Deutsche Bank AG Cuts Stock Holdings in Gen Digital Inc. (NASDAQ:GEN)

Key Points

• Deutsche Bank AG reduced its holdings in Gen Digital Inc. by 0.9%, selling 32,866 shares, and now owns approximately 3.7 million shares valued at around $98.3 million.
• Gen Digital Inc. reported quarterly earnings of $0.64 per share, exceeding analysts' expectations, with a year-over-year revenue increase of 30.3%, reaching $1.26 billion.
• The company also declared a quarterly dividend of $0.125 per share, translating to an annualized yield of 1.6%, with the ex-dividend date set for August 18th.

Deutsche Bank AG reduced its position in Gen Digital Inc. (NASDAQ:GEN - Free Report) by 0.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,704,868 shares of the company's stock after selling 32,866 shares during the period. Deutsche Bank AG owned about 0.60% of Gen Digital worth $98,327,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GEN. Chicago Partners Investment Group LLC purchased a new position in shares of Gen Digital in the first quarter worth $233,000. Charles Schwab Investment Management Inc. increased its holdings in Gen Digital by 1.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,370,678 shares of the company's stock worth $89,458,000 after buying an additional 32,870 shares in the last quarter. ASR Vermogensbeheer N.V. purchased a new position in Gen Digital in the 1st quarter worth about $2,847,000. Vanguard Group Inc. raised its position in Gen Digital by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 69,690,768 shares of the company's stock worth $1,849,593,000 after buying an additional 2,513,464 shares during the last quarter. Finally, iA Global Asset Management Inc. lifted its stake in Gen Digital by 176.4% during the 1st quarter. iA Global Asset Management Inc. now owns 74,839 shares of the company's stock valued at $1,986,000 after acquiring an additional 47,764 shares during the period. 81.38% of the stock is owned by institutional investors.

Gen Digital Trading Up 7.7%

Shares of NASDAQ:GEN opened at $30.45 on Monday. The stock has a 50 day moving average of $29.64 and a 200 day moving average of $27.83. The company has a market cap of $18.75 billion, a PE ratio of 31.39, a price-to-earnings-growth ratio of 1.11 and a beta of 1.00. Gen Digital Inc. has a 12-month low of $22.74 and a 12-month high of $31.72. The company has a current ratio of 0.50, a quick ratio of 0.51 and a debt-to-equity ratio of 3.63.

Gen Digital (NASDAQ:GEN - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.64 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.04. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.19 billion. Gen Digital had a net margin of 14.12% and a return on equity of 57.99%. The company's revenue was up 30.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.53 earnings per share. As a group, equities research analysts expect that Gen Digital Inc. will post 2.05 EPS for the current year.

Gen Digital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Monday, August 18th will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Monday, August 18th. This represents a $0.50 dividend on an annualized basis and a yield of 1.6%. Gen Digital's dividend payout ratio (DPR) is currently 48.08%.

Insider Buying and Selling

In other news, Director Nora Denzel sold 31,646 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $28.76, for a total value of $910,138.96. Following the transaction, the director directly owned 34,860 shares in the company, valued at $1,002,573.60. The trade was a 47.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on GEN shares. Royal Bank Of Canada lifted their price target on shares of Gen Digital from $32.00 to $33.00 and gave the stock a "sector perform" rating in a research note on Friday. Evercore ISI initiated coverage on shares of Gen Digital in a research report on Tuesday, July 1st. They issued an "outperform" rating and a $35.00 target price for the company. Barclays lifted their price objective on Gen Digital from $32.00 to $33.00 and gave the stock an "equal weight" rating in a report on Friday. Morgan Stanley reduced their price target on shares of Gen Digital from $27.00 to $25.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. Finally, B. Riley initiated coverage on shares of Gen Digital in a research report on Monday, July 14th. They set a "buy" rating and a $46.00 target price for the company. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Gen Digital presently has an average rating of "Moderate Buy" and a consensus target price of $35.33.

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.

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