Zurcher Kantonalbank Zurich Cantonalbank Grows Stock Holdings in Gen Digital Inc. (NASDAQ:GEN)

Key Points

• Zurcher Kantonalbank increased its stake in Gen Digital Inc. by 77.0%, acquiring an additional 387,920 shares, bringing its total ownership to approximately 891,931 shares. This investment is currently valued at $23,672,000.
• Gen Digital reported a quarterly earnings per share (EPS) of $0.59, exceeding analysts' expectations by $0.01, alongside a revenue of $1.01 billion, a 4.4% increase compared to the previous year.
• The company announced a quarterly dividend of $0.125 per share, resulting in an annualized dividend yield of 1.65% and a payout ratio of 48.08%.

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Gen Digital Inc. (NASDAQ:GEN - Free Report) by 77.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 891,931 shares of the company's stock after purchasing an additional 387,920 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.14% of Gen Digital worth $23,672,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Catalyst Capital Advisors LLC boosted its holdings in Gen Digital by 117.6% in the 1st quarter. Catalyst Capital Advisors LLC now owns 1,580 shares of the company's stock worth $42,000 after buying an additional 854 shares during the period. Tsfg LLC bought a new position in Gen Digital in the 1st quarter worth approximately $52,000. Mather Group LLC. boosted its holdings in Gen Digital by 26.6% in the 1st quarter. Mather Group LLC. now owns 3,730 shares of the company's stock worth $99,000 after buying an additional 783 shares during the period. Curat Global LLC bought a new position in Gen Digital in the 1st quarter worth approximately $154,000. Finally, Sagespring Wealth Partners LLC bought a new position in Gen Digital in the 1st quarter worth approximately $212,000. Hedge funds and other institutional investors own 81.38% of the company's stock.

Wall Street Analysts Forecast Growth

GEN has been the subject of several analyst reports. Barclays raised their price objective on shares of Gen Digital from $30.00 to $32.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. Evercore ISI initiated coverage on shares of Gen Digital in a report on Tuesday, July 1st. They issued an "outperform" rating and a $35.00 price objective for the company. B. Riley initiated coverage on shares of Gen Digital in a report on Monday, July 14th. They issued a "buy" rating and a $46.00 price target for the company. Royal Bank Of Canada raised their price target on shares of 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 cut their price target on shares of Gen Digital from $27.00 to $25.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. Three research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Gen Digital currently has a consensus rating of "Moderate Buy" and an average price target of $33.60.

Insider Buying and Selling

In related news, Director Nora Denzel sold 31,646 shares of Gen Digital stock in a transaction on Friday, May 16th. The shares were 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. This trade represents a 47.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 12.20% of the stock is currently owned by insiders.

Gen Digital Price Performance

Shares of NASDAQ GEN traded down $0.56 during mid-day trading on Friday, reaching $28.94. 1,497,655 shares of the company were exchanged, compared to its average volume of 4,089,945. Gen Digital Inc. has a 52 week low of $22.74 and a 52 week high of $31.72. 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 stock has a market capitalization of $17.81 billion, a PE ratio of 27.84, a PEG ratio of 1.09 and a beta of 1.01. The company's 50 day moving average price is $29.51 and its 200 day moving average price is $27.76.

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

Gen Digital Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 11th. Investors of record on Monday, May 19th were given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date was Monday, May 19th. Gen Digital's dividend payout ratio (DPR) is presently 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.