IFP Advisors Inc Acquires 9,214 Shares of Gen Digital Inc. (NASDAQ:GEN)

Key Points

• IFP Advisors Inc significantly increased its stake in Gen Digital Inc. by 1,400.3% during the first quarter, now holding 9,872 shares valued at $262,000.
• Gen Digital reported $1.01 billion in revenue for the quarter, exceeding analyst estimates, with a net margin of 16.34% and earnings per share of $0.59.
• The company declared a quarterly dividend of $0.125 per share, resulting in a 1.63% dividend yield, while maintaining a dividend payout ratio of 48.08%.

IFP Advisors Inc increased its stake in Gen Digital Inc. (NASDAQ:GEN - Free Report) by 1,400.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,872 shares of the company's stock after acquiring an additional 9,214 shares during the quarter. IFP Advisors Inc's holdings in Gen Digital were worth $262,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Alps Advisors Inc. raised its position in Gen Digital by 1.5% in the 1st quarter. Alps Advisors Inc. now owns 31,540 shares of the company's stock valued at $837,000 after purchasing an additional 465 shares in the last quarter. Greenleaf Trust raised its holdings in shares of Gen Digital by 3.9% during the first quarter. Greenleaf Trust now owns 18,001 shares of the company's stock worth $478,000 after purchasing an additional 668 shares during the period. Mather Group LLC. raised its position in shares of Gen Digital by 26.6% during the first quarter. Mather Group LLC. now owns 3,730 shares of the company's stock worth $99,000 after purchasing an additional 783 shares during the period. Catalyst Capital Advisors LLC increased its holdings in shares of Gen Digital by 117.6% during the 1st quarter. Catalyst Capital Advisors LLC now owns 1,580 shares of the company's stock valued at $42,000 after acquiring an additional 854 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. boosted its stake in shares of Gen Digital by 1.7% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 53,783 shares of the company's stock valued at $1,427,000 after purchasing an additional 882 shares in the last quarter. Institutional investors own 81.38% of the company's stock.

Insider Buying and Selling

In related news, Director Nora Denzel sold 31,646 shares of Gen Digital stock in a transaction that occurred on 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 $1,002,573.60. The trade was a 47.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 12.20% of the company's stock.

Gen Digital Trading Down 0.6%

GEN stock traded down $0.18 during mid-day trading on Thursday, reaching $29.66. 547,088 shares of the stock traded hands, compared to its average volume of 4,090,899. The company has a market cap of $18.39 billion, a P/E ratio of 28.50, a P/E/G ratio of 1.10 and a beta of 1.01. The stock's fifty day moving average is $29.48 and its 200-day moving average is $27.75. 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 Inc. has a 52-week low of $22.74 and a 52-week high of $31.72.

Gen Digital (NASDAQ:GEN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.01. The firm had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $999.48 million. Gen Digital had a return on equity of 59.38% and a net margin of 16.34%. The company's quarterly revenue was up 4.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.53 EPS. As a group, sell-side analysts expect that Gen Digital Inc. will post 2.05 earnings per share for the current year.

Gen Digital Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Monday, May 19th were paid a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend was Monday, May 19th. Gen Digital's dividend payout ratio (DPR) is presently 48.08%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on GEN shares. Royal Bank Of Canada lifted their price objective on Gen Digital from $28.00 to $30.00 and gave the company a "sector perform" rating in a report on Wednesday, May 7th. Wall Street Zen lowered Gen Digital from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. Barclays increased their price target on Gen Digital from $30.00 to $32.00 and gave the company an "equal weight" rating in a report on Monday, July 14th. B. Riley began coverage on Gen Digital in a research report on Monday, July 14th. They set a "buy" rating and a $46.00 price objective for the company. Finally, Morgan Stanley reduced their price objective on shares of Gen Digital from $27.00 to $25.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $33.60.

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.