$1.15 Billion in Sales Expected for Symantec (SYMC) This Quarter

Wall Street brokerages forecast that Symantec (NASDAQ:SYMC) will post $1.15 billion in sales for the current fiscal quarter, according to Zacks. Ten analysts have provided estimates for Symantec’s earnings, with estimates ranging from $1.14 billion to $1.16 billion. Symantec posted sales of $1.18 billion in the same quarter last year, which would indicate a negative year over year growth rate of 2.5%. The company is scheduled to announce its next earnings report on Wednesday, 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 $4.78 billion to $4.87 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $5.05 billion per share, with estimates ranging from $4.82 billion to $5.18 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Symantec.

Symantec (NASDAQ:SYMC) last issued its earnings results on Thursday, May 10th. The technology company reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.07. Symantec had a return on equity of 16.24% and a net margin of 23.98%. The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same period in the prior year, the business earned $0.28 EPS. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year.

SYMC has been the subject of several research reports. Zacks Investment Research cut Symantec from a “hold” rating to a “strong sell” rating in a report on Saturday, January 20th. ValuEngine cut Symantec from a “sell” rating to a “strong sell” rating in a report on Saturday, May 12th. Jefferies Group lowered their target price on Symantec to $20.00 and set an “underperform” rating for the company in a report on Friday, May 11th. JMP Securities cut Symantec from an “outperform” rating to a “market perform” rating in a report on Friday, April 27th. Finally, Barclays cut Symantec from an “overweight” rating to an “equal weight” rating in a report on Friday, May 11th. Five investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $28.64.

In related news, EVP Scott C. Taylor sold 41,284 shares of the company’s stock in a transaction dated Monday, April 16th. The stock was sold at an average price of $27.61, for a total transaction of $1,139,851.24. Following the transaction, the executive vice president now directly owns 188,426 shares of the company’s stock, valued at approximately $5,202,441.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Francis C. Rosch sold 51,899 shares of the company’s stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $26.59, for a total value of $1,379,994.41. Following the transaction, the executive vice president now directly owns 213,026 shares in the company, valued at $5,664,361.34. The disclosure for this sale can be found here. Over the last three months, insiders sold 97,183 shares of company stock valued at $2,630,726. Corporate insiders own 1.30% of the company’s stock.

A number of large investors have recently made changes to their positions in SYMC. Point72 Asia Hong Kong Ltd acquired a new position in Symantec during the 1st quarter valued at about $109,000. Optimum Investment Advisors acquired a new position in Symantec during the 1st quarter valued at about $129,000. Dupont Capital Management Corp increased its position in Symantec by 117.9% during the 1st quarter. Dupont Capital Management Corp now owns 5,265 shares of the technology company’s stock valued at $136,000 after buying an additional 2,849 shares in the last quarter. Delpha Capital Management LLC acquired a new position in Symantec during the 4th quarter valued at about $162,000. Finally, Genesee Valley Trust Co. acquired a new position in Symantec during the 4th quarter valued at about $209,000. 95.18% of the stock is currently owned by institutional investors.

Shares of SYMC stock traded down $0.13 during mid-day trading on Friday, hitting $22.19. The stock had a trading volume of 8,912,877 shares, compared to its average volume of 15,780,070. Symantec has a 12-month low of $18.85 and a 12-month high of $34.20. The stock has a market capitalization of $13.87 billion, a price-to-earnings ratio of 23.36, a P/E/G ratio of 3.15 and a beta of 0.86. The company has a current ratio of 1.11, a quick ratio of 1.15 and a debt-to-equity ratio of 0.99.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 20th. Stockholders of record on Friday, June 8th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend is Thursday, June 7th. Symantec’s payout ratio is 31.58%.

About Symantec

Symantec Corporation, together with its subsidiaries, provides cybersecurity solutions worldwide. It operates through two segments, Consumer Digital Safety and Enterprise Security. The Consumer Digital Safety segment provides Norton-branded services that provide multi-layer security services across desktop and mobile operating systems, public Wi-Fi connections, and home networks to defend against online threats to individuals, families, and small businesses.

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Earnings History and Estimates for Symantec (NASDAQ:SYMC)

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