Northwest & Ethical Investments L.P. Cuts Stock Position in Gen Digital Inc. $GEN

Key Points

• Northwest & Ethical Investments L.P. has cut its position in Gen Digital Inc. by 31.7%, reducing its holdings to 220,102 shares valued at $5.84 million.
• Analysts have mixed ratings on Gen Digital, with Barclays increasing the price target to $33.00 while Wells Fargo raised it to $40.00, reflecting a consensus rating of "Moderate Buy."
• Gen Digital reported earnings of $0.64 per share, exceeding expectations, and announced a quarterly dividend of $0.125, yielding 1.6%.

Northwest & Ethical Investments L.P. reduced its position in Gen Digital Inc. (NASDAQ:GEN - Free Report) by 31.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 220,102 shares of the company's stock after selling 102,036 shares during the quarter. Northwest & Ethical Investments L.P.'s holdings in Gen Digital were worth $5,842,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Catalyst Capital Advisors LLC raised its stake in shares of Gen Digital by 117.6% during the first quarter. Catalyst Capital Advisors LLC now owns 1,580 shares of the company's stock valued at $42,000 after acquiring an additional 854 shares during the last quarter. Tsfg LLC bought a new position in Gen Digital during the 1st quarter valued at approximately $52,000. Mather Group LLC. raised its position in Gen Digital by 26.6% during the 1st quarter. Mather Group LLC. now owns 3,730 shares of the company's stock valued at $99,000 after purchasing an additional 783 shares during the last quarter. Curat Global LLC bought a new position in Gen Digital during the 1st quarter valued at approximately $154,000. Finally, Sagespring Wealth Partners LLC bought a new position in Gen Digital during the 1st quarter valued at approximately $212,000. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GEN has been the subject of a number of recent analyst reports. Barclays upped their price target on Gen Digital from $32.00 to $33.00 and gave the company an "equal weight" rating in a research report on Friday, August 8th. Wall Street Zen downgraded Gen Digital from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Royal Bank Of Canada upped their target price on Gen Digital from $32.00 to $33.00 and gave the stock a "sector perform" rating in a report on Friday, August 8th. Wells Fargo & Company upped their target price on Gen Digital from $37.00 to $40.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Finally, B. Riley started coverage on Gen Digital in a report on Monday, July 14th. They set a "buy" rating and a $46.00 target price on the stock. Three investment 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 stock. Based on data from MarketBeat.com, Gen Digital presently has a consensus rating of "Moderate Buy" and a consensus price target of $35.33.

Gen Digital Stock Performance

Shares of GEN opened at $31.47 on Monday. The business's fifty day simple moving average is $29.90 and its two-hundred day simple moving average is $27.97. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 3.63. Gen Digital Inc. has a 12 month low of $22.74 and a 12 month high of $32.22. The company has a market cap of $19.38 billion, a price-to-earnings ratio of 32.44, a P/E/G ratio of 1.05 and a beta of 1.00.

Gen Digital (NASDAQ:GEN - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.64 earnings per share 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 analysts' expectations of $1.19 billion. Gen Digital had a return on equity of 57.99% and a net margin of 14.12%. The company's revenue was up 30.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.53 EPS. Research analysts anticipate that Gen Digital Inc. will post 2.05 earnings per share for the current fiscal year.

Gen Digital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Monday, August 18th will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Monday, August 18th. Gen Digital's dividend payout ratio (DPR) is currently 51.55%.

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.

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