Zacks: Brokerages Anticipate Symantec Co. (NASDAQ:SYMC) to Announce $0.32 Earnings Per Share

Wall Street brokerages expect that Symantec Co. (NASDAQ:SYMC) will report earnings per share of $0.32 for the current fiscal quarter, Zacks reports. Twelve analysts have issued estimates for Symantec’s earnings, with estimates ranging from $0.32 to $0.34. Symantec reported earnings per share of $0.34 in the same quarter last year, which would suggest a negative year over year growth rate of 5.9%. The company is expected to report its next earnings report after the market closes on Thursday, August 8th.

On average, analysts expect that Symantec will report full-year earnings of $1.67 per share for the current financial year, with EPS estimates ranging from $1.56 to $1.73. For the next year, analysts anticipate that the company will post earnings of $1.80 per share, with EPS estimates ranging from $1.65 to $1.97. Zacks Investment Research’s EPS averages are an average based on a survey of analysts that cover Symantec.

Symantec (NASDAQ:SYMC) last announced its quarterly earnings data on Thursday, May 9th. The technology company reported $0.39 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.39. The business had revenue of $1.20 billion for 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%. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.46 earnings per share.

A number of analysts have recently commented on the stock. Mizuho set a $11.00 price objective on shares of Teva Pharmaceutical Industries and gave the stock a “hold” rating in a research report on Monday, June 17th. Goldman Sachs Group restated a “neutral” rating and set a $393.00 target price on shares of Boeing in a report on Monday, April 8th. BidaskClub upgraded shares of Misonix from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 3rd. Robert W. Baird began coverage on shares of ANCHIANO THERAP/S in a report on Tuesday, May 28th. They set an “outperform” rating and a $12.00 target price on the stock. Finally, Wedbush set a $19.00 target price on shares of Symantec and gave the stock a “hold” rating in a report on Monday, July 15th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $21.44.

In related news, Director Peter A. Feld acquired 650,000 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were purchased at an average cost of $19.51 per share, for a total transaction of $12,681,500.00. Following the completion of the acquisition, the director now directly owns 22,117 shares in the company, valued at $431,502.67. The purchase was disclosed in a filing with the SEC, which is available at this link. 1.90% of the stock is owned by insiders.

Several large investors have recently added to or reduced their stakes in SYMC. Covington Capital Management acquired a new position in shares of Symantec in the fourth quarter valued at $28,000. Bronfman E.L. Rothschild L.P. increased its holdings in shares of Symantec by 27.1% in the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 3,363 shares of the technology company’s stock valued at $64,000 after purchasing an additional 718 shares during the last quarter. CX Institutional increased its holdings in shares of Symantec by 133.1% in the first quarter. CX Institutional now owns 2,813 shares of the technology company’s stock valued at $65,000 after purchasing an additional 1,606 shares during the last quarter. Mizuho Securities Co. Ltd. acquired a new position in shares of Symantec in the first quarter valued at $76,000. Finally, Investors Research Corp acquired a new position in shares of Symantec in the first quarter valued at $106,000. Hedge funds and other institutional investors own 91.64% of the company’s stock.

Shares of SYMC stock traded down $0.73 during trading on Tuesday, reaching $22.27. The company’s stock had a trading volume of 11,700,242 shares, compared to its average volume of 12,370,900. The firm’s fifty day moving average is $21.54. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $13.77 billion, a P/E ratio of 19.03, a price-to-earnings-growth ratio of 2.24 and a beta of 1.31. Symantec has a one year low of $17.42 and a one year high of $26.07.

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 26th. Investors of record on Monday, June 10th were issued a dividend of $0.075 per share. The ex-dividend date was Friday, June 7th. This represents a $0.30 dividend on an annualized basis and a yield of 1.35%. Symantec’s payout ratio is 25.64%.

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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