Sierra Summit Advisors LLC Takes Position in Gen Digital Inc. (NASDAQ:GEN)

Key Points

• Sierra Summit Advisors LLC acquired 215,975 shares of Gen Digital Inc. (NASDAQ:GEN) valued at approximately $5.7 million, making it the company's 29th largest holding.
• Gen Digital reported $1.26 billion in revenue for the most recent quarter, exceeding analysts' expectations and representing a 30.3% increase year-over-year.
• The company recently declared a quarterly dividend of $0.125 per share, with a dividend yield of 1.6% and a payout ratio of 48.08%.

Sierra Summit Advisors LLC bought a new position in shares of Gen Digital Inc. (NASDAQ:GEN - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 215,975 shares of the company's stock, valued at approximately $5,732,000. Gen Digital accounts for about 1.2% of Sierra Summit Advisors LLC's investment portfolio, making the stock its 29th largest holding.

Other institutional investors also recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Gen Digital by 75.0% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 578,752 shares of the company's stock valued at $15,360,000 after acquiring an additional 248,018 shares during the period. Townsquare Capital LLC raised its stake in shares of Gen Digital by 44.0% in the 1st quarter. Townsquare Capital LLC now owns 14,222 shares of the company's stock valued at $377,000 after acquiring an additional 4,349 shares during the period. National Bank of Canada FI raised its stake in shares of Gen Digital by 7.3% in the 1st quarter. National Bank of Canada FI now owns 315,621 shares of the company's stock valued at $8,376,000 after acquiring an additional 21,423 shares during the period. Citigroup Inc. raised its stake in shares of Gen Digital by 27.7% in the 1st quarter. Citigroup Inc. now owns 690,356 shares of the company's stock valued at $18,322,000 after acquiring an additional 149,781 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Gen Digital by 15.4% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 986,859 shares of the company's stock valued at $26,191,000 after acquiring an additional 131,574 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Gen Digital

In other Gen Digital news, Director Nora Denzel sold 31,646 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $28.76, for a total transaction of $910,138.96. Following the transaction, the director owned 34,860 shares of the company's stock, valued at approximately $1,002,573.60. This trade represents a 47.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 9.30% of the stock is owned by corporate insiders.

Gen Digital Stock Up 3.5%

NASDAQ GEN traded up $1.08 on Tuesday, hitting $31.85. 5,031,636 shares of the stock were exchanged, compared to its average volume of 4,161,574. The company has a quick ratio of 0.51, a current ratio of 0.50 and a debt-to-equity ratio of 3.63. Gen Digital Inc. has a fifty-two week low of $22.74 and a fifty-two week high of $31.88. The company has a market cap of $19.61 billion, a PE ratio of 32.84, a PEG ratio of 1.11 and a beta of 1.00. The company has a 50-day moving average price of $29.68 and a 200-day moving average price of $27.86.

Gen Digital (NASDAQ:GEN - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.60 by $0.04. The company had revenue of $1.26 billion during the quarter, compared to analysts' expectations of $1.19 billion. Gen Digital had a net margin of 14.12% and a return on equity of 57.99%. The firm's revenue was up 30.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.53 EPS. Sell-side analysts anticipate that Gen Digital Inc. will post 2.05 EPS for the current fiscal year.

Gen Digital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Monday, August 18th will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 1.6%. The ex-dividend date is Monday, August 18th. Gen Digital's dividend payout ratio is currently 51.55%.

Analyst Upgrades and Downgrades

GEN has been the topic of a number of research analyst reports. Royal Bank Of Canada boosted their price target on shares of Gen Digital from $32.00 to $33.00 and gave the company a "sector perform" rating in a research note on Friday. Barclays upped their target price on shares of Gen Digital from $32.00 to $33.00 and gave the stock an "equal weight" rating in a research note on Friday. Wells Fargo & Company upped their target price on shares of Gen Digital from $37.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday. Morgan Stanley cut their target price on shares of Gen Digital from $27.00 to $25.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Finally, Evercore ISI started coverage on shares of Gen Digital in a research note on Tuesday, July 1st. They set an "outperform" rating and a $35.00 target price on the stock. Three research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $35.33.

Gen Digital Company Profile

Gen Digital Inc engages in the provision of cyber safety solutions for consumers in the United States, Canada, Latin America, Europe, the Middle East, Africa, the Asia Pacific, and Japan. The company offers security and performance products under Norton, Avast, Avira, AVG, and CCleaner brands that provide real-time protection and maintenance for PCs, Macs, and mobile devices against malware, viruses, adware, and other online threats.