Oppenheimer Asset Management Inc. purchased a new stake in Gen Digital Inc. (NASDAQ:GEN – Free Report) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 45,708 shares of the company’s stock, valued at approximately $1,138,000.
A number of other hedge funds have also modified their holdings of the business. International Assets Investment Management LLC acquired a new stake in shares of Gen Digital during the 4th quarter worth about $27,000. Grove Bank & Trust lifted its position in Gen Digital by 452.2% in the second quarter. Grove Bank & Trust now owns 1,132 shares of the company’s stock valued at $28,000 after buying an additional 927 shares during the last quarter. Weiss Asset Management LP acquired a new stake in shares of Gen Digital during the first quarter valued at about $41,000. TD Private Client Wealth LLC increased its position in shares of Gen Digital by 65.8% during the fourth quarter. TD Private Client Wealth LLC now owns 1,539 shares of the company’s stock valued at $42,000 after acquiring an additional 611 shares during the last quarter. Finally, Geneos Wealth Management Inc. raised its stake in shares of Gen Digital by 221.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,717 shares of the company’s stock valued at $46,000 after acquiring an additional 1,183 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.
Gen Digital Price Performance
Shares of NASDAQ GEN opened at $28.48 on Monday. The stock has a market cap of $17.05 billion, a P/E ratio of 16.56 and a beta of 1.21. The business’s fifty day simple moving average is $26.17 and its 200-day simple moving average is $23.44. Gen Digital Inc. has a 12-month low of $17.78 and a 12-month high of $31.88. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 3.00.
Gen Digital Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Monday, August 17th will be issued a $0.125 dividend. The ex-dividend date of this dividend is Monday, August 17th. This represents a $0.50 annualized dividend and a yield of 1.8%. Gen Digital’s dividend payout ratio (DPR) is 29.07%.
Analyst Ratings Changes
GEN has been the topic of several recent analyst reports. Royal Bank Of Canada upped their price objective on shares of Gen Digital from $27.00 to $30.00 and gave the stock a “sector perform” rating in a report on Friday, August 7th. Wall Street Zen cut Gen Digital from a “buy” rating to a “hold” rating in a research note on Sunday. Barclays raised their price target on Gen Digital from $27.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. Jefferies Financial Group cut Gen Digital from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Finally, Weiss Ratings upgraded Gen Digital from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $31.67.
Read Our Latest Stock Analysis on GEN
Insider Activity at Gen Digital
In other Gen Digital news, insider Travis Michael Witteveen sold 30,000 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $29.42, for a total value of $882,600.00. Following the sale, the insider directly owned 496,545 shares of the company’s stock, valued at approximately $14,608,353.90. This represents a 5.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director John C. Chrystal acquired 3,000 shares of Gen Digital stock in a transaction dated Thursday, June 4th. The stock was purchased at an average price of $27.06 per share, for a total transaction of $81,180.00. Following the completion of the acquisition, the director directly owned 31,419 shares in the company, valued at approximately $850,198.14. This represents a 10.56% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 9.70% of the stock is owned by corporate insiders.
Gen Digital Profile
Gen Digital (NASDAQ: GEN) is a global cybersecurity company specializing in consumer- and small-business-focused security, privacy, and identity protection solutions. The company offers a suite of products designed to safeguard devices, networks, and personal information against malware, ransomware, phishing attacks and other digital threats. With a focus on user-friendly interfaces and cross-platform compatibility, Gen Digital develops antivirus software, VPN services, parental controls, password management tools, and comprehensive identity-theft monitoring services.
Gen Digital traces its origins to the consumer software division of Symantec Corporation, which was spun off in late 2019 under the NortonLifeLock name.
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