SYMANTEC CORP. $21.86 - Nasdaq symbol SYMC

SYMANTEC CORP. $21.86 (Nasdaq symbol SYMC; TSINetwork Rating: Average) (650-527- 8000; www.symantec.com; Shares outstanding: 680.7 million; Market cap: $14.8 billion; Dividend yield: 2.7%) sells computer-security technology, including antivirus and email-filtering software, to businesses and consumers.

In 2014, Symantec said it would split into two publicly traded firms. One would keep the Symantec name and focus on antivirus and security software and services. The other, called Veritas Technologies, would consist of the company’s information management business, which makes products for data backup and recovery.

However, Symantec has now decided to sell Veritas to a group of private investors for $8.0 billion. It expects to close the deal on January 1, 2016.

The cash will let the company add $1.5 billion to its share repurchase program, bringing the total to $2.6 billion, or 18% of its $14.8-billion market cap (the value of all outstanding shares).

Symantec is a buy.

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