Bank of America Corp DE Has $48.19 Million Holdings in Gen Digital Inc. $GEN

Key Points

• Bank of America increased its Gen Digital stake by 7.4% in the first quarter, bringing its holdings to 2.56 million shares worth approximately $48.2 million. Institutional investors 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 issued fiscal 2027 EPS guidance of $2.87–$2.97.
• Shares opened at $28.64, while analysts maintained a consensus “Hold” rating with an average price target of $31.67. Gen Digital declared a quarterly dividend of $0.125 per share, representing a 1.7% yield.

Bank of America Corp DE lifted its holdings in Gen Digital Inc. (NASDAQ:GEN - Free Report) by 7.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,559,425 shares of the company's stock after purchasing an additional 175,835 shares during the quarter. Bank of America Corp DE owned 0.42% of Gen Digital worth $48,194,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in GEN. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Gen Digital by 9.7% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,155,639 shares of the company's stock worth $30,128,000 after buying an additional 102,345 shares during the period. Legal & General Group Plc increased its stake in Gen Digital by 3.8% during the fourth quarter. Legal & General Group Plc now owns 9,085,216 shares of the company's stock worth $247,027,000 after acquiring an additional 334,156 shares during the last quarter. LBP AM SA raised its holdings in shares of Gen Digital by 63.7% in the 4th quarter. LBP AM SA now owns 738,272 shares of the company's stock worth $20,074,000 after purchasing an additional 287,369 shares during the period. National Pension Service lifted its stake in shares of Gen Digital by 13.6% in the 4th quarter. National Pension Service now owns 934,892 shares of the company's stock valued at $25,420,000 after purchasing an additional 112,136 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Gen Digital by 17.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 384,754 shares of the company's stock valued at $7,245,000 after purchasing an additional 58,319 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Insider Buying and Selling

In other Gen Digital news, Director Ondrej Vlcek sold 100,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $24.78, for a total transaction of $2,478,000.00. Following the completion of the sale, the director owned 3,832,724 shares in the company, valued at $94,974,900.72. This trade represents a 2.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Travis Michael Witteveen sold 30,000 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $29.42, for a total value of $882,600.00. Following the sale, the insider owned 496,545 shares of the company's stock, valued at approximately $14,608,353.90. This trade represents a 5.70% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 9.70% of the company's stock.

Gen Digital Stock Down 1.3%

NASDAQ GEN opened at $28.64 on Thursday. The company has a quick ratio of 0.40, a current ratio of 0.47 and a debt-to-equity ratio of 3.00. Gen Digital Inc. has a fifty-two week low of $17.78 and a fifty-two week high of $32.22. The business has a 50 day moving average price of $26.07 and a two-hundred day moving average price of $23.39. The stock has a market cap of $17.14 billion, a PE ratio of 16.65 and a beta of 1.21.

Gen Digital (NASDAQ:GEN - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.69 by $0.02. Gen Digital had a net margin of 20.73% and a return on equity of 55.93%. The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same quarter last year, the firm posted $0.64 earnings per share. The business's quarterly revenue was up 6.3% on a year-over-year basis. 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 predict that Gen Digital Inc. will post 2.61 EPS for the current fiscal year.

Gen Digital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Stockholders of record on Monday, August 17th will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Monday, August 17th. Gen Digital's payout ratio is presently 29.07%.

Analysts Set New Price Targets

GEN has been the subject of a number of research analyst reports. Argus raised shares of Gen Digital to a "strong-buy" rating in a research report on Friday, May 22nd. Barclays boosted their price objective on shares of Gen Digital from $27.00 to $32.00 and gave the stock an "equal weight" rating in a research note on Friday, August 7th. Wall Street Zen raised shares of Gen Digital from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Jefferies Financial Group lowered shares of Gen Digital from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Finally, Royal Bank Of Canada increased their price target on Gen Digital from $27.00 to $30.00 and gave the company a "sector perform" rating in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $31.67.

About Gen Digital

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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