Gen Digital Inc. (NASDAQ:GEN) Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. trimmed its holdings in Gen Digital Inc. (NASDAQ:GEN - Free Report) by 66.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 39,900 shares of the company's stock after selling 80,332 shares during the period. Bessemer Group Inc.'s holdings in Gen Digital were worth $1,059,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in GEN. Cornerstone Wealth Group LLC bought a new position in shares of Gen Digital during the first quarter worth about $377,000. Asset Management One Co. Ltd. grew its position in shares of Gen Digital by 5.8% in the 1st quarter. Asset Management One Co. Ltd. now owns 495,888 shares of the company's stock worth $13,161,000 after acquiring an additional 27,129 shares in the last quarter. Oppenheimer Asset Management Inc. increased its holdings in shares of Gen Digital by 1.7% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 53,783 shares of the company's stock valued at $1,427,000 after acquiring an additional 882 shares during the last quarter. Nilsine Partners LLC acquired a new stake in shares of Gen Digital during the 1st quarter valued at approximately $2,375,000. Finally, Blue Trust Inc. lifted its stake in Gen Digital by 39.0% during the first quarter. Blue Trust Inc. now owns 15,043 shares of the company's stock worth $399,000 after purchasing an additional 4,220 shares during the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Gen Digital Stock Performance

Shares of NASDAQ GEN traded up $0.22 during midday trading on Thursday, hitting $30.03. 2,909,909 shares of the company's stock were exchanged, compared to its average volume of 3,748,223. Gen Digital Inc. has a twelve month low of $22.74 and a twelve month high of $31.72. The firm has a market cap of $18.62 billion, a P/E ratio of 28.87, a PEG ratio of 1.11 and a beta of 1.01. The stock's 50 day moving average price is $28.31 and its 200-day moving average price is $27.41. The company has a debt-to-equity ratio of 3.51, a current ratio of 0.51 and a quick ratio of 0.51.

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

Gen Digital Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 11th. Shareholders of record on Monday, May 19th were paid a dividend of $0.125 per share. The ex-dividend date was Monday, May 19th. This represents a $0.50 annualized dividend and a yield of 1.67%. Gen Digital's payout ratio is 48.08%.

Analyst Ratings Changes

GEN has been the topic of several research reports. Morgan Stanley dropped their price objective on shares of Gen Digital from $27.00 to $25.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Wall Street Zen upgraded Gen Digital from a "buy" rating to a "strong-buy" rating in a research report on Friday, June 27th. Royal Bank Of Canada raised their price target on Gen Digital from $28.00 to $30.00 and gave the stock a "sector perform" rating in a report on Wednesday, May 7th. Finally, Evercore ISI started coverage on Gen Digital in a research note on Tuesday. They set an "outperform" rating and a $35.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating, one has issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $30.00.

Insider Activity at Gen Digital

In other Gen Digital news, Director Nora Denzel sold 31,646 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $28.76, for a total value of $910,138.96. Following the completion of the sale, the director directly owned 34,860 shares in the company, valued at $1,002,573.60. This represents a 47.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 12.20% of the company's stock.

Gen Digital Company 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.