Sumitomo Mitsui Trust Group Inc. Buys 32,272 Shares of Gen Digital Inc. $GEN

Sumitomo Mitsui Trust Group Inc. grew its stake in Gen Digital Inc. (NASDAQ:GEN) by 2.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,259,716 shares of the company’s stock after buying an additional 32,272 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Gen Digital were worth $27,739,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Arrowstreet Capital Limited Partnership grew its holdings in Gen Digital by 45.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 13,094,386 shares of the company’s stock worth $246,567,000 after acquiring an additional 4,115,676 shares during the period. Legal & General Group Plc purchased a new position in Gen Digital during the second quarter valued at approximately $225,169,000. Deutsche Bank AG purchased a new position in Gen Digital during the second quarter valued at approximately $146,639,000. Bank of New York Mellon Corp acquired a new position in Gen Digital in the second quarter valued at approximately $108,421,000. Finally, Bank of America Corp DE acquired a new position in Gen Digital in the second quarter valued at approximately $62,004,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Analysts Set New Price Targets

GEN has been the topic of several recent research reports. Morgan Stanley upped their price objective on Gen Digital from $32.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 29th. Royal Bank Of Canada lifted their target price on shares of Gen Digital from $24.00 to $27.00 and gave the company a “sector perform” rating in a report on Thursday, October 29th. Weiss Ratings upgraded shares of Gen Digital from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, October 16th. Barclays increased their price target on shares of Gen Digital from $27.00 to $32.00 and gave the stock an “equal weight” rating in a report on Friday, August 7th. Finally, Wall Street Zen lowered shares of Gen Digital from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, Gen Digital has an average rating of “Hold” and a consensus price target of $31.60.

Gen Digital Price Performance

Shares of Gen Digital stock opened at $30.60 on Friday. The firm has a market cap of $18.15 billion, a PE ratio of 15.38, a P/E/G ratio of 0.97 and a beta of 1.24. Gen Digital Inc. has a twelve month low of $17.78 and a twelve month high of $31.65. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 2.57. The business has a 50-day moving average price of $26.58 and a 200 day moving average price of $24.47.

Gen Digital (NASDAQ:GEN) last issued its quarterly earnings results on Wednesday, October 28th. The company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.02. Gen Digital had a return on equity of 56.80% and a net margin of 23.07%. The company had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the business posted $0.62 earnings per share. Gen Digital’s revenue for the quarter was up 12.2% on a year-over-year basis. Sell-side analysts predict that Gen Digital Inc. will post 2.65 earnings per share for the current fiscal year.

Gen Digital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 9th. Stockholders of record on Monday, November 16th will be paid a dividend of $0.1250 per share. This represents a $0.50 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, November 16th. Gen Digital’s dividend payout ratio is presently 25.13%.

Insider Activity

In other news, Director Ondrej Vlcek sold 200,000 shares of the stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $30.00, for a total transaction of $6,000,000.00. Following the transaction, the director owned 3,332,904 shares in the company, valued at $99,987,120. This trade represents a 5.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Travis Witteveen sold 30,000 shares of Gen Digital stock in a transaction on Monday, August 10th. The shares were sold at an average price of $29.42, for a total transaction of $882,600.00. Following the completion of the sale, the insider directly owned 496,545 shares in the company, valued at $14,608,353.90. This represents a 5.70% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 588,508 shares of company stock worth $17,248,593 in the last quarter. Corporate insiders own 9.70% of the company’s stock.

Gen Digital Profile

Gen Digital Inc (NASDAQ: GEN) is a cybersecurity company that provides digital safety, privacy, and identity protection products for consumers. Its services are designed to help protect devices, personal information, online accounts, and digital identities from malware, fraud, identity theft, scams, and other cyber threats.

The company operates a portfolio of consumer brands that includes Norton, Avast, LifeLock, Avira, AVG, ReputationDefender, and CCleaner. Its offerings include antivirus and device security software, virtual private network services, password management, identity theft monitoring and restoration support, privacy tools, scam protection, and performance and optimization utilities.

Gen Digital serves customers internationally through direct subscriptions and distribution partnerships.