Gen Digital Inc. (NASDAQ:GEN) Shares Acquired by LPL Financial LLC

Key Points

• LPL Financial LLC increased its holdings in Gen Digital Inc. by 24.7%, acquiring a total of 143,150 shares valued at approximately $3.8 million.
• Gen Digital reported a quarterly earnings increase, with EPS of $0.64, exceeding expectations and showing a 30.3% year-over-year revenue growth.
• The company declared a quarterly dividend of $0.125 per share, representing an annualized yield of 1.6%, with a payout ratio of 51.55%.

LPL Financial LLC raised its stake in shares of Gen Digital Inc. (NASDAQ:GEN - Free Report) by 24.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 143,150 shares of the company's stock after purchasing an additional 28,349 shares during the quarter. LPL Financial LLC's holdings in Gen Digital were worth $3,799,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its stake in Gen Digital by 132.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 599,821 shares of the company's stock valued at $16,039,000 after purchasing an additional 341,533 shares in the last quarter. Mather Group LLC. increased its stake in shares of Gen Digital by 26.6% in the first quarter. Mather Group LLC. now owns 3,730 shares of the company's stock worth $99,000 after acquiring an additional 783 shares during the period. Cornerstone Wealth Group LLC acquired a new stake in shares of Gen Digital in the first quarter worth $377,000. Wellington Management Group LLP increased its stake in shares of Gen Digital by 98.8% in the fourth quarter. Wellington Management Group LLP now owns 114,699 shares of the company's stock worth $3,140,000 after acquiring an additional 56,993 shares during the period. Finally, Exchange Traded Concepts LLC increased its stake in shares of Gen Digital by 52.4% in the first quarter. Exchange Traded Concepts LLC now owns 11,146 shares of the company's stock worth $296,000 after acquiring an additional 3,830 shares during the period. Institutional investors and hedge funds own 81.38% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Evercore ISI assumed coverage on shares of Gen Digital in a report on Tuesday, July 1st. They set an "outperform" rating and a $35.00 price target on the stock. Wells Fargo & Company increased their price target on shares of Gen Digital from $37.00 to $40.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Barclays increased their price target on shares of Gen Digital from $32.00 to $33.00 and gave the stock an "equal weight" rating in a report on Friday, August 8th. Royal Bank Of Canada increased their price target on shares of Gen Digital from $32.00 to $33.00 and gave the stock a "sector perform" rating in a report on Friday, August 8th. Finally, B. Riley assumed coverage on shares of Gen Digital in a report on Monday, July 14th. They set a "buy" rating and a $46.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $35.33.

Gen Digital Trading Down 0.1%

NASDAQ GEN opened at $31.47 on Friday. The firm has a 50 day simple moving average of $29.90 and a 200-day simple moving average of $27.97. The company has a debt-to-equity ratio of 3.63, a quick ratio of 0.51 and a current ratio of 0.50. Gen Digital Inc. has a one year low of $22.74 and a one year high of $32.22. The firm has a market cap of $19.38 billion, a price-to-earnings ratio of 32.44, a PEG ratio of 1.06 and a beta of 1.00.

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

Gen Digital Dividend Announcement

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

Gen Digital 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.

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