Korea Investment CORP Invests $3.98 Million in Gen Digital Inc. $GEN

Key Points

• Korea Investment Corp. acquired 159,789 Gen Digital shares worth approximately $3.98 million in the second quarter, joining other institutional investors that increased their positions. Institutions now own 81.38% of the company.
• Gen Digital exceeded quarterly expectations, reporting $0.71 in adjusted EPS and $1.34 billion in revenue, with revenue up 6.3% year over year. Analysts maintain a consensus “Hold” rating with an average price target of $31.67.
• The stock opened at $29.11 and has traded between $17.78 and $31.57 over the past year. Gen Digital also declared a $0.125 quarterly dividend, equivalent to a 1.7% yield.

Korea Investment CORP acquired a new position in shares of Gen Digital Inc. (NASDAQ:GEN - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 159,789 shares of the company's stock, valued at approximately $3,977,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Callan Family Office LLC acquired a new stake in Gen Digital in the 2nd quarter valued at approximately $1,039,000. Paralel Advisors LLC lifted its holdings in shares of Gen Digital by 21.7% during the second quarter. Paralel Advisors LLC now owns 122,671 shares of the company's stock worth $3,053,000 after buying an additional 21,874 shares during the last quarter. Allworth Financial LP bought a new stake in shares of Gen Digital in the second quarter valued at approximately $222,000. B. Metzler seel. Sohn & Co. AG bought a new stake in shares of Gen Digital in the second quarter valued at approximately $4,633,000. Finally, Advisors Capital Management LLC acquired a new stake in shares of Gen Digital in the second quarter worth $248,000. Institutional investors own 81.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on GEN. Royal Bank Of Canada upped their target price on shares of Gen Digital from $27.00 to $30.00 and gave the company a "sector perform" rating in a research note on Friday, August 7th. Wells Fargo & Company raised their price target on shares of Gen Digital from $22.00 to $28.00 and gave the stock an "equal weight" rating in a research report on Friday, August 7th. Wall Street Zen downgraded shares of Gen Digital from a "buy" rating to a "hold" rating in a report on Sunday, August 16th. Jefferies Financial Group lowered shares of Gen Digital from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. Finally, Barclays increased their target price on shares of Gen Digital from $27.00 to $32.00 and gave the company an "equal weight" rating in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $31.67.

Gen Digital Price Performance

Gen Digital stock opened at $29.11 on Tuesday. The business has a 50 day simple moving average of $26.59 and a 200 day simple moving average of $23.62. 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 company has a market capitalization of $17.42 billion, a PE ratio of 16.92 and a beta of 1.21. Gen Digital Inc. has a one year low of $17.78 and a one year high of $31.57.

Gen Digital (NASDAQ:GEN - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.71 earnings per share for the quarter, beating analysts' consensus estimates of $0.69 by $0.02. Gen Digital had a return on equity of 55.93% and a net margin of 20.73%.The firm had revenue of $1.34 billion for the quarter, compared to analysts' expectations of $1.31 billion. During the same period in the prior year, the business posted $0.64 earnings per share. The business's revenue was up 6.3% compared to the same quarter last year. 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, sell-side analysts forecast that Gen Digital Inc. will post 2.64 EPS for the current fiscal year.

Gen Digital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Stockholders of record on Monday, August 17th will be issued a $0.125 dividend. The ex-dividend date of this dividend is Monday, August 17th. This represents a $0.50 annualized dividend and a dividend yield of 1.7%. Gen Digital's dividend payout ratio is presently 29.07%.

Insider Buying and Selling

In related news, insider Travis Michael Witteveen sold 30,000 shares of the 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 sale, the insider owned 496,545 shares in the company, valued at $14,608,353.90. This trade represents a 5.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John C. Chrystal purchased 3,000 shares of the business's stock in a transaction that occurred on Thursday, June 4th. The shares were purchased at an average cost of $27.06 per share, with a total value of $81,180.00. Following the completion of the acquisition, the director directly owned 31,419 shares in the company, valued at $850,198.14. The trade was a 10.56% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 230,440 shares of company stock worth $6,172,946 in the last quarter. 9.70% of the stock is owned by corporate 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.

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