Gallacher Capital Management LLC Sells 16,906 Shares of Gen Digital Inc. $GEN

Gallacher Capital Management LLC lessened its position in Gen Digital Inc. (NASDAQ:GEN) by 50.4% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 16,662 shares of the company’s stock after selling 16,906 shares during the period. Gallacher Capital Management LLC’s holdings in Gen Digital were worth $367,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership increased its holdings in shares of Gen Digital by 45.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 13,094,386 shares of the company’s stock valued at $246,567,000 after acquiring an additional 4,115,676 shares in the last quarter. Legal & General Group Plc acquired a new position in shares of Gen Digital during the second quarter worth approximately $225,169,000. Deutsche Bank AG bought a new position in shares of Gen Digital in the 2nd quarter worth $146,639,000. Bank of New York Mellon Corp bought a new position in shares of Gen Digital in the 2nd quarter worth $108,421,000. Finally, Bank of America Corp DE bought a new position in shares of Gen Digital in the 2nd quarter worth $62,004,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on GEN shares. Wells Fargo & Company lifted their price target on shares of Gen Digital from $22.00 to $28.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Weiss Ratings upgraded shares of Gen Digital from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, October 16th. Wall Street Zen lowered shares of Gen Digital from a “buy” rating to a “hold” rating in a research note on Sunday, August 16th. Royal Bank Of Canada lifted their price objective on shares of Gen Digital from $24.00 to $27.00 and gave the company a “sector perform” rating in a report on Thursday, October 29th. Finally, Morgan Stanley lifted their price objective on shares of Gen Digital from $32.00 to $34.00 and gave the company an “equal weight” rating in a report on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Gen Digital presently has an average rating of “Hold” and an average price target of $31.60.

Gen Digital Stock Performance

Shares of GEN opened at $29.71 on Wednesday. The company has a debt-to-equity ratio of 2.57, a quick ratio of 0.37 and a current ratio of 0.37. The stock has a 50 day moving average price of $26.53 and a two-hundred day moving average price of $24.43. The firm has a market capitalization of $17.63 billion, a P/E ratio of 12.35, a P/E/G ratio of 0.94 and a beta of 1.24. Gen Digital Inc. has a 52 week low of $17.78 and a 52 week high of $31.65.

Gen Digital (NASDAQ:GEN) last issued its quarterly earnings data on Wednesday, October 28th. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.72 by $0.02. Gen Digital had a return on equity of 56.80% and a net margin of 23.07%. The firm had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the prior year, the business posted $0.62 earnings per share. The company’s quarterly revenue was up 12.2% compared to the same quarter last year. Equities analysts forecast that Gen Digital Inc. will post 2.65 earnings per share for the current fiscal year.

Gen Digital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 9th. Investors of record on Monday, November 16th will be issued a dividend of $0.1250 per share. The ex-dividend date is Monday, November 16th. This represents a $0.50 annualized dividend and a yield of 1.7%. Gen Digital’s dividend payout ratio is 25.13%.

Insider Buying and Selling

In related news, insider Travis Witteveen sold 30,000 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $29.42, for a total value of $882,600.00. Following the completion of 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Bryan Seuk Ko sold 28,248 shares of the firm’s stock in a transaction on Friday, September 4th. The shares were sold at an average price of $30.67, for a total value of $866,366.16. Following the transaction, the chief operating officer owned 744,262 shares in the company, valued at approximately $22,826,515.54. This trade represents a 3.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 558,508 shares of company stock worth $16,356,093. 9.70% of the stock is owned by corporate insiders.

About Gen Digital

Gen Digital Inc (NASDAQ: GEN) is a cybersecurity company that provides digital safety, privacy, and identity protection products for consumers. Its services are designed to help protect devices, personal information, online accounts, and digital identities from malware, fraud, identity theft, scams, and other cyber threats.

The company operates a portfolio of consumer brands that includes Norton, Avast, LifeLock, Avira, AVG, ReputationDefender, and CCleaner. Its offerings include antivirus and device security software, virtual private network services, password management, identity theft monitoring and restoration support, privacy tools, scam protection, and performance and optimization utilities.

Gen Digital serves customers internationally through direct subscriptions and distribution partnerships.