Resona Asset Management Co. Ltd. Has $6.06 Million Stock Position in Gen Digital Inc. (NASDAQ:GEN)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Gen Digital Inc. by 4.0%, owning a total of 228,307 shares valued at approximately $6.06 million.
• Gen Digital reported a strong earnings performance, with an EPS of $0.64, surpassing analyst expectations, and a year-over-year revenue growth of 30.3%.
• The company declared a quarterly dividend of $0.125, marking an annualized dividend yield of 1.6%, with a payout ratio currently at 51.55%.

Resona Asset Management Co. Ltd. increased its position in shares of Gen Digital Inc. (NASDAQ:GEN - Free Report) by 4.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 228,307 shares of the company's stock after purchasing an additional 8,883 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Gen Digital were worth $6,056,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Catalyst Capital Advisors LLC increased its position in shares of Gen Digital by 117.6% during the 1st quarter. Catalyst Capital Advisors LLC now owns 1,580 shares of the company's stock worth $42,000 after purchasing an additional 854 shares in the last quarter. Tsfg LLC bought a new stake in Gen Digital during the 1st quarter worth about $52,000. Mather Group LLC. grew its holdings in Gen Digital by 26.6% during the 1st quarter. Mather Group LLC. now owns 3,730 shares of the company's stock worth $99,000 after acquiring an additional 783 shares during the last quarter. Curat Global LLC bought a new stake in Gen Digital during the 1st quarter worth about $154,000. Finally, Sagespring Wealth Partners LLC bought a new stake in Gen Digital during the 1st quarter worth about $212,000. Institutional investors and hedge funds own 81.38% of the company's stock.

Analysts Set New Price Targets

GEN has been the topic of a number of research analyst reports. Wall Street Zen lowered shares of Gen Digital from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Evercore ISI initiated coverage on shares of Gen Digital in a report on Tuesday, July 1st. They set an "outperform" rating and a $35.00 price objective on the stock. Wells Fargo & Company increased their price objective on shares of Gen Digital from $37.00 to $40.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Barclays increased their price objective on shares of Gen Digital from $32.00 to $33.00 and gave the stock an "equal weight" rating in a report on Friday, August 8th. Finally, B. Riley began coverage on shares of Gen Digital in a research note on Monday, July 14th. They issued a "buy" rating and a $46.00 target price on the stock. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Gen Digital currently has a consensus rating of "Moderate Buy" and a consensus price target of $35.33.

Gen Digital Stock Down 0.1%

Shares of NASDAQ GEN opened at $31.47 on Friday. The firm has a market capitalization of $19.38 billion, a PE ratio of 32.44, a price-to-earnings-growth ratio of 1.06 and a beta of 1.00. The company has a current ratio of 0.50, a quick ratio of 0.51 and a debt-to-equity ratio of 3.63. Gen Digital Inc. has a 1 year low of $22.74 and a 1 year high of $32.22. The firm's 50-day moving average is $29.90 and its 200-day moving average is $27.97.

Gen Digital (NASDAQ:GEN - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.64 earnings per share (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 analyst estimates of $1.19 billion. Gen Digital had a net margin of 14.12% and a return on equity of 57.99%. The company's revenue for the quarter was up 30.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.53 EPS. Equities analysts expect that Gen Digital Inc. will post 2.05 EPS for the current year.

Gen Digital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Monday, August 18th will be given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis 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%.

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.

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