ABN AMRO Bank N.V. Acquires New Shares in Gen Digital Inc. $GEN

Key Points

• ABN AMRO Bank N.V. acquired 576,616 shares of Gen Digital in the second quarter, worth approximately $14.4 million and representing 0.10% of the company. Institutional investors collectively own 81.38% of Gen Digital.
• Gen Digital exceeded quarterly expectations, reporting EPS of $0.71 versus $0.69 expected and revenue of $1.34 billion, up 6.3% year over year. The company also declared a quarterly dividend of $0.125 per share, equal to a 1.8% annualized yield.
• Analysts remain cautious, with the stock receiving a consensus “Hold” rating and an average price target of $31.67. Gen Digital shares opened at $28.48, while an insider sold 30,000 shares and a director purchased 3,000 shares.

ABN AMRO Bank N.V. acquired a new position in Gen Digital Inc. (NASDAQ:GEN - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 576,616 shares of the company's stock, valued at approximately $14,365,000. ABN AMRO Bank N.V. owned 0.10% of Gen Digital at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. International Assets Investment Management LLC purchased a new stake in Gen Digital during the fourth quarter worth $27,000. Grove Bank & Trust raised its position in shares of Gen Digital by 452.2% in the 2nd quarter. Grove Bank & Trust now owns 1,132 shares of the company's stock worth $28,000 after acquiring an additional 927 shares in the last quarter. TD Private Client Wealth LLC raised its position in shares of Gen Digital by 65.8% in the 4th quarter. TD Private Client Wealth LLC now owns 1,539 shares of the company's stock worth $42,000 after acquiring an additional 611 shares in the last quarter. MUFG Securities EMEA plc purchased a new stake in shares of Gen Digital during the 2nd quarter worth $47,000. Finally, Geneos Wealth Management Inc. lifted its stake in shares of Gen Digital by 221.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,717 shares of the company's stock worth $46,000 after purchasing an additional 1,183 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Travis Michael Witteveen sold 30,000 shares of Gen Digital stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $29.42, for a total transaction of $882,600.00. Following the completion of the sale, the insider owned 496,545 shares of the company's stock, valued at $14,608,353.90. The trade was a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John C. Chrystal bought 3,000 shares of the firm's stock in a transaction that occurred on Thursday, June 4th. The shares were purchased at an average cost of $27.06 per share, with a total value of $81,180.00. Following the acquisition, the director directly owned 31,419 shares of the company's stock, valued at approximately $850,198.14. This trade represents a 10.56% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 9.70% of the company's stock.

Gen Digital Trading Down 3.7%

NASDAQ:GEN opened at $28.48 on Friday. The company has a market capitalization of $17.05 billion, a P/E ratio of 16.56 and a beta of 1.21. The company has a current ratio of 0.47, a quick ratio of 0.40 and a debt-to-equity ratio of 3.00. Gen Digital Inc. has a 12 month low of $17.78 and a 12 month high of $31.88. The firm has a fifty day simple moving average of $26.17 and a 200-day simple moving average of $23.46.

Gen Digital (NASDAQ:GEN - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.02. The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.31 billion. Gen Digital had a return on equity of 55.93% and a net margin of 20.73%.The firm's revenue was up 6.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.64 EPS. Gen Digital has set its FY 2027 guidance at 2.870-2.970 EPS and its Q2 2027 guidance at 0.710-0.730 EPS. On average, equities research analysts anticipate that Gen Digital Inc. will post 2.61 earnings per share for the current year.

Gen Digital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Monday, August 17th will be paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 1.8%. The ex-dividend date is Monday, August 17th. Gen Digital's payout ratio is presently 29.07%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Wall Street Zen lowered Gen Digital from a "buy" rating to a "hold" rating in a research note on Sunday. Barclays boosted their target price on shares of Gen Digital from $27.00 to $32.00 and gave the stock an "equal weight" rating in a report on Friday, August 7th. Jefferies Financial Group cut shares of Gen Digital from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Royal Bank Of Canada lifted their price objective on shares of Gen Digital from $27.00 to $30.00 and gave the stock a "sector perform" rating in a research report on Friday, August 7th. Finally, Wells Fargo & Company boosted their price objective on shares of Gen Digital from $22.00 to $28.00 and gave the stock an "equal weight" rating in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $31.67.

Gen Digital Company 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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