McAfee Corp. (NASDAQ:MCFE) Expected to Post Quarterly Sales of $466.70 Million

Wall Street analysts expect McAfee Corp. (NASDAQ:MCFE) to announce $466.70 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for McAfee’s earnings, with estimates ranging from $466.20 million to $467.00 million. McAfee reported sales of $728.00 million during the same quarter last year, which indicates a negative year over year growth rate of 35.9%. The firm is scheduled to announce its next quarterly earnings results on Thursday, November 18th.

On average, analysts expect that McAfee will report full-year sales of $1.85 billion for the current fiscal year, with estimates ranging from $1.84 billion to $1.85 billion. For the next financial year, analysts forecast that the business will report sales of $2.08 billion, with estimates ranging from $2.06 billion to $2.09 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that that provide coverage for McAfee.

McAfee (NASDAQ:MCFE) last released its quarterly earnings data on Monday, August 9th. The company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.10. The firm had revenue of $467.00 million for the quarter, compared to analyst estimates of $433.98 million. The business’s revenue for the quarter was up 21.9% on a year-over-year basis.

A number of analysts have recently commented on MCFE shares. Zacks Investment Research downgraded McAfee from a “hold” rating to a “sell” rating in a report on Wednesday, August 18th. Piper Sandler upped their price objective on McAfee from $28.00 to $32.00 and gave the stock an “overweight” rating in a report on Wednesday, June 16th. UBS Group started coverage on McAfee in a report on Tuesday, September 7th. They set a “neutral” rating and a $29.00 price objective for the company. Finally, Mizuho upped their price objective on McAfee from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, June 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $25.54.

In other news, insider Venkat Bhamidipati sold 29,630 shares of the stock in a transaction dated Tuesday, September 14th. The shares were sold at an average price of $21.71, for a total transaction of $643,267.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Intel Americas, Inc. sold 9,665,332 shares of the stock in a transaction dated Tuesday, September 14th. The stock was sold at an average price of $21.71, for a total transaction of $209,834,357.72. The disclosure for this sale can be found here. Insiders have sold 16,168,402 shares of company stock valued at $351,016,007 over the last 90 days. Insiders own 0.61% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Legal & General Group Plc lifted its holdings in McAfee by 64,071.2% in the second quarter. Legal & General Group Plc now owns 2,339,039 shares of the company’s stock worth $65,539,000 after acquiring an additional 2,335,394 shares during the last quarter. Vanguard Group Inc. lifted its holdings in McAfee by 76.3% in the second quarter. Vanguard Group Inc. now owns 5,159,794 shares of the company’s stock worth $144,577,000 after acquiring an additional 2,233,809 shares during the last quarter. GAM Holding AG bought a new position in McAfee in the first quarter worth about $26,387,000. Ameriprise Financial Inc. lifted its holdings in McAfee by 34.6% in the first quarter. Ameriprise Financial Inc. now owns 3,901,045 shares of the company’s stock worth $88,710,000 after acquiring an additional 1,003,257 shares during the last quarter. Finally, BlackRock Inc. lifted its holdings in McAfee by 36.1% in the second quarter. BlackRock Inc. now owns 2,253,617 shares of the company’s stock worth $63,146,000 after acquiring an additional 597,920 shares during the last quarter. 30.57% of the stock is currently owned by institutional investors and hedge funds.

Shares of MCFE stock traded up $0.25 on Tuesday, reaching $21.53. 1,612,407 shares of the stock were exchanged, compared to its average volume of 1,155,646. The stock has a market cap of $9.35 billion and a P/E ratio of -63.32. The firm has a 50 day moving average of $26.03 and a two-hundred day moving average of $25.63. McAfee has a 1-year low of $14.80 and a 1-year high of $32.83.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 8th. Stockholders of record on Friday, September 24th will be paid a dividend of $0.115 per share. The ex-dividend date is Thursday, September 23rd. This represents a $0.46 annualized dividend and a dividend yield of 2.14%. McAfee’s dividend payout ratio is presently 34.85%.

McAfee Company Profile

McAfee Corp. provides various integrated security, privacy, and trust solutions to consumers, small and medium-sized businesses, large enterprises, and governments in the United States and internationally. The company operates in two segments, Consumer and Enterprise. Its security technologies enable home users and businesses to stay ahead of the wave of fileless attacks, viruses, malware, and other online threats.

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Earnings History and Estimates for McAfee (NASDAQ:MCFE)

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