Bank of America Corp DE Buys Shares of 2,491,103 Gen Digital Inc. $GEN

Key Points

• Bank of America purchased 2.49 million Gen Digital shares worth approximately $62 million, giving it a 0.42% stake. Institutional investors and hedge funds collectively own 81.38% of the company.
• Gen Digital exceeded quarterly expectations, reporting $0.71 in EPS and $1.34 billion in revenue, with revenue up 6.3% year over year. The company also maintains a quarterly dividend of $0.125 per share, equating to a 1.7% yield.
• Analyst sentiment remains cautious, with an average “Hold” rating and a consensus price target of $31.60. Meanwhile, company insiders sold 558,508 shares worth approximately $16.4 million over the past 90 days.

Bank of America Corp DE purchased a new position in shares of Gen Digital Inc. (NASDAQ:GEN - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,491,103 shares of the company's stock, valued at approximately $62,004,000. Bank of America Corp DE owned about 0.42% of Gen Digital at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. EverSource Wealth Advisors LLC raised its stake in shares of Gen Digital by 14.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,376 shares of the company's stock worth $64,000 after buying an additional 427 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of Gen Digital by 5.9% in the fourth quarter. Fisher Asset Management LLC now owns 7,735 shares of the company's stock valued at $210,000 after purchasing an additional 430 shares during the period. Huntington National Bank lifted its stake in shares of Gen Digital by 9.4% in the fourth quarter. Huntington National Bank now owns 5,216 shares of the company's stock valued at $142,000 after purchasing an additional 448 shares during the period. IFM Investors Pty Ltd boosted its holdings in Gen Digital by 0.4% during the first quarter. IFM Investors Pty Ltd now owns 141,142 shares of the company's stock worth $2,658,000 after buying an additional 555 shares in the last quarter. Finally, TD Private Client Wealth LLC boosted its holdings in Gen Digital by 65.8% during the fourth quarter. TD Private Client Wealth LLC now owns 1,539 shares of the company's stock worth $42,000 after buying an additional 611 shares in the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Gen Digital Price Performance

GEN opened at $29.01 on Friday. Gen Digital Inc. has a 1 year low of $17.78 and a 1 year high of $31.65. The company's 50 day simple moving average is $28.63 and its 200 day simple moving average is $24.57. The stock has a market capitalization of $17.37 billion, a PE ratio of 16.87, a P/E/G ratio of 0.92 and a beta of 1.22. The company has a debt-to-equity ratio of 3.00, a quick ratio of 0.47 and a current ratio of 0.47.

Gen Digital (NASDAQ:GEN - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.71 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.02. The business had revenue of $1.34 billion during 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 business's revenue for the quarter was up 6.3% on a year-over-year basis. During the same period in the prior year, the firm posted $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. As a group, sell-side analysts expect that Gen Digital Inc. will post 2.64 EPS for the current year.

Gen Digital Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 9th. Shareholders of record on Monday, August 17th were given a $0.125 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $0.50 annualized dividend and a yield of 1.7%. Gen Digital's dividend payout ratio (DPR) is 29.07%.

Insider Buying and Selling at Gen Digital

In other news, COO Bryan Seuk Ko sold 28,248 shares of the business's stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $30.67, for a total value of $866,366.16. Following the completion of the sale, the chief operating officer owned 744,262 shares of the company's stock, valued at approximately $22,826,515.54. The trade was a 3.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ondrej Vlcek sold 200,000 shares of Gen Digital stock in a transaction that occurred on Thursday, August 27th. The stock was 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 of the company's stock, valued at approximately $99,987,120. The trade was a 5.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 558,508 shares of company stock valued at $16,356,093 over the last 90 days. 9.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on GEN. Royal Bank Of Canada lifted their price target on shares of Gen Digital from $27.00 to $30.00 and gave the company a "sector perform" rating in a research report on Friday, August 7th. Barclays lifted their price target 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 upgraded shares of Gen Digital from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, July 15th. Wall Street Zen cut shares of Gen Digital from a "buy" rating to a "hold" rating in a research note on Sunday, August 16th. Finally, Wells Fargo & Company raised their target price on shares of 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 given a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, Gen Digital presently has an average rating of "Hold" and a consensus price target of $31.60.

Gen Digital Profile

Gen Digital Inc NASDAQ: GEN is a global cybersecurity and consumer safety company that provides products designed to help individuals and families protect their devices, online identities, personal information and digital privacy. The company serves customers through a portfolio of consumer-focused cybersecurity and privacy brands.

Its products and services include antivirus and device security, identity theft protection, virtual private networks, password management, online privacy tools, scam protection and family safety features.

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