Maryland State Retirement & Pension System Sells 4,679 Shares of Gen Digital Inc. (NASDAQ:GEN)

Maryland State Retirement & Pension System decreased its holdings in Gen Digital Inc. (NASDAQ:GEN) by 15.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,408 shares of the company’s stock after selling 4,679 shares during the period. Maryland State Retirement & Pension System’s holdings in Gen Digital were worth $674,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of GEN. Allspring Global Investments Holdings LLC increased its stake in shares of Gen Digital by 132.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 599,821 shares of the company’s stock worth $16,039,000 after purchasing an additional 341,533 shares during the period. Mather Group LLC. increased its stake 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. Cornerstone Wealth Group LLC bought a new position in shares of Gen Digital during the first quarter worth approximately $377,000. Wellington Management Group LLP increased its stake in shares of Gen Digital by 98.8% during the fourth quarter. Wellington Management Group LLP now owns 114,699 shares of the company’s stock worth $3,140,000 after purchasing an additional 56,993 shares during the period. Finally, Exchange Traded Concepts LLC increased its stake in shares of Gen Digital by 52.4% during the first quarter. Exchange Traded Concepts LLC now owns 11,146 shares of the company’s stock worth $296,000 after purchasing an additional 3,830 shares during the period. Institutional investors own 81.38% of the company’s stock.

Wall Street Analysts Forecast Growth

GEN has been the topic of a number of recent research reports. Morgan Stanley lowered their target price on Gen Digital from $27.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 16th. 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 report on Friday, August 8th. Wall Street Zen downgraded Gen Digital from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 5th. Royal Bank Of Canada increased their price target on Gen Digital from $32.00 to $33.00 and gave the stock a “sector perform” rating in a research report on Friday, August 8th. Finally, Barclays increased their price target on Gen Digital from $32.00 to $33.00 and gave the stock an “equal weight” rating in a research report on Friday, August 8th. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $35.33.

Insider Buying and Selling at Gen Digital

In other Gen Digital news, Director Nora Denzel sold 31,646 shares of the firm’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $28.76, for a total value of $910,138.96. Following the sale, the director owned 34,860 shares of the company’s stock, valued at approximately $1,002,573.60. This trade represents a 47.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 9.30% of the company’s stock.

Gen Digital Trading Up 1.0%

Shares of GEN stock opened at $32.16 on Thursday. The stock’s fifty day moving average price is $29.81 and its two-hundred day moving average price is $27.91. The company has a market cap of $19.80 billion, a PE ratio of 33.15, a P/E/G ratio of 1.07 and a beta of 1.00. Gen Digital Inc. has a fifty-two week low of $22.74 and a fifty-two week high of $32.22. 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 (NASDAQ:GEN) last issued its earnings results on Thursday, August 7th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 57.99% and a net margin of 14.12%. The company’s revenue was up 30.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.53 EPS. Equities analysts predict that Gen Digital Inc. will post 2.05 EPS for the current fiscal year.

Gen Digital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Monday, August 18th will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, August 18th. Gen Digital’s dividend payout ratio (DPR) is currently 51.55%.

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.