Gen Digital Inc. $GEN Shares Acquired by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Gen Digital Inc. (NASDAQ:GEN) by 2.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,259,716 shares of the company’s stock after purchasing an additional 32,272 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.21% of Gen Digital worth $27,739,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Gen Digital in the 3rd quarter worth $6,944,000. Vise Technologies Inc. acquired a new position in Gen Digital during the 3rd quarter valued at about $500,000. State of Wyoming increased its position in Gen Digital by 46.9% during the 3rd quarter. State of Wyoming now owns 14,171 shares of the company’s stock valued at $312,000 after buying an additional 4,523 shares in the last quarter. Choreo LLC acquired a new position in Gen Digital during the 3rd quarter valued at about $247,000. Finally, D.A. Davidson & CO. raised its stake in Gen Digital by 6.4% in the third quarter. D.A. Davidson & CO. now owns 14,975 shares of the company’s stock valued at $330,000 after buying an additional 900 shares during the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Gen Digital Stock Down 0.9%

Gen Digital stock opened at $30.60 on Friday. The company has a debt-to-equity ratio of 2.57, a quick ratio of 0.37 and a current ratio of 0.37. The business’s 50-day simple moving average is $26.58 and its two-hundred day simple moving average is $24.47. The company has a market cap of $18.15 billion, a PE ratio of 15.38, a PEG ratio of 0.97 and a beta of 1.24. Gen Digital Inc. has a fifty-two week low of $17.78 and a fifty-two week high of $31.65.

Gen Digital (NASDAQ:GEN) last announced its quarterly earnings data on Wednesday, October 28th. The company reported $0.74 earnings per share for the quarter, beating 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 business had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period in the prior year, the company earned $0.62 earnings per share. The company’s revenue was up 12.2% on a year-over-year basis. Equities analysts anticipate that Gen Digital Inc. will post 2.65 EPS for the current year.

Gen Digital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 9th. Investors of record on Monday, November 16th will be given a $0.1250 dividend. The ex-dividend date is Monday, November 16th. This represents a $0.50 dividend on an annualized basis and a yield of 1.6%. Gen Digital’s dividend payout ratio is currently 25.13%.

Insider Buying and Selling

In other Gen Digital news, COO Bryan Seuk Ko sold 28,248 shares of Gen Digital stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $30.67, for a total transaction of $866,366.16. Following the completion of the sale, the chief operating officer directly owned 744,262 shares in the company, valued at approximately $22,826,515.54. The trade was a 3.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ondrej Vlcek sold 200,000 shares of Gen Digital stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $30.00, for a total transaction of $6,000,000.00. Following the sale, the director owned 3,332,904 shares of the company’s stock, valued at approximately $99,987,120. The trade was a 5.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 588,508 shares of company stock worth $17,248,593. 9.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Royal Bank Of Canada raised their price target on Gen Digital from $24.00 to $27.00 and gave the stock a “sector perform” rating in a report on Thursday, October 29th. Barclays upped their price objective on shares of Gen Digital from $27.00 to $32.00 and gave the company an “equal weight” rating in a report on Friday, August 7th. Wall Street Zen downgraded shares of Gen Digital from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. Weiss Ratings raised shares of Gen Digital from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, October 16th. Finally, Wells Fargo & Company increased their price objective on shares of Gen Digital from $22.00 to $28.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $31.60.

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.