Symantec Reports Plan to Begin Dividend Payments (SYMC)
Security provider, Symantec Corporation reported on Thursday that they are initiating their first dividend payment in June as part of their new corporate strategy.
The company has announced that they will begin a plan to distribute 50% of their free cash flow back to investors in the form of a dividend. Although the specific amount of the dividend has not yet been released, SYMC has reported that they plan to pay a dividend with a yield of about 2.5%. This dividend is expected to be paid sometime in June. This will be the company’s first ever dividend payout.
Additionally, SYMC said that are beginning a share repurchase program. This will add to the current $282 million in buyback authorization.
CFO James Beer noted, “the initiation of a dividend and the renewed share repurchase authorization underscore the board and management’s confidence in the company’s long-term business outlook and ability to generate significant free cash flow on a consistent basis.”
The dividend payout as well as the share repurchase plan are most a part of the company’s new corporate strategy which will also include employee layoffs.
Symantec shares were down 64 cents, or -2.98% during premarket trading Thursday. The stock has increased 27% in the past year.
The Bottom Line
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