51,471 Shares in Gen Digital Inc. $GEN Purchased by Bank of Nova Scotia

Bank of Nova Scotia acquired a new position in Gen Digital Inc. (NASDAQ:GEN) in the 2nd quarter, Holdings Channel.com reports. The firm acquired 51,471 shares of the company’s stock, valued at approximately $1,281,000.

Other hedge funds also recently added to or reduced their stakes in the company. Trust Co. of Vermont acquired a new position in shares of Gen Digital during the 2nd quarter worth approximately $32,000. International Assets Investment Management LLC acquired a new position in shares of Gen Digital during the 4th quarter valued at about $27,000. Grove Bank & Trust increased its position in Gen Digital by 452.2% during the second quarter. Grove Bank & Trust now owns 1,132 shares of the company’s stock worth $28,000 after purchasing an additional 927 shares during the last quarter. TD Private Client Wealth LLC raised its position in shares of Gen Digital by 65.8% in 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 period. Finally, MUFG Securities EMEA plc purchased a new position in shares of Gen Digital in the 2nd quarter worth about $47,000. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Gen Digital news, insider Travis Michael Witteveen sold 30,000 shares of the 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 owned 496,545 shares in the company, valued at $14,608,353.90. This trade represents a 5.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John C. Chrystal acquired 3,000 shares of the company’s stock in a transaction dated Thursday, June 4th. The stock was acquired at an average price of $27.06 per share, for a total transaction of $81,180.00. Following the completion of the purchase, the director directly owned 31,419 shares of the company’s stock, valued at $850,198.14. This trade represents a 10.56% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have sold 277,902 shares of company stock worth $7,549,344. 9.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

GEN has been the subject of several analyst reports. Weiss Ratings raised Gen Digital from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 15th. Wells Fargo & Company increased their price target on Gen Digital from $22.00 to $28.00 and gave the company an “equal weight” rating in a report on Friday, August 7th. Wall Street Zen lowered Gen Digital from a “buy” rating to a “hold” rating in a research note on Sunday, August 16th. Argus upgraded Gen Digital to a “strong-buy” rating in a research note on Friday, May 22nd. Finally, Royal Bank Of Canada lifted their price objective on shares of Gen Digital from $27.00 to $30.00 and gave the stock a “sector perform” rating in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, Gen Digital currently has an average rating of “Hold” and a consensus price target of $31.67.

Gen Digital Trading Up 1.1%

Shares of Gen Digital stock opened at $29.64 on Thursday. Gen Digital Inc. has a fifty-two week low of $17.78 and a fifty-two week high of $30.93. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 3.00. The business has a fifty day simple moving average of $26.79 and a 200-day simple moving average of $23.71. The firm has a market cap of $17.74 billion, a price-to-earnings ratio of 17.23 and a beta of 1.21.

Gen Digital (NASDAQ:GEN) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. The firm had revenue of $1.34 billion for 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%.Gen Digital’s revenue was up 6.3% on a year-over-year basis. During the same quarter last year, the business 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. On average, equities analysts forecast that Gen Digital Inc. will post 2.64 EPS for the current fiscal year.

Gen Digital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Monday, August 17th will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Monday, August 17th. Gen Digital’s dividend payout ratio (DPR) is presently 29.07%.

About Gen Digital

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.