Vestcor Inc Increases Holdings in Gen Digital Inc. (NASDAQ:GEN)

Key Points

• Vestcor Inc increased its stake in Gen Digital Inc. by 221.4% in the first quarter, owning 48,463 shares valued at approximately $1.3 million.
• Gen Digital recently reported earnings per share of $0.59, surpassing analysts' expectations while showing a quarterly revenue increase of 4.4% year-over-year.
• The company declared a quarterly dividend of $0.125, representing an annualized yield of 1.7% and a dividend payout ratio of 48.08%.

Vestcor Inc raised its holdings in Gen Digital Inc. (NASDAQ:GEN - Free Report) by 221.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 48,463 shares of the company's stock after buying an additional 33,383 shares during the quarter. Vestcor Inc's holdings in Gen Digital were worth $1,286,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. XTX Topco Ltd bought a new position in Gen Digital in the 1st quarter valued at $332,000. Banque Cantonale Vaudoise bought a new position in Gen Digital in the 1st quarter valued at $1,877,000. Cozad Asset Management Inc. grew its stake in Gen Digital by 4.6% in the 1st quarter. Cozad Asset Management Inc. now owns 274,400 shares of the company's stock valued at $7,283,000 after purchasing an additional 12,000 shares during the period. JSF Financial LLC grew its stake in Gen Digital by 12.1% in the 1st quarter. JSF Financial LLC now owns 37,432 shares of the company's stock valued at $993,000 after purchasing an additional 4,049 shares during the period. Finally, Mackenzie Financial Corp grew its stake in Gen Digital by 130.2% in the 1st quarter. Mackenzie Financial Corp now owns 257,562 shares of the company's stock valued at $6,836,000 after purchasing an additional 145,654 shares during the period. 81.38% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. B. Riley assumed coverage on Gen Digital in a research note on Monday, July 14th. They set a "buy" rating and a $46.00 price target for the company. Wall Street Zen downgraded Gen Digital from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Morgan Stanley cut their price target on 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. Royal Bank Of Canada increased their price target on Gen Digital from $28.00 to $30.00 and gave the stock a "sector perform" rating in a research note on Wednesday, May 7th. Finally, Evercore ISI assumed coverage on Gen Digital in a research note on Tuesday, July 1st. They set an "outperform" rating and a $35.00 price target for the company. Three research analysts have rated the stock with a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $33.60.

Gen Digital Price Performance

Shares of GEN stock traded up $0.19 on Monday, reaching $28.98. The company's stock had a trading volume of 3,196,790 shares, compared to its average volume of 3,070,808. Gen Digital Inc. has a 12-month low of $22.74 and a 12-month high of $31.72. The stock's 50 day simple moving average is $29.54 and its 200-day simple moving average is $27.78. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 3.51. The company has a market capitalization of $17.84 billion, a P/E ratio of 14.18, a PEG ratio of 1.05 and a beta of 1.00.

Gen Digital (NASDAQ:GEN - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.59 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.58 by $0.01. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $999.48 million. Gen Digital had a return on equity of 59.38% and a net margin of 16.34%. The company's revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter last year, the company posted $0.53 EPS. As a group, equities analysts predict that Gen Digital Inc. will post 2.05 earnings per share for the current fiscal year.

Gen Digital Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 11th. Stockholders of record on Monday, May 19th were given a dividend of $0.125 per share. The ex-dividend date was Monday, May 19th. This represents a $0.50 annualized dividend and a dividend yield of 1.7%. Gen Digital's dividend payout ratio (DPR) is 48.08%.

Insider Buying and Selling at Gen Digital

In other news, Director Nora Denzel sold 31,646 shares of the firm's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $28.76, for a total transaction of $910,138.96. Following the sale, the director owned 34,860 shares in the company, valued at approximately $1,002,573.60. This trade represents a 47.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 9.30% of the company's stock.

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.