Hsbc Holdings PLC Has $32.98 Million Stock Position in Gen Digital Inc. $GEN

Key Points

• HSBC Holdings increased its Gen Digital stake by 49.4% in the second quarter, acquiring 437,646 additional shares for a total position valued at approximately $32.98 million. Institutional investors collectively own 81.38% of the company.
• Gen Digital exceeded quarterly expectations, reporting $0.71 EPS and $1.34 billion in revenue, with revenue up 6.3% year over year. Analysts maintain an average “Hold” rating and a consensus price target of $31.60.
• The company declared a quarterly dividend of $0.125 per share, or $0.50 annually, representing a 1.6% yield. Gen Digital shares opened at $30.65, near their 52-week high of $31.65.

Hsbc Holdings PLC boosted its holdings in Gen Digital Inc. (NASDAQ:GEN - Free Report) by 49.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,324,155 shares of the company's stock after buying an additional 437,646 shares during the period. Hsbc Holdings PLC owned approximately 0.22% of Gen Digital worth $32,976,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of GEN. International Assets Investment Management LLC bought a new position in Gen Digital during the fourth quarter worth $27,000. Grove Bank & Trust grew its position in Gen Digital by 452.2% in the 2nd quarter. Grove Bank & Trust now owns 1,132 shares of the company's stock worth $28,000 after purchasing an additional 927 shares during the last quarter. Weiss Asset Management LP bought a new position in shares of Gen Digital during the 1st quarter worth about $41,000. TD Private Client Wealth LLC raised its position in shares of Gen Digital by 65.8% during the fourth quarter. TD Private Client Wealth LLC now owns 1,539 shares of the company's stock valued at $42,000 after buying an additional 611 shares during the last quarter. Finally, Geneos Wealth Management Inc. lifted its stake in shares of Gen Digital by 221.5% in the first quarter. Geneos Wealth Management Inc. now owns 1,717 shares of the company's stock valued at $46,000 after buying an additional 1,183 shares during the period. 81.38% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GEN. Argus upgraded Gen Digital to a "strong-buy" rating in a research note on Friday, May 22nd. Wall Street Zen cut shares of Gen Digital from a "buy" rating to a "hold" rating in a research note on Sunday, August 16th. Weiss Ratings upgraded Gen Digital from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, July 15th. Barclays increased their target price on Gen Digital from $27.00 to $32.00 and gave the stock an "equal weight" rating in a report on Friday, August 7th. Finally, Royal Bank Of Canada boosted their price target on Gen Digital from $27.00 to $30.00 and gave the company a "sector perform" rating in a research note on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Gen Digital has an average rating of "Hold" and an average price target of $31.60.

Gen Digital Price Performance

GEN opened at $30.65 on Tuesday. The company has a debt-to-equity ratio of 3.00, a current ratio of 0.47 and a quick ratio of 0.47. The stock has a market capitalization of $18.35 billion, a P/E ratio of 17.82, a price-to-earnings-growth ratio of 0.97 and a beta of 1.22. The company's 50 day simple moving average is $27.89 and its 200-day simple moving average is $24.09. Gen Digital Inc. has a one year low of $17.78 and a one year high of $31.65.

Gen Digital (NASDAQ:GEN - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.02. The firm 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 revenue was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.64 EPS. 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. Sell-side analysts anticipate that Gen Digital Inc. will post 2.64 earnings per share for the current fiscal year.

Gen Digital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Stockholders of record on Monday, August 17th will be paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, August 17th. Gen Digital's dividend payout ratio is 29.07%.

Insider Activity

In related news, Director Ondrej Vlcek sold 200,000 shares of Gen Digital stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $30.00, for a total value of $6,000,000.00. Following the completion of the sale, the director directly owned 3,332,904 shares in the company, valued at $99,987,120. This trade represents a 5.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Travis Witteveen sold 30,000 shares of the firm's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $29.42, for a total transaction of $882,600.00. Following the completion of the transaction, the insider directly owned 496,545 shares in the company, valued at $14,608,353.90. This trade represents a 5.70% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 630,260 shares of company stock worth $17,967,726. 9.70% of the stock is owned by company insiders.

About Gen Digital

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.