Banque Cantonale Vaudoise Makes New Investment in Gen Digital Inc. (NASDAQ:GEN)

Key Points

• Banque Cantonale Vaudoise has acquired 70,716 shares of Gen Digital Inc. (NASDAQ:GEN) in a recent purchase valued at about $1.88 million.
• In the first quarter, several hedge funds significantly increased their holdings in Gen Digital, with Allspring Global Investments Holdings LLC raising its stake by 132.2%.
• Gen Digital's quarterly earnings surpassed expectations, reporting an EPS of $0.59 against a consensus estimate of $0.58, with a year-over-year revenue growth of 4.4%.

Banque Cantonale Vaudoise purchased a new position in shares of Gen Digital Inc. (NASDAQ:GEN - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 70,716 shares of the company's stock, valued at approximately $1,877,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Cozad Asset Management Inc. raised its holdings in Gen Digital by 4.6% during the 1st quarter. Cozad Asset Management Inc. now owns 274,400 shares of the company's stock worth $7,283,000 after purchasing an additional 12,000 shares during the last quarter. JSF Financial LLC raised its holdings in Gen Digital by 12.1% during the 1st quarter. JSF Financial LLC now owns 37,432 shares of the company's stock worth $993,000 after purchasing an additional 4,049 shares during the last quarter. Mackenzie Financial Corp raised its holdings in Gen Digital by 130.2% during the 1st quarter. Mackenzie Financial Corp now owns 257,562 shares of the company's stock worth $6,836,000 after purchasing an additional 145,654 shares during the last quarter. LPL Financial LLC raised its holdings in Gen Digital by 24.7% during the 1st quarter. LPL Financial LLC now owns 143,150 shares of the company's stock worth $3,799,000 after purchasing an additional 28,349 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Gen Digital by 77.0% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 891,931 shares of the company's stock worth $23,672,000 after purchasing an additional 387,920 shares during the last quarter. Institutional investors own 81.38% of the company's stock.

Insider Transactions at Gen Digital

In related news, Director Nora Denzel sold 31,646 shares of Gen Digital stock in a transaction on Friday, May 16th. The shares were sold at an average price of $28.76, for a total value of $910,138.96. Following the completion of the sale, the director owned 34,860 shares of the company's stock, valued at approximately $1,002,573.60. This trade represents a 47.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 12.20% of the company's stock.

Gen Digital Stock Down 2.4%

NASDAQ GEN traded down $0.70 during mid-day trading on Friday, hitting $28.79. The company's stock had a trading volume of 3,610,331 shares, compared to its average volume of 2,890,291. The company's 50 day simple moving average is $29.54 and its 200 day simple moving average is $27.78. Gen Digital Inc. has a twelve month low of $22.74 and a twelve month high of $31.72. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 3.51. The firm has a market capitalization of $17.73 billion, a price-to-earnings ratio of 27.68, a PEG ratio of 1.08 and a beta of 1.01.

Gen Digital (NASDAQ:GEN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.01. Gen Digital had a net margin of 16.34% and a return on equity of 59.38%. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $999.48 million. During the same quarter last year, the firm posted $0.53 EPS. Gen Digital's revenue was up 4.4% compared to the same quarter last year. Analysts anticipate that Gen Digital Inc. will post 2.05 earnings per share for the current year.

Gen Digital Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Monday, May 19th were given a $0.125 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $0.50 annualized dividend and a yield of 1.7%. Gen Digital's dividend payout ratio (DPR) is presently 48.08%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Wall Street Zen lowered shares of Gen Digital from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Morgan Stanley lowered their price objective on shares of Gen Digital from $27.00 to $25.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Evercore ISI began coverage on shares of Gen Digital in a research note on Tuesday, July 1st. They issued an "outperform" rating and a $35.00 price objective for the company. B. Riley began coverage on shares of Gen Digital in a research note on Monday, July 14th. They issued a "buy" rating and a $46.00 price objective for the company. Finally, Royal Bank Of Canada lifted their price objective on shares of Gen Digital from $28.00 to $30.00 and gave the company a "sector perform" rating in a research note on Wednesday, May 7th. Three analysts have rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Gen Digital presently has a consensus rating of "Moderate Buy" and an average target price of $33.60.

Gen Digital Profile

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.