Invesco Ltd. Increases Position in Gen Digital Inc. (NASDAQ:GEN)

Key Points

• Invesco Ltd. has increased its stake in Gen Digital Inc. by 5.6%, now owning approximately 1.50% of the company, valued at about $244.90 million.
• Several institutions have bolstered their positions in Gen Digital, with Vanguard Group now holding 69.69 million shares, valued at $1.85 billion, representing a 3.7% increase.
• Gen Digital recently reported a quarterly earnings per share (EPS) of $0.64, surpassing expectations and showing a 30.3% year-over-year revenue increase to $1.26 billion.

Invesco Ltd. raised its position in Gen Digital Inc. (NASDAQ:GEN - Free Report) by 5.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,227,444 shares of the company's stock after buying an additional 491,977 shares during the period. Invesco Ltd. owned about 1.50% of Gen Digital worth $244,896,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Gen Digital by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 69,690,768 shares of the company's stock worth $1,849,593,000 after buying an additional 2,513,464 shares during the last quarter. LSV Asset Management boosted its holdings in Gen Digital by 1.5% in the 1st quarter. LSV Asset Management now owns 8,208,034 shares of the company's stock worth $217,841,000 after buying an additional 119,354 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Gen Digital by 2.3% in 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 buying an additional 117,013 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Gen Digital by 1.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,370,678 shares of the company's stock worth $89,458,000 after buying an additional 32,870 shares during the last quarter. Finally, Penserra Capital Management LLC boosted its holdings in Gen Digital by 33.0% in the 1st quarter. Penserra Capital Management LLC now owns 2,972,160 shares of the company's stock worth $78,880,000 after buying an additional 736,809 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GEN. 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 note on Friday, August 8th. 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 target price on the stock. Evercore ISI began coverage on shares of Gen Digital in a research note on Tuesday, July 1st. They issued an "outperform" rating and a $35.00 target price on the stock. Wells Fargo & Company raised their target price on shares of Gen Digital from $37.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. 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 note on Friday, August 8th. Three research 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's stock. According to data from MarketBeat, Gen Digital currently has an average rating of "Moderate Buy" and a consensus price target of $35.33.

Gen Digital Trading Down 0.1%

Shares of GEN stock traded down $0.04 during trading on Friday, hitting $31.47. 3,274,486 shares of the stock traded hands, compared to its average volume of 3,853,979. The firm has a market capitalization of $19.38 billion, a P/E ratio of 32.44, a price-to-earnings-growth ratio of 1.05 and a beta of 1.00. The company has a debt-to-equity ratio of 3.63, a current ratio of 0.50 and a quick ratio of 0.51. The firm's fifty day moving average price is $29.90 and its 200-day moving average price is $27.97. Gen Digital Inc. has a 52-week low of $22.74 and a 52-week high of $32.22.

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 the consensus estimate 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 14.12% and a return on equity of 57.99%. The business's revenue for the quarter was up 30.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.53 EPS. As a group, research analysts forecast that Gen Digital Inc. will post 2.05 earnings per share for the current fiscal year.

Gen Digital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Monday, August 18th will be given a $0.125 dividend. The ex-dividend date of this dividend is Monday, August 18th. This represents a $0.50 dividend on an annualized basis and a yield of 1.6%. Gen Digital's payout ratio is presently 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.