SYMC moves up

Article Excerpt

SYMANTEC CORP. $21.52 (Nasdaq symbol SYMC; TSINetwork Rating: Average) (650-527-8000;; Shares o/s: 638.8 million; Market cap: $13.8 billion; Dividend yield: 1.4%) is up over 22% since the start of November 2018 on better-than-expected sales and earnings in the latest quarter. The shares are also up on reports of a possible takeover bid for the company. Symantec’s revenue in the three months ended September 28, 2018, fell 5.2%, to $1.18 billion from $1.24 billion. However, it beat the consensus sales estimate of $1.14 billion. Earnings per share rose 5.0%, to $0.42 from $0.40. That easily beat the consensus estimate for $0.33. Technology-focused private-equity firm Thoma Bravo LLC has now reportedly approached Symantec about a possible takeover bid. While the chance of a takeover is not reason enough to buy the stock, it adds appeal. Meanwhile, Symantec’s underlying business remains strong. Its shares are also attractive, trading at just 14.2 times the forecast 2019 earnings of $1.52 a share. Symantec is a top pick for 2018. 2018…

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