Todd Asset Management LLC Acquires Shares of 958,261 Gen Digital Inc. (NASDAQ:GEN)

Key Points

• Todd Asset Management LLC acquired a new stake in Gen Digital Inc., purchasing 958,261 shares valued at approximately $25.43 million, equating to about 0.16% of the company.
• Gen Digital reported a 30.3% year-over-year increase in revenue, reaching $1.26 billion for the latest quarter, with an EPS of $0.64 surpassing analysts' expectations.
• Analysts have set a new average price target of $35.33 for Gen Digital, with several rating it as a "buy" or "outperform."

Todd Asset Management LLC bought a new position in Gen Digital Inc. (NASDAQ:GEN - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The firm bought 958,261 shares of the company's stock, valued at approximately $25,432,000. Todd Asset Management LLC owned 0.16% of Gen Digital as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Nuveen LLC bought a new stake in Gen Digital during the 1st quarter worth approximately $299,562,000. Invesco Ltd. boosted its position in shares of Gen Digital by 5.6% in the first quarter. Invesco Ltd. now owns 9,227,444 shares of the company's stock worth $244,896,000 after purchasing an additional 491,977 shares during the period. Sierra Summit Advisors LLC purchased a new stake in shares of Gen Digital in the first quarter worth $5,732,000. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Gen Digital by 75.0% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 578,752 shares of the company's stock valued at $15,360,000 after purchasing an additional 248,018 shares during the period. Finally, Townsquare Capital LLC raised its position in shares of Gen Digital by 44.0% during the 1st quarter. Townsquare Capital LLC now owns 14,222 shares of the company's stock valued at $377,000 after purchasing an additional 4,349 shares during the period. 81.38% of the stock is owned by institutional investors.

Gen Digital Price Performance

Shares of GEN traded down $0.65 during midday trading on Thursday, hitting $31.51. 3,557,791 shares of the company traded hands, compared to its average volume of 4,165,762. The stock has a market cap of $19.40 billion, a price-to-earnings ratio of 32.48, a PEG ratio of 1.07 and a beta of 1.00. The firm has a 50 day moving average of $29.81 and a 200-day moving average of $27.91. 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 52 week low of $22.74 and a 52 week high of $32.22.

Gen Digital (NASDAQ:GEN - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.64 EPS for the quarter, topping analysts' consensus estimates of $0.60 by $0.04. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.19 billion. Gen Digital had a return on equity of 57.99% and a net margin of 14.12%. 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 business earned $0.53 earnings per share. On average, analysts forecast that Gen Digital Inc. will post 2.05 EPS for the current fiscal 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 given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis 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%.

Insider Buying and Selling at Gen Digital

In other news, Director Nora Denzel sold 31,646 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $28.76, for a total transaction of $910,138.96. Following the sale, the director directly owned 34,860 shares in the company, valued at approximately $1,002,573.60. This represents a 47.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 9.30% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on GEN. Wells Fargo & Company increased their price target on Gen Digital from $37.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. Royal Bank Of Canada boosted their price objective on Gen Digital from $32.00 to $33.00 and gave the company a "sector perform" rating in a research report on Friday, August 8th. Morgan Stanley cut their target price on Gen Digital from $27.00 to $25.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. B. Riley began coverage on Gen Digital in a research note on Monday, July 14th. They set a "buy" rating and a $46.00 target price on the stock. Finally, Wall Street Zen cut Gen Digital from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Three equities research 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. Based on data from MarketBeat, Gen Digital has a consensus rating of "Moderate Buy" and a consensus target price 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.