Bank of New York Mellon Corp bought a new position in shares of Gen Digital Inc. (NASDAQ:GEN - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 4,356,008 shares of the company's stock, valued at approximately $108,421,000. Bank of New York Mellon Corp owned approximately 0.73% of Gen Digital at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Goldman Sachs Group Inc. increased its stake in Gen Digital by 1.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,703,712 shares of the company's stock valued at $71,757,000 after buying an additional 28,522 shares during the last quarter. Great Lakes Advisors LLC acquired a new position in shares of Gen Digital during the 1st quarter worth about $205,000. Woodline Partners LP grew its holdings in shares of Gen Digital by 37.8% in the 1st quarter. Woodline Partners LP now owns 27,590 shares of the company's stock valued at $732,000 after acquiring an additional 7,562 shares in the last quarter. Focus Partners Wealth grew its holdings in shares of Gen Digital by 9.7% in the 1st quarter. Focus Partners Wealth now owns 22,347 shares of the company's stock valued at $593,000 after acquiring an additional 1,980 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its position in shares of Gen Digital by 221.5% in the first quarter. Geneos Wealth Management Inc. now owns 1,717 shares of the company's stock valued at $46,000 after acquiring an additional 1,183 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.
Insider Transactions at Gen Digital
In related news, insider Travis Michael Witteveen sold 30,000 shares of the company's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $29.42, for a total value of $882,600.00. Following the transaction, the insider directly owned 496,545 shares in the company, valued at approximately $14,608,353.90. This represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ondrej Vlcek sold 100,000 shares of the firm's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $28.00, for a total transaction of $2,800,000.00. Following the transaction, the director directly owned 3,732,724 shares in the company, valued at approximately $104,516,272. This represents a 2.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 230,440 shares of company stock valued at $6,172,946. 9.70% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
GEN has been the topic of several analyst reports. Wall Street Zen lowered Gen Digital from a "buy" rating to a "hold" rating in a report on Sunday, August 16th. Argus raised Gen Digital to a "strong-buy" rating in a research report on Friday, May 22nd. Barclays upped 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 "hold (c+)" rating in a report on Wednesday, July 15th. Finally, Royal Bank Of Canada raised their target price on shares of Gen Digital from $27.00 to $30.00 and gave the company a "sector perform" rating in a research note on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, Gen Digital has an average rating of "Hold" and an average price target of $31.67.
View Our Latest Stock Report on GEN
Gen Digital Trading Up 0.6%
Shares of NASDAQ:GEN opened at $29.11 on Tuesday. Gen Digital Inc. has a 12-month low of $17.78 and a 12-month high of $31.57. The business has a 50 day moving average of $26.59 and a 200-day moving average of $23.62. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 3.00. The stock has a market cap of $17.42 billion, a PE ratio of 16.92 and a beta of 1.21.
Gen Digital (NASDAQ:GEN - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported $0.71 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.02. The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.31 billion. Gen Digital had a return on equity of 55.93% and a net margin of 20.73%.The firm's quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.64 earnings per share. 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, equities research analysts forecast that Gen Digital Inc. will post 2.64 earnings per share for the current year.
Gen Digital Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Stockholders of record on Monday, August 17th will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.7%. Gen Digital's dividend payout ratio (DPR) is currently 29.07%.
About Gen Digital
(
Free Report)
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.
Further Reading
Want to see what other hedge funds are holding GEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Gen Digital Inc. (NASDAQ:GEN - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Before you consider Gen Digital, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Gen Digital wasn't on the list.
While Gen Digital currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
