Market Update: Symantec Corporation (NASDAQ:SYMC) – Symantec to cut 10% of workforce in restructuring

[at MarketWatch] – Symantec Corp. late Thursday said it was cutting 10% of its workforce in an effort to restructure the company. The computer security company said it plans to shed 1,200 jobs and close certain facilities … Read more on this. Symantec Corporation (SYMC) , with a current value of $11.02B, began trading this morning at $16.79. During the trading session, SYMC traded between $16.63 to $16.93 and has traded between $16.14 and $26.16 over the past 12 months. SYMC shares are currently priced at 16.13x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 9.19x forward p/e ratio. And for passive income investors, the company pays shareholders $0.60 per share annually in dividends, yielding 3.61%. According to a consensus of 27 analysts, the earnings estimate of $0.23 per share would be $0.06 worse than the year-ago quarter and a $0.02 sequential decrease. Investors should also note that the full-year EPS estimate of $1.04 is a $0.26 worse when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $878.66 Million. If realized, that would be a 43.31% decrease over the year-ago quarter. More recently, Raymond James downgraded SYMC from Outperform to Mkt Perform (Apr 28, 2016). Previously, Goldman Initiated SYMC at to Neutral. When considering if the stock is under or overvalued, the average price target is $19.15, which is 14.06% above where the stock opened this morning. See more in (NASDAQ:SYMC) Similar Articles: Market Update: Symantec Corporation (NASDAQ:SYMC) – DarkMatter and Symantec to Provide Next-generation Cyber Security Solutions and Services Market Update: Symantec Corporation (NASDAQ:SYMC) – Symantec (SYMC) Stock Boosted by Piper Jaffray’s Optimism Stock Update: Symantec Corporation (NASDAQ:SYMC) – How Silver Lake Saved Symantec Earnings