Here are key updates for income investors

Article Excerpt

NORTONLIFELOCK INC. $28 is a buy. The company (Nasdaq symbol NLOK; High-Growth Dividend Payer Portfolio, Consumer sector; Shares outstanding: 591.9 million; Market cap: $16.6 billion; Dividend yield: 1.8%; Dividend Sustainability Rating: Average; www.nortonlifelock.com) sold its Enterprise Security business to Broadcom (Nasdaq symbol AVGO) in late 2019 for $10.7 billion. The company used the cash to fund a $12.00-a-share special dividend. It also increased the regular quarterly dividend by a whopping 66.7%, to $0.125 a share. The new annual rate of $0.50 yields a solid 1.8%. NortonLifeLock now has two main businesses: Norton computer antivirus software for individuals; and LifeLock identity-theft protection. The company continues to attract new customers as more people working from home spurs a jump in cyberattacks. It, in fact, closed its fiscal 2021 fourth quarter, ended April 2, 2021, with 23.0 million customers. That’s up 13.9% from a year earlier. However, due to the sale of less-important businesses, overall revenue in the quarter rose just 9.4%, to $672 million…

You are trying to access subscriber-only content.

To read this article, you may subscribe or sign in.
If you are already a subscriber, log in here.

If you wish to become a subscriber, click here. Or you may enjoy access to all our publications when you become a Member of Pat McKeough's Inner Circle Pro.