Mackenzie Financial Corp Boosts Stock Position in Gen Digital Inc. (NASDAQ:GEN)

Key Points

• Mackenzie Financial Corp has significantly increased its holdings in Gen Digital Inc. by 130.2%, now owning 257,562 shares valued at approximately $6.8 million.
• Several hedge funds have also raised their stakes in Gen Digital, with notable increases from Bank of New York Mellon Corp (2.3%) and Achmea Investment Management B.V. (40.2%) during the first quarter.
• Research analysts have varied opinions on Gen Digital, with price targets ranging from $25.00 to $46.00 and an average rating of "Moderate Buy."

Mackenzie Financial Corp raised its holdings in shares of Gen Digital Inc. (NASDAQ:GEN - Free Report) by 130.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 257,562 shares of the company's stock after purchasing an additional 145,654 shares during the quarter. Mackenzie Financial Corp's holdings in Gen Digital were worth $6,836,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its stake 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 in the last quarter. Penserra Capital Management LLC increased its position in Gen Digital by 33.0% during the 1st quarter. Penserra Capital Management LLC now owns 2,972,160 shares of the company's stock valued at $78,880,000 after purchasing an additional 736,809 shares during the period. KBC Group NV boosted its position in shares of Gen Digital by 32.7% during the first quarter. KBC Group NV now owns 2,769,361 shares of the company's stock valued at $73,499,000 after purchasing an additional 682,530 shares in the last quarter. Achmea Investment Management B.V. grew its holdings 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 worth $38,605,000 after purchasing an additional 417,206 shares during the period. Finally, Rhumbline Advisers boosted its holdings in Gen Digital by 6.6% in the first quarter. Rhumbline Advisers now owns 1,116,301 shares of the company's stock worth $29,627,000 after acquiring an additional 69,558 shares in the last quarter. Institutional investors own 81.38% of the company's stock.

Insider Activity at Gen Digital

In related news, Director Nora Denzel sold 31,646 shares of the business's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $28.76, for a total transaction of $910,138.96. Following the transaction, the director directly owned 34,860 shares in the company, valued at $1,002,573.60. The trade was a 47.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 12.20% of the company's stock.

Gen Digital Trading Down 2.4%

GEN traded down $0.70 during trading on Friday, hitting $28.79. 3,610,331 shares of the stock were exchanged, compared to its average volume of 2,890,291. The company has a debt-to-equity ratio of 3.51, a quick ratio of 0.51 and a current ratio of 0.51. The firm has a 50 day simple moving average of $29.54 and a 200 day simple moving average of $27.78. The firm has a market cap of $17.73 billion, a price-to-earnings ratio of 27.68, a P/E/G ratio of 1.05 and a beta of 1.00. Gen Digital Inc. has a 1 year low of $22.74 and a 1 year high of $31.72.

Gen Digital (NASDAQ:GEN - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.58 by $0.01. Gen Digital had a return on equity of 59.38% and a net margin of 16.34%. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $999.48 million. During the same period in the previous year, the company posted $0.53 EPS. The business's revenue for the quarter was up 4.4% compared to the same quarter last year. As a group, equities analysts expect that Gen Digital Inc. will post 2.05 EPS for the current year.

Gen Digital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Stockholders of record on Monday, May 19th were issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Monday, May 19th. Gen Digital's dividend payout ratio is currently 48.08%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. B. Riley began coverage on shares of Gen Digital in a report on Monday, July 14th. They issued a "buy" rating and a $46.00 target price on the stock. Morgan Stanley cut their price objective on shares of Gen Digital from $27.00 to $25.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. Royal Bank Of Canada upped their price objective on Gen Digital from $28.00 to $30.00 and gave the stock a "sector perform" rating in a report on Wednesday, May 7th. Barclays lifted their price target on Gen Digital from $30.00 to $32.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Finally, Evercore ISI began coverage on shares of Gen Digital in a report on Tuesday, July 1st. They set an "outperform" rating and a $35.00 price target on the stock. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $33.60.

About Gen Digital

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.