SYMANTEC CORP. $21.41 - Nasdaq symbol SYMC

SYMANTEC CORP. $21.41 (Nasdaq symbol SYMC; TSINetwork Rating: Average) (1-408-517-8000; www.symantec.com; Shares outstanding: 691.6 million; Market cap: $14.7 billion; Dividend yield: 2.8%) reports that its revenue fell 5.6% in its fiscal 2014 fourth quarter, which ended March 28, 2014, to $1.65 billion from $1.75 billion a year earlier.

However, earnings per share rose 6.8%, to $0.47 from $0.44, mainly due to savings from a new restructuring plan that includes job cuts and simplifying the company’s product lines.

Symantec now expects to earn $1.84 to $1.92 a share in fiscal 2015, which is higher than the consensus estimate of $1.83. The stock trades at just 11.4 times the midpoint of that range, mainly due to investor uncertainty after Symantec fired its CEO over the slow progress of its restructuring.

The company continues to spend a high 17% of its revenue on research, which will help it adapt to rapidly changing technologies. In addition to preventing viruses and other attacks, it is working on products that help clients recover data from infected computers. That should help spur its long-term revenue growth.

Symantec is a buy.

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