Skandinaviska Enskilda Banken AB publ Has $28.82 Million Position in Gen Digital Inc. (NASDAQ:GEN)

Key Points

• Skandinaviska Enskilda Banken AB has increased its stake in Gen Digital Inc. by 58.1%, owning approximately 1,086,279 shares valued at about $28.82 million.
• Institutional investors and hedge funds collectively own 81.38% of Gen Digital's stock, indicating strong institutional interest in the company.
• Gen Digital's recent earnings report showed a net margin of 16.34% and an EPS of $0.59, surpassing analysts' expectations.

Skandinaviska Enskilda Banken AB publ increased its stake in shares of Gen Digital Inc. (NASDAQ:GEN - Free Report) by 58.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,086,279 shares of the company's stock after purchasing an additional 399,231 shares during the period. Skandinaviska Enskilda Banken AB publ owned approximately 0.18% of Gen Digital worth $28,820,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Advisor OS LLC lifted its holdings in shares of Gen Digital by 25.4% during the 1st quarter. Advisor OS LLC now owns 31,463 shares of the company's stock valued at $835,000 after purchasing an additional 6,367 shares during the last quarter. Machina Capital S.A.S. boosted its stake in Gen Digital by 47.4% during the 1st quarter. Machina Capital S.A.S. now owns 77,415 shares of the company's stock worth $2,055,000 after purchasing an additional 24,903 shares during the last quarter. Venturi Wealth Management LLC boosted its position in shares of Gen Digital by 82.4% during the 1st quarter. Venturi Wealth Management LLC now owns 9,021 shares of the company's stock valued at $239,000 after acquiring an additional 4,074 shares during the last quarter. KLP Kapitalforvaltning AS increased its stake in Gen Digital by 12.6% during the first quarter. KLP Kapitalforvaltning AS now owns 729,669 shares of the company's stock worth $19,365,000 after purchasing an additional 81,900 shares during the period. Finally, Choreo LLC acquired a new position in shares of Gen Digital during the first quarter worth about $260,000. 81.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. B. Riley initiated coverage on Gen Digital in a research note on Monday, July 14th. They issued a "buy" rating and a $46.00 price objective on the stock. Wall Street Zen cut Gen Digital from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Barclays raised their price target on Gen Digital from $30.00 to $32.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Royal Bank Of Canada raised their target price on Gen Digital from $28.00 to $30.00 and gave the company a "sector perform" rating in a report on Wednesday, May 7th. Finally, Morgan Stanley decreased their price target on Gen Digital from $27.00 to $25.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $33.60.

Insider Activity at Gen Digital

In related news, Director Nora Denzel sold 31,646 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $28.76, for a total value of $910,138.96. Following the transaction, the director 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 legal filing with the SEC, which is available at the SEC website. Corporate insiders own 12.20% of the company's stock.

Gen Digital Stock Performance

Shares of GEN stock traded down $0.25 on Tuesday, reaching $30.27. The stock had a trading volume of 2,598,691 shares, compared to its average volume of 4,118,720. The stock has a market cap of $18.77 billion, a P/E ratio of 29.11, a price-to-earnings-growth ratio of 1.12 and a beta of 1.01. 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 company has a 50 day simple moving average of $29.40 and a 200 day simple moving average of $27.71. 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 announced its earnings results on Tuesday, May 6th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.01. The business had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $999.48 million. Gen Digital had a return on equity of 59.38% and a net margin of 16.34%. The business's revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.53 EPS. Equities research analysts expect that Gen Digital Inc. will post 2.05 EPS for the current year.

Gen Digital Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Monday, May 19th were paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend was Monday, May 19th. Gen Digital's payout ratio is currently 48.08%.

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.