11,287,204 Shares in Gen Digital Inc. (NASDAQ:GEN) Bought by Nuveen LLC

Key Points

• Nuveen LLC has acquired a new position in Gen Digital Inc., purchasing approximately 11.3 million shares valued at around $299.6 million, making up 1.83% of the company.
• Gen Digital recently reported quarterly earnings of $0.64 per share, which exceeded analysts' expectations, with revenues of $1.26 billion, a year-over-year increase of 30.3%.
• The company also announced a quarterly dividend of $0.125 per share, with an annualized payout of $0.50, representing a yield of 1.6%.

Nuveen LLC bought a new position in shares of Gen Digital Inc. (NASDAQ:GEN - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund bought 11,287,204 shares of the company's stock, valued at approximately $299,562,000. Nuveen LLC owned 1.83% of Gen Digital at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Gen Digital by 3.7% during the first quarter. Vanguard Group Inc. now owns 69,690,768 shares of the company's stock valued at $1,849,593,000 after purchasing an additional 2,513,464 shares during the period. Invesco Ltd. lifted its position in shares of Gen Digital by 5.6% during the 1st quarter. Invesco Ltd. now owns 9,227,444 shares of the company's stock valued at $244,896,000 after buying an additional 491,977 shares during the last quarter. LSV Asset Management boosted 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 worth $217,841,000 after purchasing an additional 119,354 shares during the period. 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 period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Gen Digital by 1.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,370,678 shares of the company's stock valued at $89,458,000 after purchasing an additional 32,870 shares during the period. Institutional investors own 81.38% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on GEN. Wall Street Zen lowered shares of Gen Digital from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Morgan Stanley lowered their price target on shares of 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. Evercore ISI initiated coverage on shares of Gen Digital in a report on Tuesday, July 1st. They issued an "outperform" rating and a $35.00 target price on the stock. B. Riley assumed coverage on Gen Digital in a research report on Monday, July 14th. They set a "buy" rating and a $46.00 price target for the company. Finally, 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 report on Friday, August 8th. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $35.33.

Gen Digital Stock Down 2.0%

Shares of GEN traded down $0.65 on Thursday, hitting $31.51. 3,555,944 shares of the stock traded hands, compared to its average volume of 4,165,762. Gen Digital Inc. has a one year low of $22.74 and a one year high of $32.22. The company has a market capitalization of $19.40 billion, a PE ratio of 32.48, a P/E/G ratio of 1.07 and a beta of 1.00. The business has a 50 day simple moving average of $29.81 and a 200 day simple moving average of $27.91. The company has a debt-to-equity ratio of 3.63, a quick ratio of 0.51 and a current ratio of 0.50.

Gen Digital (NASDAQ:GEN - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.60 by $0.04. The company 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%. Gen Digital's revenue was up 30.3% compared to the same quarter last year. During the same period last year, the firm posted $0.53 earnings per share. As a group, equities analysts forecast that Gen Digital Inc. will post 2.05 earnings per share for the current fiscal year.

Gen Digital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Monday, August 18th will be paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Monday, August 18th. Gen Digital's dividend payout ratio (DPR) is currently 51.55%.

Insider Buying and Selling at Gen Digital

In other news, Director Nora Denzel sold 31,646 shares of the company's stock in a transaction on Friday, May 16th. The stock was 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 represents a 47.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 9.30% of the stock is owned by corporate insiders.

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.