New Age Alpha Advisors LLC Sells 96,941 Shares of Gen Digital Inc. (NASDAQ:GEN)

Key Points

• New Age Alpha Advisors LLC reduced its stake in Gen Digital by 62.9%, selling 96,941 shares during the first quarter, leaving them with 57,115 shares valued at approximately $1.5 million.
• Gen Digital reported $1.26 billion in revenue for the last quarter, exceeding expectations, with a net margin of 16.34% and a return on equity of 59.38%.
• The company declared a quarterly dividend of $0.125 per share, which represents an annualized yield of 1.8%, with a payout ratio of 48.08%.

New Age Alpha Advisors LLC cut its stake in Gen Digital Inc. (NASDAQ:GEN - Free Report) by 62.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 57,115 shares of the company's stock after selling 96,941 shares during the quarter. New Age Alpha Advisors LLC's holdings in Gen Digital were worth $1,516,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Gen Digital during the 4th quarter worth approximately $14,367,000. QSM Asset Management Ltd bought a new stake in Gen Digital during the 4th quarter worth approximately $5,373,000. Brighton Jones LLC increased its stake in Gen Digital by 5.4% during the 4th quarter. Brighton Jones LLC now owns 25,212 shares of the company's stock worth $690,000 after purchasing an additional 1,299 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Gen Digital by 98.8% during the 4th 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 in the last quarter. Finally, Kera Capital Partners Inc. raised its holdings in shares of Gen Digital by 41.7% in the first quarter. Kera Capital Partners Inc. now owns 11,777 shares of the company's stock valued at $313,000 after purchasing an additional 3,466 shares during the last quarter. 81.38% of the stock is owned by institutional investors.

Gen Digital Price Performance

Shares of GEN opened at $28.27 on Friday. The company has a market cap of $17.41 billion, a price-to-earnings ratio of 27.18, a PEG ratio of 1.05 and a beta of 1.00. Gen Digital Inc. has a 1-year low of $22.74 and a 1-year high of $31.72. The company's fifty day simple moving average is $29.59 and its 200 day simple moving average is $27.81. 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 earnings results on Thursday, August 7th. The company reported $0.64 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.04. The business 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 16.34% and a return on equity of 59.38%. The firm's revenue for the quarter was up 30.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.53 earnings per share. On average, research analysts forecast that Gen Digital Inc. will post 2.05 earnings per share for the current fiscal year.

Gen Digital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Monday, August 18th will be issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 1.8%. Gen Digital's payout ratio is 48.08%.

Insiders Place Their Bets

In related news, Director Nora Denzel sold 31,646 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $28.76, for a total transaction of $910,138.96. Following the transaction, the director directly owned 34,860 shares in the company, valued at approximately $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 accessible through this hyperlink. Insiders own 9.30% of the company's stock.

Wall Street Analysts Forecast Growth

GEN has been the topic of a number of recent research reports. 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 report on Monday, July 14th. Wall Street Zen downgraded shares of Gen Digital from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Royal Bank Of Canada lifted their price objective on shares of Gen Digital from $28.00 to $30.00 and gave the company a "sector perform" rating in a report on Wednesday, May 7th. Morgan Stanley lowered 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. Finally, B. Riley initiated coverage on shares of Gen Digital in a report on Monday, July 14th. They issued a "buy" rating and a $46.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, Gen Digital has an average rating of "Moderate Buy" and an average price target of $33.60.

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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