Every Thursday we bring you “Best U.S. Stocks.” You get our specific recommendation on the stocks we profile, with a full explanation of how we arrived at our opinion. You will read about stocks making moves you should know about, from coverage in our newsletter on U.S. investing, Wall Street Stock Forecaster. Or, as with this stock, from coverage in our advisory on more aggressive investing, Stock Pickers Digest.
SYMANTEC CORP. (Nasdaq symbol SYMC; www.symantec.com) sells computer-security technology, including anti-virus and email-filtering software, to businesses and consumers. It also offers data-archiving software.
In its fiscal 2015 first quarter, which ended July 4, 2014, Symantec’s earnings rose 0.6%, to $313 million from $311 million a year earlier. Per-share earnings gained 2.3%, to $0.45 from $0.44, on fewer shares outstanding. Revenue rose 1.5%, to $1.74 billion from $1.71 billion.
The gains were mostly due to savings from a new restructuring plan that includes job cuts and simplifying product lines. In addition, Symantec separated its sales force into two groups: one focuses on winning new clients, and the other serves existing customers.
Stocks making moves you should know about
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Tech stocks: As the search for a new CEO proceeds, Symantec restructuring pays off
Symantec’s stock has regained all of the ground, and more, that it lost after suddenly firing its chief executive officer on March 20, 2014. Symantec’s restructuring was taking longer than it originally planned, which was the main reason why it decided to replace its CEO.
The company is still searching for a new CEO, and that adds uncertainty to its outlook. But its restructuring is now paying off and should let Symantec report earnings of $1.85 a share this year. The stock trades at just 13.1 times that estimate.
Symantec is a buy recommendation of our advisory on more aggressive investing, Stock Pickers Digest.
If you’re a member of Pat’s Inner Circle and you’d like to ask a question about today’s article or another stock or investment topic, please go to the question page reserved for you (be sure you’re logged in first). Click here to ask your question.
Last week our report on Best U.S. Stocks profiled the one strong stock left standing from the breakup of Motorola. You can read the article here.
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Every Thursday we bring you “Best U.S. Stocks.” You get our specific recommendation on the stocks we profile, with a full explanation of how we arrived at our opinion. You will read about stocks making moves you should know about, from coverage in our newsletter on U.S. investing, Wall Street Stock Forecaster. Or, as with this stock, from coverage in our advisory on more aggressive investing, Stock Pickers Digest.
