Handelsbanken Fonder AB Has $4.16 Million Position in Gen Digital Inc. $GEN

Key Points

• Handelsbanken Fonder increased its Gen Digital stake by 26.9% in the second quarter, bringing its holdings to 167,200 shares valued at approximately $4.16 million. Institutional investors collectively own 81.38% of the company.
• Gen Digital exceeded quarterly expectations, reporting $0.71 in earnings per share versus the $0.69 consensus and revenue of $1.34 billion, up 6.3% year over year.
• Analysts maintain a consensus “Hold” rating with an average price target of $31.67, while the company declared a quarterly dividend of $0.125 per share, equivalent to a 1.8% annual yield.

Handelsbanken Fonder AB lifted its holdings in Gen Digital Inc. (NASDAQ:GEN - Free Report) by 26.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 167,200 shares of the company's stock after purchasing an additional 35,426 shares during the period. Handelsbanken Fonder AB's holdings in Gen Digital were worth $4,162,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership boosted its stake in Gen Digital by 45.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 13,094,386 shares of the company's stock valued at $246,567,000 after purchasing an additional 4,115,676 shares during the period. First Trust Advisors LP increased its position in Gen Digital by 22.3% in the 4th quarter. First Trust Advisors LP now owns 19,941,546 shares of the company's stock worth $542,211,000 after buying an additional 3,640,451 shares during the period. Alyeska Investment Group L.P. bought a new position in Gen Digital in the 4th quarter worth approximately $70,248,000. Victory Capital Management Inc. lifted its holdings in shares of Gen Digital by 167.2% during the fourth quarter. Victory Capital Management Inc. now owns 3,328,737 shares of the company's stock worth $90,508,000 after buying an additional 2,082,850 shares during the last quarter. Finally, Boston Partners lifted its holdings in shares of Gen Digital by 14.3% during the fourth quarter. Boston Partners now owns 15,644,289 shares of the company's stock worth $425,336,000 after buying an additional 1,954,712 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on GEN shares. Wall Street Zen downgraded shares of Gen Digital from a "buy" rating to a "hold" rating in a report on Sunday. Barclays raised their target price on Gen Digital from $27.00 to $32.00 and gave the stock an "equal weight" rating in a research report on Friday, August 7th. Jefferies Financial Group lowered Gen Digital from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Weiss Ratings upgraded Gen Digital from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, July 15th. Finally, Argus upgraded Gen Digital to a "strong-buy" rating in a research note on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $31.67.

Gen Digital Stock Performance

NASDAQ GEN opened at $28.48 on Friday. The firm has a market cap of $17.05 billion, a price-to-earnings ratio of 16.56 and a beta of 1.21. The company has a 50 day moving average of $26.17 and a 200-day moving average of $23.46. The company has a current ratio of 0.47, a quick ratio of 0.40 and a debt-to-equity ratio of 3.00. Gen Digital Inc. has a 1-year low of $17.78 and a 1-year high of $31.88.

Gen Digital (NASDAQ:GEN - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.69 by $0.02. The company had revenue of $1.34 billion during the quarter, compared to analysts' expectations of $1.31 billion. Gen Digital had a net margin of 20.73% and a return on equity of 55.93%. Gen Digital's quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 earnings per share. Gen Digital has set its FY 2027 guidance at 2.870-2.970 EPS and its Q2 2027 guidance at 0.710-0.730 EPS. On average, equities analysts forecast that Gen Digital Inc. will post 2.61 earnings per share for the current fiscal year.

Gen Digital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Monday, August 17th will be issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Monday, August 17th. Gen Digital's dividend payout ratio (DPR) is currently 29.07%.

Insider Buying and Selling at Gen Digital

In other news, insider Travis Michael Witteveen sold 30,000 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $29.42, for a total transaction of $882,600.00. Following the sale, the insider owned 496,545 shares in the company, valued at approximately $14,608,353.90. This represents a 5.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John C. Chrystal bought 3,000 shares of the firm's stock in a transaction dated Thursday, June 4th. The shares were acquired at an average price of $27.06 per share, for a total transaction of $81,180.00. Following the acquisition, the director directly owned 31,419 shares of the company's stock, valued at approximately $850,198.14. The trade was a 10.56% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 9.70% of the company's stock.

Gen Digital Profile

Gen Digital NASDAQ: GEN is a global cybersecurity company specializing in consumer- and small-business-focused security, privacy, and identity protection solutions. The company offers a suite of products designed to safeguard devices, networks, and personal information against malware, ransomware, phishing attacks and other digital threats. With a focus on user-friendly interfaces and cross-platform compatibility, Gen Digital develops antivirus software, VPN services, parental controls, password management tools, and comprehensive identity-theft monitoring services.

Gen Digital traces its origins to the consumer software division of Symantec Corporation, which was spun off in late 2019 under the NortonLifeLock name.

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