Convergence Investment Partners LLC Cuts Stock Holdings in Gen Digital Inc. (NASDAQ:GEN)

Convergence Investment Partners LLC lessened its holdings in Gen Digital Inc. (NASDAQ:GEN - Free Report) by 17.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 84,923 shares of the company's stock after selling 17,333 shares during the period. Convergence Investment Partners LLC's holdings in Gen Digital were worth $2,254,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of GEN. Bank of New York Mellon Corp grew its stake in shares of Gen Digital by 2.3% in the 1st quarter. Bank of New York Mellon Corp now owns 5,184,489 shares of the company's stock valued at $137,596,000 after purchasing an additional 117,013 shares during the period. Penserra Capital Management LLC increased its holdings in Gen Digital by 33.0% during the first quarter. Penserra Capital Management LLC now owns 2,972,160 shares of the company's stock worth $78,880,000 after buying an additional 736,809 shares during the last quarter. KBC Group NV raised its holdings in shares of Gen Digital by 32.7% in the 1st quarter. KBC Group NV now owns 2,769,361 shares of the company's stock valued at $73,499,000 after purchasing an additional 682,530 shares during the period. Achmea Investment Management B.V. increased its holdings in shares of Gen Digital by 40.2% in the first quarter. Achmea Investment Management B.V. now owns 1,454,610 shares of the company's stock valued at $38,605,000 after purchasing an additional 417,206 shares during the last quarter. Finally, Rhumbline Advisers increased its stake in shares of Gen Digital by 6.6% during the first quarter. Rhumbline Advisers now owns 1,116,301 shares of the company's stock worth $29,627,000 after purchasing an additional 69,558 shares during the period. Institutional investors and hedge funds own 81.38% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Barclays lifted their price objective on shares of Gen Digital from $30.00 to $32.00 and gave the company an "equal weight" rating in a research note on Monday, July 14th. Morgan Stanley dropped their price objective on shares of Gen Digital from $27.00 to $25.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Royal Bank Of Canada upped their target price on shares of Gen Digital from $28.00 to $30.00 and gave the stock a "sector perform" rating in a report on Wednesday, May 7th. B. Riley started coverage on shares of Gen Digital in a research report on Monday, July 14th. They issued a "buy" rating and a $46.00 price objective for the company. Finally, Evercore ISI started coverage on shares of Gen Digital in a research report on Tuesday, July 1st. They issued an "outperform" rating and a $35.00 price objective for the company. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $33.60.

Gen Digital Trading Up 0.3%

Shares of GEN stock traded up $0.09 during mid-day trading on Friday, reaching $30.61. The stock had a trading volume of 1,918,417 shares, compared to its average volume of 3,290,769. The stock's 50-day moving average price is $29.36 and its two-hundred day moving average price is $27.68. Gen Digital Inc. has a 52-week low of $22.74 and a 52-week high of $31.72. The firm has a market capitalization of $18.99 billion, a PE ratio of 29.43, a price-to-earnings-growth ratio of 1.11 and a beta of 1.01. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 3.51.

Gen Digital (NASDAQ:GEN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.59 earnings per share for the quarter, beating analysts' consensus estimates of $0.58 by $0.01. Gen Digital had a net margin of 16.34% and a return on equity of 59.38%. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $999.48 million. During the same quarter in the prior year, the firm earned $0.53 earnings per share. The firm's revenue for the quarter was up 4.4% compared to the same quarter last year. Equities analysts expect that Gen Digital Inc. will post 2.05 earnings per share for the current fiscal year.

Gen Digital Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Monday, May 19th were paid a dividend of $0.125 per share. The ex-dividend date was Monday, May 19th. This represents a $0.50 annualized dividend and a yield of 1.63%. Gen Digital's payout ratio is 48.08%.

Insider Buying and Selling

In other news, Director Nora Denzel sold 31,646 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $28.76, for a total value of $910,138.96. Following the completion of the sale, the director owned 34,860 shares in the company, valued at approximately $1,002,573.60. This trade represents a 47.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.20% of the stock is owned by company insiders.

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.