This cybersecurity company will likely draw you in with its special $12 dividend, and then keep you for a while.
In the last few days, NortonLifeLock (NLOK), the company formerly known as Symantec before selling its enterprise business to Broadcom (AVGO), announced a $12 per share special dividend. Before discussing that eye-popping special dividend, let’s touch on what the “new” Norton Lifelock is — its remaining business is “dedicated to helping secure the devices, identities, online privacy, and home and family needs” for consumers. Needless to say, as the above connectivity expansion occurs and the number of vulnerable access points increase, in my view, Norton’s business will have a long-term tailwind behind it, especially as data privacy becomes a key issue following the European Union’s General Data Protection Regulation and similar laws that are developing in the U.S., including the California Consumer Privacy Act.
Circling back to the $12 per share special dividend…
Disclosure: At the time of publication, NLOK shares were a constituent in the Foxberry Tematica Research Cybersecurity & Data Privacy Index.C