Gen Digital Inc. (NASDAQ:GEN) Shares Sold by Forsta AP Fonden

Key Points

• Forsta AP Fonden reduced its stake in Gen Digital Inc. (NASDAQ:GEN) by 9.0%, selling 10,000 shares and bringing its holdings to 101,300 shares worth approximately $2.69 million.
• Gen Digital announced that it will pay a quarterly dividend of $0.125 per share, representing an annualized yield of 1.6%, with an ex-dividend date set for August 18th.
• Analysts have a consensus rating of "Moderate Buy" for Gen Digital, with an average target price of $35.33, reflecting recent price adjustments from several notable firms.

Forsta AP Fonden reduced its position in shares of Gen Digital Inc. (NASDAQ:GEN - Free Report) by 9.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 101,300 shares of the company's stock after selling 10,000 shares during the period. Forsta AP Fonden's holdings in Gen Digital were worth $2,689,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of GEN. Vanguard Group Inc. boosted its stake in shares of Gen Digital by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 69,690,768 shares of the company's stock worth $1,849,593,000 after purchasing an additional 2,513,464 shares during the last quarter. Penserra Capital Management LLC boosted its stake 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 worth $78,880,000 after purchasing an additional 736,809 shares during the last quarter. KBC Group NV boosted its stake in shares of Gen Digital by 32.7% during the 1st quarter. KBC Group NV now owns 2,769,361 shares of the company's stock worth $73,499,000 after purchasing an additional 682,530 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Gen Digital during the 4th quarter worth about $14,367,000. Finally, Victory Capital Management Inc. boosted its stake in shares of Gen Digital by 81.1% during the 1st quarter. Victory Capital Management Inc. now owns 1,006,843 shares of the company's stock worth $26,722,000 after purchasing an additional 450,955 shares during the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on GEN. Wall Street Zen cut shares of Gen Digital from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Morgan Stanley decreased their target price on shares of Gen Digital from $27.00 to $25.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Royal Bank Of Canada raised their target price on shares of Gen Digital from $32.00 to $33.00 and gave the stock a "sector perform" rating in a research report 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 on the stock. Finally, Barclays raised their target price on shares of Gen Digital from $32.00 to $33.00 and gave the stock an "equal weight" rating in a research report on Friday. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Gen Digital presently has a consensus rating of "Moderate Buy" and an average price target of $35.33.

Insiders Place Their Bets

In other Gen Digital news, Director Nora Denzel sold 31,646 shares of Gen Digital stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $28.76, for a total transaction of $910,138.96. Following the transaction, the director directly owned 34,860 shares of the company's stock, 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 filing with the SEC, which is accessible through this hyperlink. 9.30% of the stock is currently owned by company insiders.

Gen Digital Trading Up 1.1%

Shares of GEN stock opened at $30.77 on Tuesday. The stock has a market cap of $18.94 billion, a price-to-earnings ratio of 31.72, a price-to-earnings-growth ratio of 1.11 and a beta of 1.00. The company has a quick ratio of 0.51, a current ratio of 0.50 and a debt-to-equity ratio of 3.63. Gen Digital Inc. has a fifty-two week low of $22.74 and a fifty-two week high of $31.72. The firm's 50 day moving average price is $29.68 and its two-hundred day moving average price is $27.86.

Gen Digital (NASDAQ:GEN - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.64 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.04. The firm had revenue of $1.26 billion for the quarter, compared to analysts' expectations of $1.19 billion. Gen Digital had a net margin of 14.12% and a return on equity of 57.99%. Gen Digital's revenue was up 30.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.53 earnings per share. On average, analysts anticipate that Gen Digital Inc. will post 2.05 EPS for the current year.

Gen Digital Announces Dividend

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 given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Monday, August 18th. Gen Digital's payout ratio is 51.55%.

Gen Digital 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.