So sayeth Brian Dye, Symantec's senior vice president for information security, in a weekend interview with The Wall Street Journal.The words sound shocking—Symantec and … PCMag Digital Group The company also plans to boost its dividend to 50 cents a share, from 30 cents. Broadcom acquired the former Symantec’s enterprise business in a deal that closed on Monday.
She said in a research note that she sees three reasons for taking a bullish stance on the revamped company.The company’s stock symbol has changed from SYMC to NLOK. Symantec may refer to: . Download the fix tool.. Save the file to the Windows desktop. Shares of Symantec Corporation (NASDAQ:NLOK) were tumbling today after the cybersecurity specialist announced an internal investigation that may … For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.One, she has “higher conviction” in management’s ability to meet its targets of $1.50 a share or more in earnings power and $900 million or more in annualized free cash flow. Symantec made today's $10.7 billion deal when its enterprise security business has been struggling to post year-over-year growth. What happened. That implies a yield of about 3%, excluding the pending distribution of the proceeds from the sale of the enterprise business to Broadcom.“NLOK is defensive and differentiated against investor fatigue with high-beta, high multiple software stocks,” she writes. What happened. “With the Enterprise divestiture now closed and upcoming earnings [on Thursday], we see catalysts for investors to revisit a cleaner, more profitable and more focused business at an attractive multiple.”Boolani notes that there could be confusion around the shares for a bit, while the company completes the distribution of the after-tax proceeds from the deal to shareholders. Our expert industry analysis and practical solutions help you make better buying decisions and get more from technology.© 1996-2020 Ziff Davis, LLC. Holders will get a special dividend of about $12 a share—around half the current stock price.Norton has multiple opportunities to increase average revenue per user as it “leverages its #1 market share position in consumer security with much greater focus,” Boolani said.Symanteccompleted the sale of its enterprise-security software business to Broadcom for $10.She noted that the business sold to Broadcom (ticker: AVGO) accounted for 50% of the company’s revenue, but just 10% of its pretax earnings. And three, she sees a compelling story in terms of earnings and free cash flow.Norton shares were up 0.4%, to $23.85 on Tuesday.Copyright ©2020 Dow Jones & Company, Inc. All Rights ReservedAn error has occurred, please try again later.Norton has said it would buy back $1.6 billion of stock in connection with the Broadcom deal, the analyst noted. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. The remaining, consumer-focused cybersecurity operation is a Buy, according to UBS. Symantec Endpoint Protection, developed by Broadcom Inc., is a security software suite that consists of anti-malware, intrusion prevention and firewall features for server and desktop computers.
NortonLifeLock, she says, is now being valued at 10 times forward earnings, and about 10 times enterprise value to free cash flow, for a company with low-single digit revenue growth, 50% operating margins and free cash flow margins of 35% or better.This copy is for your personal, non-commercial use only. Antivirus is dead.
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