The Manufacturers Life Insurance Company Has $7.25 Million Holdings in Gen Digital Inc. $GEN

Key Points

• The Manufacturers Life Insurance Company increased its Gen Digital stake by 17.9% in the first quarter, bringing its holdings to 384,754 shares worth approximately $7.25 million. Institutional investors collectively own 81.38% of the company.
• Gen Digital exceeded quarterly expectations, reporting $0.67 in adjusted earnings per share on $1.28 billion in revenue. Revenue rose 27% year over year, while net margin was 19.46% and return on equity reached 55.47%.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $29.33. The stock recently opened at $27.95, while insider activity included a director’s sale of 100,000 shares and another director’s purchase of 3,000 shares.

The Manufacturers Life Insurance Company lifted its stake in shares of Gen Digital Inc. (NASDAQ:GEN - Free Report) by 17.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 384,754 shares of the company's stock after buying an additional 58,319 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.06% of Gen Digital worth $7,245,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of GEN. SummitTX Capital L.P. acquired a new position in shares of Gen Digital during the 1st quarter valued at $380,000. Gateway Wealth Partners LLC increased its stake in Gen Digital by 110.2% in the first quarter. Gateway Wealth Partners LLC now owns 17,717 shares of the company's stock valued at $334,000 after purchasing an additional 9,287 shares in the last quarter. Weiss Asset Management LP bought a new stake in Gen Digital in the first quarter valued at $41,000. Entropy Technologies LP acquired a new position in shares of Gen Digital during the first quarter valued at about $3,058,000. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Gen Digital by 56.1% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 34,629 shares of the company's stock valued at $652,000 after purchasing an additional 12,444 shares during the period. Institutional investors own 81.38% of the company's stock.

Gen Digital Stock Down 1.1%

Shares of NASDAQ GEN opened at $27.95 on Thursday. The company has a debt-to-equity ratio of 3.07, a current ratio of 0.40 and a quick ratio of 0.40. The company has a 50-day moving average price of $25.82 and a 200-day moving average price of $23.28. The stock has a market capitalization of $16.73 billion, a P/E ratio of 17.69 and a beta of 1.21. Gen Digital Inc. has a 1 year low of $17.78 and a 1 year high of $32.22.

Gen Digital (NASDAQ:GEN - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported $0.67 earnings per share for the quarter, topping analysts' consensus estimates of $0.65 by $0.02. Gen Digital had a net margin of 19.46% and a return on equity of 55.47%. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior year, the business posted $0.59 EPS. The firm's revenue was up 27.0% compared to the same quarter last year. On average, equities research analysts forecast that Gen Digital Inc. will post 2.61 EPS for the current fiscal year.

Insider Transactions at Gen Digital

In other news, Director Ondrej Vlcek sold 100,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $24.78, for a total value of $2,478,000.00. Following the transaction, the director owned 3,832,724 shares in the company, valued at $94,974,900.72. This trade represents a 2.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John C. Chrystal bought 3,000 shares of the company's stock in a transaction dated Thursday, June 4th. The stock was bought at an average price of $27.06 per share, for a total transaction of $81,180.00. Following the acquisition, the director directly owned 31,419 shares of the company's stock, valued at approximately $850,198.14. This represents a 10.56% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 9.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Barclays raised their target price on Gen Digital from $26.00 to $27.00 and gave the company an "equal weight" rating in a research note on Friday, May 8th. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $27.00 price target on shares of Gen Digital in a research note on Thursday, July 16th. Weiss Ratings upgraded Gen Digital from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, July 15th. Argus raised Gen Digital to a "strong-buy" rating in a research note on Friday, May 22nd. Finally, Wall Street Zen downgraded Gen Digital from a "buy" rating to a "hold" rating in a report on Saturday, June 20th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, Gen Digital currently has a consensus rating of "Hold" and an average price target of $29.33.

Gen Digital Profile

Gen Digital NASDAQ: GEN is a global cybersecurity company specializing in consumer- and small-business-focused security, privacy, and identity protection solutions. The company offers a suite of products designed to safeguard devices, networks, and personal information against malware, ransomware, phishing attacks and other digital threats. With a focus on user-friendly interfaces and cross-platform compatibility, Gen Digital develops antivirus software, VPN services, parental controls, password management tools, and comprehensive identity-theft monitoring services.

Gen Digital traces its origins to the consumer software division of Symantec Corporation, which was spun off in late 2019 under the NortonLifeLock name.

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