Symantec reveals investigation details on call

REUTERS  Thomas White  File

REUTERS Thomas White File

Lack of clarity around the probe, announced on Thursday along with the company's earnings report, triggered a plunge in shares that wiped out $6 billion from the company's market value on Friday.

Many analysts are providing their Estimated Earnings analysis for Symantec Corporation and for the current quarter 27 analysts have projected that the stock could give an Average Earnings estimate of $0.39/share. During the same quarter in the prior year, the firm posted $0.32 earnings per share. The difference between the expected and actual EPS was $0.05/share, which represents an Earnings surprise of 11.4%.

Symantec revealed the audit committee investigation during last week's earnings report but didn't provide details. The technology company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.07. Symantec had a net margin of 22.24% and a return on equity of 14.26%. Apart from the steep downfall, the company has forecasted a weak outcome of SYMC -33.10% for the current fiscal year as well as the quarter. Cowen restated a "sell" rating and issued a $26.00 price target on shares of Symantec in a research report on Thursday, February 1st. TheStreet downgraded shares of Symantec from a "b" rating to a "c+" rating in a report on Thursday.

Macquarie Cut Symantec (NASDAQ:SYMC)'s Rating to Neutral. Robert W. Baird reaffirmed a "hold" rating and set a $25.00 price objective on shares of Symantec in a research report on Friday.

Shares opened at $21.16 Monday, after closing below $20 Friday in the stock's worst trading day since 2001. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have assigned a buy rating to the stock. Symantec has a consensus rating of "Hold" and a consensus price target of $30.87. Vautrinot Suzanne M sold 4,000 shares worth $110,880. Strategy Asset Managers Llc sold 18,248 shares as Symantec Corp (SYMC)'s stock declined 9.92%. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The stock was sold at an average price of $26.59, for a total value of $1,379,994.41. The disclosure for this sale can be found here. The Stock now has a Weekly Volatility of 2.84% and Monthly Volatility of 2.30%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SYMC. Retirement Systems of Alabama boosted its holdings in Symantec by 0.8% in the fourth quarter. Quadrature Capital Ltd now owns 148,621 shares of the technology company's stock valued at $3,842,000 after acquiring an additional 104,901 shares during the last quarter. Finally, Cambiar Investors LLC raised its stake in Symantec by 78.4% in the fourth quarter. Sentry Investments Corp. now owns 458,711 shares of the technology company's stock valued at $11,858,000 after acquiring an additional 24,300 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in Symantec by 34.9% during the first quarter. Following the completion of the transaction, the executive vice president now owns 213,026 shares of the company's stock, valued at $5,664,361.34. The score helps determine if a company's stock is valuable or not. On the other side it is not a negative indicator for Investor portfolio value when the price of a stock Investor owns moves down in value. 54,374,728 shares of the company traded hands, compared to its average volume of 7,757,254. Symantec has a twelve month low of $19.80 and a twelve month high of $21.89. Its quick ratio for the most recent quarter is 1.20. The company has a market capitalization of $17,222.84, a P/E ratio of 41.95, a P/E/G ratio of 2.28 and a beta of 0.87.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 20th. Investors of record on Friday, June 8th will be given a $0.075 dividend.

The EBITDA Yield for Cofina, SGPS, S.A. (ENXTLS:CFN) is 0.097341. Symantec's dividend payout ratio is presently 45.45%.

Symantec Corporation, together with its subsidiaries, provides cybersecurity solutions worldwide. It operates through two divisions, Consumer Digital Safety and Enterprise Security.