Mirae Asset Global Investments Co. Ltd. Sells 3,247 Shares of Gen Digital Inc. (NASDAQ:GEN)

Mirae Asset Global Investments Co. Ltd. cut its holdings in shares of Gen Digital Inc. (NASDAQ:GEN) by 3.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 89,095 shares of the company’s stock after selling 3,247 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Gen Digital were worth $2,355,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GEN. Wellington Management Group LLP increased its position in shares of Gen Digital by 98.8% in the fourth quarter. Wellington Management Group LLP now owns 114,699 shares of the company’s stock valued at $3,140,000 after acquiring an additional 56,993 shares during the last quarter. Cornerstone Wealth Group LLC acquired a new stake in shares of Gen Digital in the first quarter valued at about $377,000. Exchange Traded Concepts LLC increased its position in shares of Gen Digital by 52.4% in the first quarter. Exchange Traded Concepts LLC now owns 11,146 shares of the company’s stock valued at $296,000 after acquiring an additional 3,830 shares during the last quarter. Merit Financial Group LLC acquired a new stake in shares of Gen Digital in the first quarter valued at about $273,000. Finally, QRG Capital Management Inc. increased its position in Gen Digital by 453.0% during the first quarter. QRG Capital Management Inc. now owns 85,369 shares of the company’s stock worth $2,266,000 after buying an additional 69,931 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Gen Digital Stock Up 2.2%

NASDAQ GEN opened at $30.48 on Friday. The business has a fifty day moving average price of $28.42 and a two-hundred day moving average price of $27.41. The stock has a market capitalization of $18.90 billion, a PE ratio of 29.31, a PEG ratio of 1.11 and a beta of 1.01. The company has a debt-to-equity ratio of 3.51, a current ratio of 0.51 and a quick ratio of 0.51. Gen Digital Inc. has a fifty-two week low of $22.74 and a fifty-two week high of $31.72.

Gen Digital (NASDAQ:GEN) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.01. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $999.48 million. Gen Digital had a net margin of 16.34% and a return on equity of 59.38%. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.53 earnings per share. Equities analysts expect that Gen Digital Inc. will post 2.05 earnings per share for the current fiscal year.

Gen Digital Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 11th. Stockholders of record on Monday, May 19th were issued a dividend of $0.125 per share. The ex-dividend date was Monday, May 19th. This represents a $0.50 annualized dividend and a dividend yield of 1.64%. Gen Digital’s dividend payout ratio (DPR) is presently 48.08%.

Insider Activity

In other news, Director Nora Denzel sold 31,646 shares of the company’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 completion of the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 12.20% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on GEN. Morgan Stanley lowered their price target on Gen Digital from $27.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 16th. Evercore ISI began coverage on Gen Digital in a research report on Tuesday. They set an “outperform” rating and a $35.00 price target on the stock. Royal Bank Of Canada boosted their price target on Gen Digital from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Wednesday, May 7th. Finally, Wall Street Zen raised Gen Digital from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 27th. Two equities research analysts have rated the stock with a hold rating, one has given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, Gen Digital has a consensus rating of “Buy” and a consensus target price of $30.00.

About Gen Digital

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.