SYMANTEC CORP. $22.62 - Nasdaq symbol SYMC

SYMANTEC CORP. $22.62 (Nasdaq symbol SYMC; TSINetwork Rating: Average) (1-408- 517-8000; www.symantec.com; Shares outstanding: 689.2 million; Market cap: $15.6 billion; No dividends paid) has reported better-than-expected quarterly earnings. The company has also launched a restructuring plan that should make it more profitable.

In its fiscal 2013 third quarter, which ended December 28, 2012, Symantec’s earnings per share rose 7.1%, to $0.45 from $0.42. That easily beat the consensus estimate of $0.38 a share.

Symantec’s restructuring plan mainly involves streamlining its product lines and marketing operations. The company will also pay a quarterly dividend starting in the quarter ending June 30, 2013. The annual rate, probably $0.52 a share, would yield 2.3% based on today’s price.

We now see Symantec as a buy.

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