Mediolanum International Funds Ltd Boosts Stock Position in Gen Digital Inc. (NASDAQ:GEN)

Key Points

• Mediolanum International Funds Ltd increased its stake in Gen Digital Inc. by 45.5%, owning 308,817 shares worth approximately $8.16 million as of the latest filing.
• Gen Digital reported earnings of $0.59 per share for the last quarter, exceeding analyst expectations and achieving a 4.4% year-over-year revenue growth.
• The company declared a quarterly dividend of $0.125 per share, representing a 1.63% yield on an annualized basis.

Mediolanum International Funds Ltd lifted its stake in Gen Digital Inc. (NASDAQ:GEN - Free Report) by 45.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 308,817 shares of the company's stock after purchasing an additional 96,628 shares during the period. Mediolanum International Funds Ltd owned about 0.05% of Gen Digital worth $8,162,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Penserra Capital Management LLC lifted its position in shares of Gen Digital by 33.0% during the first quarter. Penserra Capital Management LLC now owns 2,972,160 shares of the company's stock valued at $78,880,000 after buying an additional 736,809 shares during the last quarter. KBC Group NV raised its position in shares of Gen Digital by 32.7% in the 1st quarter. KBC Group NV now owns 2,769,361 shares of the company's stock valued at $73,499,000 after purchasing an additional 682,530 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Gen Digital in the 4th quarter valued at approximately $14,367,000. Victory Capital Management Inc. raised its position in shares of Gen Digital by 81.1% in the 1st quarter. Victory Capital Management Inc. now owns 1,006,843 shares of the company's stock valued at $26,722,000 after purchasing an additional 450,955 shares during the last quarter. Finally, Achmea Investment Management B.V. raised its position in shares of Gen Digital by 40.2% in the 1st quarter. Achmea Investment Management B.V. now owns 1,454,610 shares of the company's stock valued at $38,605,000 after purchasing an additional 417,206 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

GEN has been the subject of a number of recent research reports. Evercore ISI initiated coverage on shares of Gen Digital in a research report on Tuesday, July 1st. They set an "outperform" rating and a $35.00 price target for the company. B. Riley started coverage on shares of Gen Digital in a research report on Monday, July 14th. They set a "buy" rating and a $46.00 price target for the company. 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. Barclays raised their price objective on shares of Gen Digital from $30.00 to $32.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Finally, Royal Bank Of Canada raised their price objective on shares of Gen Digital from $28.00 to $30.00 and gave the stock a "sector perform" rating in a research note on Wednesday, May 7th. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Gen Digital currently has a consensus rating of "Moderate Buy" and a consensus price target of $33.60.

Insiders Place Their Bets

In other Gen Digital news, Director Nora Denzel sold 31,646 shares of the company's stock in a transaction dated Friday, May 16th. The shares were 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 approximately $1,002,573.60. This represents a 47.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 12.20% of the company's stock.

Gen Digital Stock Down 0.9%

GEN traded down $0.27 on Tuesday, reaching $30.25. The company's stock had a trading volume of 1,490,262 shares, compared to its average volume of 4,117,855. The stock has a 50 day moving average of $29.40 and a two-hundred day moving average of $27.71. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 3.51. The company has a market capitalization of $18.76 billion, a price-to-earnings ratio of 29.08, a P/E/G ratio of 1.12 and a beta of 1.01. Gen Digital Inc. has a fifty-two week low of $22.74 and a fifty-two week high of $31.72.

Gen Digital (NASDAQ:GEN - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.58 by $0.01. Gen Digital had a return on equity of 59.38% and a net margin of 16.34%. The business had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $999.48 million. During the same quarter in the prior year, the business earned $0.53 earnings per share. The company's quarterly revenue was up 4.4% compared to the same quarter last year. As a group, analysts forecast that Gen Digital Inc. will post 2.05 EPS for the current fiscal year.

Gen Digital Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Monday, May 19th were paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date was Monday, May 19th. Gen Digital's payout ratio is currently 48.08%.

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.