Lyrical Asset Management LP Decreases Stock Position in Gen Digital Inc. $GEN

Key Points

• Lyrical Asset Management LP has reduced its stake in Gen Digital Inc. by 1.1%, owning 8,538,034 shares valued at approximately $226.6 million, making it the 14th largest holding in their portfolio.
• Gen Digital's stock recently opened at $32.16 and reported a significant 30.3% year-over-year revenue growth, reaching $1.26 billion for the quarter.
• The company declared a $0.125 quarterly dividend, set to be paid on September 10th, with a annualized yield of 1.6% and a payout ratio of 51.55%.

Lyrical Asset Management LP decreased its position in Gen Digital Inc. (NASDAQ:GEN - Free Report) by 1.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,538,034 shares of the company's stock after selling 92,639 shares during the period. Gen Digital comprises 3.5% of Lyrical Asset Management LP's portfolio, making the stock its 14th largest holding. Lyrical Asset Management LP owned 1.39% of Gen Digital worth $226,599,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Catalyst Capital Advisors LLC raised its position in Gen Digital by 117.6% during the first quarter. Catalyst Capital Advisors LLC now owns 1,580 shares of the company's stock worth $42,000 after acquiring an additional 854 shares during the last quarter. Tsfg LLC acquired a new position in Gen Digital during the first quarter worth about $52,000. Mather Group LLC. raised its position in 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 acquiring an additional 783 shares during the last quarter. Curat Global LLC acquired a new position in Gen Digital during the first quarter worth about $154,000. Finally, Sagespring Wealth Partners LLC acquired a new position in Gen Digital during the first quarter worth about $212,000. Hedge funds and other institutional investors own 81.38% of the company's stock.

Gen Digital Trading Down 0.3%

GEN stock traded down $0.10 on Monday, hitting $31.37. 2,435,988 shares of the company were exchanged, compared to its average volume of 4,148,973. The company has a debt-to-equity ratio of 3.63, a current ratio of 0.50 and a quick ratio of 0.50. Gen Digital Inc. has a twelve month low of $22.74 and a twelve month high of $32.22. The business's fifty day moving average is $29.90 and its two-hundred day moving average is $27.97. The stock has a market capitalization of $19.32 billion, a price-to-earnings ratio of 32.34, a price-to-earnings-growth ratio of 1.05 and a beta of 1.00.

Gen Digital (NASDAQ:GEN - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.64 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period in the previous year, the firm earned $0.53 earnings per share. Gen Digital's revenue for the quarter was up 30.3% on a year-over-year basis. As a group, research analysts forecast that Gen Digital Inc. will post 2.05 earnings per share for the current year.

Gen Digital Dividend Announcement

The firm 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 dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 1.6%. The ex-dividend date is Monday, August 18th. Gen Digital's payout ratio is currently 51.55%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GEN. Barclays boosted their price objective on shares of Gen Digital from $32.00 to $33.00 and gave the company an "equal weight" rating in a research report on Friday, August 8th. Evercore ISI began 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. B. Riley began 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. Royal Bank Of Canada boosted their price objective on shares of Gen Digital from $32.00 to $33.00 and gave the company a "sector perform" rating in a research report on Friday, August 8th. Finally, Wall Street Zen lowered shares of Gen Digital from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target 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.