Stock Update: Symantec Corporation (NASDAQ:SYMC) – Despite billions in fresh cash, Symantec will cut costs and go into debt

[at MarketWatch] – Symantec Inc. appears to be rolling in gold like Scrooge McDuck after receiving nearly $6 billion in cash, so how does it celebrate? By cutting costs, including potential future staff changes, and going … Read more on this. Symantec Corporation (SYMC) , currently valued at $12.96B, started trading this morning at $19.19. Looking at the stock, its one day range is $18.92 to $19.31 and has traded between $18.31 and $26.36 over the past 12 months. SYMC shares are currently priced at 14.39x this year’s forecasted earnings, which makes them relatively expensive compared to the industry ’s 6.91x earnings multiple for the same period. And for dividend hunters, the company pays shareholders $0.60 per share annually in dividends, yielding 3.04%. In a review of the consensus earnings estimate this quarter, 26 sell-side analysts are looking at $0.24 per share, which would be $0.29 worse than the year-ago quarter and a $0.00 sequential decrease. Furthermore, our analysis shows the full-year EPS estimate to be $1.34, which would be a $0.54 worse when compared to the last year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $905.81 Million. If reported, that would be a 44.77% decrease over the year-ago quarter. In terms of ratings, Morgan Stanley upgraded SYMC from Underweight to Equal-Weight (Aug 21, 2015). Previously, Citigroup downgraded SYMC from Buy to Neutral. Given all the information above, we should disclose to readers that the average price target is $23.38, which is 21.83% above than it opened this morning. See more in (NASDAQ:SYMC) Similar Articles: Stock Update: Symantec Corporation (NASDAQ:SYMC) – Symantec Q3 Sales Seen Dipping Below $1 Billion Mark Stock Update: Symantec Corporation (NASDAQ:SYMC) – Symantec Announces Time Change for Q2 Earnings Call Stock Update (NASDAQ:SYMC): Symantec to sell Veritas business for $8B in cash
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