to Zacks, analysts expect that Symantec will report full year sales of $4.77 billion for the current fiscal year, with estimates ranging from $4.73 billion to $4.78 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $4.98 billion, with estimates ranging from $4.91 billion to $5.05 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow Symantec.

Symantec (NASDAQ:SYMC) last issued its quarterly earnings data on Thursday, January 31st. The technology company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.05. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Symantec had a negative net margin of 0.86% and a positive return on equity of 13.24%. During the same period in the previous year, the firm earned $0.49 EPS.

SYMC has been the subject of a number of analyst reports. Zacks Investment Research raised Symantec from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a research report on Wednesday, January 30th. BidaskClub downgraded Symantec from a “buy” rating to a “hold” rating in a research report on Tuesday, December 18th. Evercore ISI reissued a “hold” rating and set a $22.00 price objective on shares of Symantec in a research report on Monday, February 4th. ValuEngine downgraded Symantec from a “buy” rating to a “hold” rating in a research report on Tuesday, December 25th. Finally, Robert W. Baird reaffirmed a “hold” rating and issued a $25.00 price target on shares of Symantec in a report on Friday, February 1st. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and three have issued a buy rating to the company’s stock. Symantec has a consensus rating of “Hold” and an average price target of $22.64.

In other news, VP Matthew Charles Brown sold 5,393 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $21.90, for a total value of $118,106.70. Following the completion of the sale, the vice president now directly owns 58,514 shares of the company’s stock, valued at $1,281,456.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Nicholas R. Noviello sold 332,155 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $22.50, for a total value of $7,473,487.50. Following the completion of the sale, the chief financial officer now directly owns 880,695 shares of the company’s stock, valued at $19,815,637.50. The disclosure for this sale can be found here. Insiders sold 401,324 shares of company stock valued at $9,061,631 over the last three months. Corporate insiders own 1.90% of the company’s stock.

Several hedge funds have recently bought and sold shares of SYMC. Covington Capital Management purchased a new stake in shares of Symantec during the fourth quarter worth approximately $28,000. PRW Wealth Management LLC purchased a new stake in shares of Symantec during the fourth quarter worth approximately $30,000. Parisi Gray Wealth Management purchased a new stake in shares of Symantec during the fourth quarter worth approximately $45,000. Bronfman E.L. Rothschild L.P. raised its stake in shares of Symantec by 27.1% during the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 3,363 shares of the technology company’s stock worth $64,000 after purchasing an additional 718 shares during the last quarter. Finally, Optimum Investment Advisors raised its stake in shares of Symantec by 12.9% during the fourth quarter. Optimum Investment Advisors now owns 4,441 shares of the technology company’s stock worth $84,000 after purchasing an additional 507 shares during the last quarter. 89.89% of the stock is owned by institutional investors and hedge funds.

NASDAQ:SYMC traded up $0.05 on Monday, reaching $22.99. 4,311,911 shares of the company’s stock were exchanged, compared to its average volume of 3,851,539. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market capitalization of $14.66 billion, a PE ratio of 24.20, a price-to-earnings-growth ratio of 2.50 and a beta of 1.09. Symantec has a 52-week low of $17.42 and a 52-week high of $29.20.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 13th. Investors of record on Tuesday, February 19th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date of this dividend was Friday, February 15th. Symantec’s dividend payout ratio (DPR) is 31.58%.

About Symantec

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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