SYMANTEC CORP. $18.82 - Nasdaq symbol SYMC

SYMANTEC CORP. $18.82 (Nasdaq symbol SYMC; TSINetwork Rating: Average) (650-527-8000; www.symantec.com; Shares outstanding: 675.5 million; Market cap: $12.9 billion; Dividend yield: 3.2%) continues to strengthen its fast-growing cybersecurity business. It’s also selling its data backup and recovery operation. In its fiscal 2016 second quarter, which ended October 2, 2015, Symantec’s earnings fell 9.3%, to $301 million, or $0.44 a share, from $332 million, or $0.48. Sales declined 7.4%, to $1.5 billion from $1.6 billion. Businesses continue to spend heavily to protect their data from online intruders. However, sales to consumers fell as the company shifts users to a cloudbased service. That will make it easier for them to receive security updates and encourage them to renew their subscriptions. Symantec expects to complete these conversions in mid-2016. In 2014, the company said it would split into two publicly traded firms: Symantec (security software, antivirus and services) and Veritas Technologies (products for data backup and recovery). However, the company decided instead to sell Veritas to a group of private investors. It expects to close the $7.0-billion deal early this year. The company is forecast to earn $2.00 a share for all of fiscal 2016, and the stock trades at an attractive 9.4 times that estimate. It yields 3.2%. Symantec is a top pick for 2016.

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