Gen Digital Inc. (NASDAQ:GEN) Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia trimmed its holdings in shares of Gen Digital Inc. (NASDAQ:GEN - Free Report) by 20.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 58,025 shares of the company's stock after selling 14,976 shares during the quarter. Bank of Nova Scotia's holdings in Gen Digital were worth $1,540,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Penserra Capital Management LLC lifted its position in shares of Gen Digital by 33.0% during the 1st quarter. Penserra Capital Management LLC now owns 2,972,160 shares of the company's stock valued at $78,880,000 after acquiring an additional 736,809 shares during the last quarter. KBC Group NV grew its holdings in Gen Digital by 32.7% during the first 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 bought a new position in shares of Gen Digital in the fourth quarter worth about $14,367,000. Victory Capital Management Inc. raised its stake in Gen Digital by 81.1% during 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. increased its position in shares of Gen Digital by 40.2% during the first 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 period. 81.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on GEN shares. Wall Street Zen lowered Gen Digital from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. B. Riley began coverage on shares of Gen Digital in a research note on Monday, July 14th. They issued a "buy" rating and a $46.00 price target on the stock. Royal Bank Of Canada raised their target price on shares of Gen Digital from $28.00 to $30.00 and gave the company a "sector perform" rating in a research report on Wednesday, May 7th. Barclays lifted their price objective on shares of Gen Digital from $30.00 to $32.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th. Finally, Evercore ISI began coverage on Gen Digital in a research note on Tuesday, July 1st. They issued an "outperform" rating and a $35.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $33.60.

Insider Activity at Gen Digital

In other Gen Digital news, Director Nora Denzel sold 31,646 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $28.76, for a total transaction of $910,138.96. Following the completion of the sale, the director directly owned 34,860 shares in the company, valued at approximately $1,002,573.60. This trade represents a 47.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 9.30% of the company's stock.

Gen Digital Stock Down 1.5%

Shares of GEN opened at $28.27 on Friday. The company has a debt-to-equity ratio of 3.51, a quick ratio of 0.51 and a current ratio of 0.51. Gen Digital Inc. has a 52 week low of $22.74 and a 52 week high of $31.72. The stock has a market capitalization of $17.41 billion, a price-to-earnings ratio of 27.18, a PEG ratio of 1.05 and a beta of 1.00. The stock has a fifty day moving average of $29.59 and a 200-day moving average of $27.81.

Gen Digital (NASDAQ:GEN - Get Free Report) last posted its 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 firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.19 billion. Gen Digital had a net margin of 16.34% and a return on equity of 59.38%. The company's revenue for the quarter was up 30.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.53 EPS. As a group, sell-side analysts anticipate that Gen Digital Inc. will post 2.05 earnings per share for the current fiscal year.

Gen Digital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Monday, August 18th will be paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.8%. Gen Digital's dividend 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.

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