Wellington Management Group LLP Purchases 478,886 Shares of Gen Digital Inc. $GEN

Key Points

• Wellington Management more than doubled its Gen Digital position in the second quarter, acquiring 478,886 shares for a total holding of 934,617 shares valued at approximately $23.3 million. Institutional investors and hedge funds collectively own 81.38% of the stock.
• Analysts maintain a generally cautious outlook, with an average rating of “Hold” and an average price target of $31.60. Recent target increases from RBC, Wells Fargo, and Barclays were offset by a rating downgrade from Buy to Hold by Wall Street Zen.
• Gen Digital recently exceeded quarterly earnings and revenue expectations, reporting $0.71 in EPS and $1.34 billion in revenue, while revenue rose 6.3% year over year. The company also declared a quarterly dividend of $0.125, equivalent to a 1.6% annualized yield.

Wellington Management Group LLP boosted its position in shares of Gen Digital Inc. (NASDAQ:GEN - Free Report) by 105.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 934,617 shares of the company's stock after acquiring an additional 478,886 shares during the period. Wellington Management Group LLP owned 0.16% of Gen Digital worth $23,263,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of GEN. International Assets Investment Management LLC acquired a new position in shares of Gen Digital during the fourth quarter worth $27,000. Grove Bank & Trust boosted its position in shares of Gen Digital by 452.2% in the 2nd quarter. Grove Bank & Trust now owns 1,132 shares of the company's stock worth $28,000 after purchasing an additional 927 shares in the last quarter. Weiss Asset Management LP acquired a new stake in shares of Gen Digital in the 1st quarter worth $41,000. TD Private Client Wealth LLC grew its stake in Gen Digital by 65.8% during the 4th quarter. TD Private Client Wealth LLC now owns 1,539 shares of the company's stock worth $42,000 after buying an additional 611 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its stake in Gen Digital by 221.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,717 shares of the company's stock worth $46,000 after buying an additional 1,183 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GEN has been the subject of a number of research analyst reports. Weiss Ratings upgraded Gen Digital from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, July 15th. Royal Bank Of Canada boosted their price target on Gen Digital from $27.00 to $30.00 and gave the stock a "sector perform" rating in a research note on Friday, August 7th. Wells Fargo & Company upped their price objective on shares of Gen Digital from $22.00 to $28.00 and gave the company an "equal weight" rating in a report on Friday, August 7th. Barclays upped their price objective on shares of Gen Digital from $27.00 to $32.00 and gave the company an "equal weight" rating in a report on Friday, August 7th. Finally, Wall Street Zen cut shares of Gen Digital from a "buy" rating to a "hold" rating in a research note on Sunday, August 16th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $31.60.

Insider Buying and Selling

In related news, Director Ondrej Vlcek sold 200,000 shares of the stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $30.00, for a total value of $6,000,000.00. Following the transaction, the director owned 3,332,904 shares in the company, valued at approximately $99,987,120. This represents a 5.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Travis Witteveen sold 30,000 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $29.42, for a total transaction of $882,600.00. Following the transaction, the insider directly owned 496,545 shares of the company's stock, valued at $14,608,353.90. This represents a 5.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 630,260 shares of company stock worth $17,967,726. 9.70% of the stock is owned by insiders.

Gen Digital Price Performance

NASDAQ GEN opened at $30.65 on Friday. The company has a market cap of $18.35 billion, a price-to-earnings ratio of 17.82, a PEG ratio of 0.97 and a beta of 1.22. The company has a debt-to-equity ratio of 3.00, a current ratio of 0.47 and a quick ratio of 0.47. The stock's fifty day moving average price is $27.78 and its 200 day moving average price is $24.03. Gen Digital Inc. has a 1 year low of $17.78 and a 1 year high of $31.65.

Gen Digital (NASDAQ:GEN - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.71 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.02. The company had revenue of $1.34 billion during the quarter, compared to analysts' expectations of $1.31 billion. Gen Digital had a return on equity of 55.93% and a net margin of 20.73%.The firm's revenue was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.64 EPS. Gen Digital has set its FY 2027 guidance at 2.870-2.970 EPS and its Q2 2027 guidance at 0.710-0.730 EPS. As a group, equities research analysts forecast that Gen Digital Inc. will post 2.64 earnings per share for the current year.

Gen Digital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Monday, August 17th will be given a $0.125 dividend. The ex-dividend date is Monday, August 17th. This represents a $0.50 dividend on an annualized basis and a yield of 1.6%. Gen Digital's dividend payout ratio is currently 29.07%.

Gen Digital Company 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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