iA Global Asset Management Inc. Purchases 47,764 Shares of Gen Digital Inc. (NASDAQ:GEN)

Key Points

• iA Global Asset Management Inc. increased its stake in Gen Digital Inc. by 176.4%, acquiring an additional 47,764 shares, bringing their total holdings to 74,839 shares valued at approximately $1,986,000.
• Several institutional investors also enhanced their positions in Gen Digital, with 81.38% of the stock owned by institutional holders.
• Analysts have varied outlooks on Gen Digital, with a consensus rating of "Moderate Buy" and an average price target of $33.60, despite recent downgrades from some firms.

iA Global Asset Management Inc. grew its stake in shares of Gen Digital Inc. (NASDAQ:GEN - Free Report) by 176.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 74,839 shares of the company's stock after buying an additional 47,764 shares during the period. iA Global Asset Management Inc.'s holdings in Gen Digital were worth $1,986,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. LSV Asset Management lifted its position in Gen Digital by 1.5% during the first quarter. LSV Asset Management now owns 8,208,034 shares of the company's stock valued at $217,841,000 after purchasing an additional 119,354 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Gen Digital by 2.3% during the 1st quarter. Bank of New York Mellon Corp now owns 5,184,489 shares of the company's stock worth $137,596,000 after acquiring an additional 117,013 shares during the last quarter. Penserra Capital Management LLC grew its position in Gen Digital by 33.0% in the first quarter. Penserra Capital Management LLC now owns 2,972,160 shares of the company's stock worth $78,880,000 after acquiring an additional 736,809 shares in the last quarter. KBC Group NV increased its stake in Gen Digital by 32.7% in the first quarter. KBC Group NV now owns 2,769,361 shares of the company's stock valued at $73,499,000 after acquiring an additional 682,530 shares during the last quarter. Finally, Achmea Investment Management B.V. increased its stake in Gen Digital by 40.2% in 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 acquiring an additional 417,206 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Gen Digital news, Director Nora Denzel sold 31,646 shares of the firm'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 completion of the sale, the director directly owned 34,860 shares in the company, valued at $1,002,573.60. This trade represents a 47.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 9.30% of the stock is owned by corporate insiders.

Gen Digital Trading Up 7.7%

Shares of NASDAQ:GEN traded up $2.18 during midday trading on Friday, hitting $30.45. 10,080,020 shares of the stock traded hands, compared to its average volume of 3,246,554. 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 business's 50 day moving average is $29.64 and its two-hundred day moving average is $27.83. The stock has a market capitalization of $18.75 billion, a PE ratio of 31.39, a P/E/G ratio of 1.03 and a beta of 1.00. Gen Digital Inc. has a one year low of $22.74 and a one year high of $31.72.

Gen Digital (NASDAQ:GEN - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.64 EPS for the quarter, beating analysts' consensus estimates of $0.60 by $0.04. Gen Digital had a return on equity of 59.28% and a net margin of 14.12%. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the prior year, the company posted $0.53 EPS. Gen Digital's quarterly revenue was up 30.3% compared to the same quarter last year. As a group, research analysts forecast that Gen Digital Inc. will post 2.05 earnings per share for the current year.

Gen Digital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Monday, August 18th will be given a dividend of $0.125 per share. The ex-dividend date is Monday, August 18th. This represents a $0.50 annualized dividend and a dividend yield of 1.6%. Gen Digital's payout ratio is currently 48.08%.

Analysts Set New Price Targets

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

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.