Prudential PLC Sells 10,063 Shares of Gen Digital Inc. (NASDAQ:GEN)

Key Points

• Prudential PLC has reduced its stake in Gen Digital Inc. by 38.7%, now holding 15,934 shares worth approximately $423,000 after selling 10,063 shares in the first quarter.
• Several hedge funds, including Allspring Global Investments, have increased their stakes in Gen Digital, with Allspring growing its holdings by 132.2%, now owning 599,821 shares valued at $16.04 million.
• Gen Digital reported earnings of $0.64 per share for the recent quarter, surpassing analyst expectations, with a 30.3% revenue increase year-over-year, reaching $1.26 billion.

Prudential PLC decreased its position in shares of Gen Digital Inc. (NASDAQ:GEN - Free Report) by 38.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,934 shares of the company's stock after selling 10,063 shares during the quarter. Prudential PLC's holdings in Gen Digital were worth $423,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in GEN. Allspring Global Investments Holdings LLC increased its stake in shares of Gen Digital by 132.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 599,821 shares of the company's stock valued at $16,039,000 after acquiring an additional 341,533 shares in the last quarter. Mather Group LLC. increased its stake in shares of Gen Digital by 26.6% in the 1st quarter. Mather Group LLC. now owns 3,730 shares of the company's stock valued at $99,000 after acquiring an additional 783 shares in the last quarter. Cornerstone Wealth Group LLC bought a new stake in shares of Gen Digital in the 1st quarter valued at $377,000. Wellington Management Group LLP increased its stake in shares of Gen Digital by 98.8% in the 4th quarter. Wellington Management Group LLP now owns 114,699 shares of the company's stock valued at $3,140,000 after acquiring an additional 56,993 shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its stake in shares of Gen Digital by 52.4% in the 1st quarter. Exchange Traded Concepts LLC now owns 11,146 shares of the company's stock valued at $296,000 after acquiring an additional 3,830 shares in the last quarter. Institutional investors own 81.38% of the company's stock.

Gen Digital Stock Performance

NASDAQ GEN opened at $31.47 on Friday. The company has a current ratio of 0.50, a quick ratio of 0.51 and a debt-to-equity ratio of 3.63. The company has a market cap of $19.38 billion, a P/E ratio of 32.44, a PEG ratio of 1.05 and a beta of 1.00. The company has a fifty day simple moving average of $29.90 and a 200 day simple moving average of $27.97. Gen Digital Inc. has a 12-month low of $22.74 and a 12-month high of $32.22.

Gen Digital (NASDAQ:GEN - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.60 by $0.04. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate 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 period in the previous year, the firm earned $0.53 EPS. Sell-side analysts predict that Gen Digital Inc. will post 2.05 earnings per share for the current fiscal year.

Gen Digital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Monday, August 18th will be issued a dividend of $0.125 per share. 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 payout ratio is currently 51.55%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on GEN shares. Royal Bank Of Canada lifted their price objective on shares of Gen Digital from $32.00 to $33.00 and gave the company a "sector perform" rating in a research note on Friday, August 8th. Evercore ISI initiated coverage on shares of Gen Digital in a research note on Tuesday, July 1st. They issued an "outperform" rating and a $35.00 price objective for the company. Wells Fargo & Company lifted their price target on shares of Gen Digital from $37.00 to $40.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. Wall Street Zen downgraded shares of Gen Digital from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th. Finally, B. Riley initiated coverage on shares of Gen Digital in a research report on Monday, July 14th. They issued a "buy" rating and a $46.00 price target for the company. Three research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Gen Digital has an average rating of "Moderate Buy" and a consensus target price of $35.33.

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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