Mirae Asset Global Investments Co. Ltd. Purchases New Position in Gen Digital Inc. $GEN

Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Gen Digital Inc. (NASDAQ:GEN) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 315,333 shares of the company’s stock, valued at approximately $6,944,000. Mirae Asset Global Investments Co. Ltd. owned 0.05% of Gen Digital at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in GEN. Grove Bank & Trust increased 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 worth $28,000 after buying an additional 927 shares during the period. MassMutual Private Wealth & Trust FSB lifted its stake in Gen Digital by 86.9% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,921 shares of the company’s stock valued at $48,000 after buying an additional 893 shares during the last quarter. Dunhill Financial LLC bought a new stake in Gen Digital in the second quarter valued at $50,000. Pension & Wealth Management Advisors Inc. acquired a new position in shares of Gen Digital during the third quarter valued at $47,000. Finally, Weiss Asset Management LP acquired a new position in shares of Gen Digital during the first quarter valued at $41,000. 81.38% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Ondrej Vlcek sold 200,000 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $30.00, for a total transaction of $6,000,000.00. Following the sale, the director directly owned 3,332,904 shares in the company, valued at approximately $99,987,120. The trade was a 5.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Bryan Seuk Ko sold 28,248 shares of the business’s stock in a transaction that occurred 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 sale, the chief operating officer owned 744,262 shares in the company, valued at approximately $22,826,515.54. This 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. Insiders have sold 588,508 shares of company stock worth $17,248,593 in the last ninety days. Insiders own 9.70% of the company’s stock.

Gen Digital Stock Performance

GEN opened at $30.60 on Friday. The company has a market cap of $18.15 billion, a PE ratio of 12.76, a price-to-earnings-growth ratio of 0.97 and a beta of 1.24. 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 of $26.58 and a 200-day moving average of $24.47. Gen Digital Inc. has a 52-week low of $17.78 and a 52-week high of $31.65.

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

Gen Digital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 9th. Stockholders of record on Monday, November 16th will be paid a $0.1250 dividend. The ex-dividend date is Monday, November 16th. This represents a $0.50 annualized dividend and a dividend yield of 1.6%. Gen Digital’s dividend payout ratio (DPR) is presently 25.13%.

Analysts Set New Price Targets

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

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.