McKinney Capital Management LLC Buys New Stake in Gen Digital Inc. $GEN

McKinney Capital Management LLC bought a new position in shares of Gen Digital Inc. (NASDAQ:GEN) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 54,027 shares of the company’s stock, valued at approximately $1,190,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Aberdeen Group plc boosted its holdings in shares of Gen Digital by 2.5% during the 3rd quarter. Aberdeen Group plc now owns 410,351 shares of the company’s stock worth $9,036,000 after buying an additional 10,144 shares during the period. Allworth Financial LP grew its stake in Gen Digital by 5.3% in the 3rd quarter. Allworth Financial LP now owns 9,404 shares of the company’s stock valued at $207,000 after buying an additional 472 shares during the last quarter. Eurizon Capital SGR S.p.A. raised its holdings in Gen Digital by 3,146.4% in the 3rd quarter. Eurizon Capital SGR S.p.A. now owns 1,164,810 shares of the company’s stock worth $25,628,000 after acquiring an additional 1,128,930 shares during the period. CENTRAL TRUST Co raised its holdings in Gen Digital by 14.7% in the 3rd quarter. CENTRAL TRUST Co now owns 4,564 shares of the company’s stock worth $100,000 after acquiring an additional 584 shares during the period. Finally, Maryland State Retirement & Pension System raised its holdings in Gen Digital by 13.9% in the 3rd quarter. Maryland State Retirement & Pension System now owns 30,536 shares of the company’s stock worth $672,000 after acquiring an additional 3,718 shares during the period. Institutional investors and hedge funds own 81.38% of the company’s stock.

Insider Activity

In other news, Director Ondrej Vlcek sold 200,000 shares of the stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $30.00, for a total value of $6,000,000.00. Following the completion of the transaction, the director owned 3,332,904 shares in the company, valued at approximately $99,987,120. This represents a 5.66% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Travis Witteveen sold 30,000 shares of the firm’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $29.75, for a total transaction of $892,500.00. Following the transaction, the insider directly owned 466,545 shares of the company’s stock, valued at $13,879,713.75. The trade was a 6.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 558,508 shares of company stock worth $16,365,993. 9.70% of the stock is currently owned by corporate insiders.

Gen Digital Stock Performance

Shares of GEN stock traded up $0.71 during mid-day trading on Friday, reaching $30.40. The stock had a trading volume of 4,675,916 shares, compared to its average volume of 6,983,006. Gen Digital Inc. has a one year low of $17.78 and a one year high of $31.65. The firm has a market cap of $18.04 billion, a PE ratio of 15.28, a P/E/G ratio of 0.93 and a beta of 1.24. The firm’s 50 day simple moving average is $26.50 and its 200 day simple moving average is $24.61. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 2.57.

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

Gen Digital Announces Dividend

The firm 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 dividend on an annualized basis and a dividend yield of 1.6%. Gen Digital’s dividend payout ratio is currently 25.13%.

Analysts Set New Price Targets

GEN has been the subject of a number of recent analyst reports. Royal Bank Of Canada upped their price target 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. Argus raised their price target on Gen Digital from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday. Barclays lifted their price objective on Gen Digital from $27.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Friday, August 7th. Weiss Ratings raised Gen Digital from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, November 4th. Finally, Wells Fargo & Company boosted their price objective on Gen Digital from $22.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. Two research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $31.20.

Gen Digital Company Profile

Gen Digital Inc. is a global cybersecurity company that provides digital safety and identity protection services to consumers and small businesses. Its products include antivirus and malware protection, virtual private networks, password managers, scam protection, and identity monitoring and recovery services. The company offers services through brands including Norton, Avast, LifeLock, Avira, AVG, and CCleaner. Its products are available in markets around the world through direct subscriptions and other distribution channels.