Mitsubishi UFJ Asset Management Co. Ltd. Buys 131,574 Shares of Gen Digital Inc. (NASDAQ:GEN)

Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Gen Digital Inc. (NASDAQ:GEN - Free Report) by 15.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 986,859 shares of the company's stock after acquiring an additional 131,574 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.16% of Gen Digital worth $26,191,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its stake in Gen Digital by 132.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 599,821 shares of the company's stock worth $16,039,000 after buying an additional 341,533 shares in the last quarter. Mather Group LLC. raised its stake in 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 buying an additional 783 shares in the last quarter. Cornerstone Wealth Group LLC bought a new position in Gen Digital in the first quarter worth about $377,000. Wellington Management Group LLP raised its stake in 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 buying an additional 56,993 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its stake in 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 buying an additional 3,830 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on GEN shares. 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 research note on Friday. Morgan Stanley cut 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. Barclays upped their price objective on shares of Gen Digital from $32.00 to $33.00 and gave the stock an "equal weight" rating in a report on Friday. Wall Street Zen cut shares of Gen Digital from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Finally, Wells Fargo & Company upped their price objective on shares of Gen Digital from $37.00 to $40.00 and gave the stock an "overweight" rating in a report on Friday. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $35.33.

Insider Activity

In other news, Director Nora Denzel sold 31,646 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $28.76, for a total value of $910,138.96. Following the transaction, the director owned 34,860 shares in the company, valued at approximately $1,002,573.60. This represents a 47.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 9.30% of the company's stock.

Gen Digital Stock Up 3.5%

Shares of NASDAQ GEN traded up $1.08 during midday trading on Tuesday, hitting $31.85. The stock had a trading volume of 5,031,636 shares, compared to its average volume of 3,675,279. The business's 50 day moving average is $29.74 and its 200-day moving average is $27.88. The company has a market cap of $19.61 billion, a P/E ratio of 32.84, a PEG ratio of 1.03 and a beta of 1.00. Gen Digital Inc. has a 52 week low of $22.74 and a 52 week high of $31.88. 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 (NASDAQ:GEN - Get Free Report) last issued its earnings results 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. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.19 billion. Gen Digital had a net margin of 14.12% and a return on equity of 57.99%. The business's revenue was up 30.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.53 earnings per share. As a group, analysts predict that Gen Digital Inc. will post 2.05 EPS for the current year.

Gen Digital Dividend Announcement

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

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.