The Manufacturers Life Insurance Company Purchases 58,319 Shares of Gen Digital Inc. $GEN

The Manufacturers Life Insurance Company increased its position in shares of Gen Digital Inc. (NASDAQ:GEN) by 17.9% during the 1st quarter, Holdings Channel reports. The firm owned 384,754 shares of the company’s stock after purchasing an additional 58,319 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Gen Digital were worth $7,245,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in GEN. International Assets Investment Management LLC purchased a new stake in Gen Digital in the 4th quarter valued at about $27,000. Weiss Asset Management LP purchased a new position in shares of Gen Digital in the 1st quarter worth approximately $41,000. TD Private Client Wealth LLC grew its holdings in shares of Gen Digital by 65.8% in the fourth quarter. TD Private Client Wealth LLC now owns 1,539 shares of the company’s stock valued at $42,000 after acquiring an additional 611 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Gen Digital by 221.5% in the first quarter. Geneos Wealth Management Inc. now owns 1,717 shares of the company’s stock valued at $46,000 after acquiring an additional 1,183 shares in the last quarter. Finally, MUFG Securities EMEA plc purchased a new stake in shares of Gen Digital during the second quarter valued at approximately $47,000. 81.38% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Ondrej Vlcek sold 100,000 shares of Gen Digital stock in a transaction dated 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 completion of the sale, the director owned 3,832,724 shares of the company’s stock, valued at approximately $94,974,900.72. This trade represents a 2.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John C. Chrystal acquired 3,000 shares of the company’s stock in a transaction on Thursday, June 4th. The shares were acquired at an average cost of $27.06 per share, for a total transaction of $81,180.00. Following the completion of the acquisition, the director owned 31,419 shares of the company’s stock, valued at approximately $850,198.14. The trade was a 10.56% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 9.70% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on GEN. Jefferies Financial Group cut Gen Digital from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Weiss Ratings raised Gen Digital from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 15th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $27.00 target price on shares of Gen Digital in a research note on Thursday, July 16th. Barclays boosted their price target on shares of Gen Digital from $26.00 to $27.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. Finally, Wall Street Zen lowered shares of Gen Digital from a “buy” rating to a “hold” rating in a research report on Saturday, June 20th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $29.33.

Gen Digital Price Performance

Gen Digital stock opened at $27.95 on Thursday. Gen Digital Inc. has a 12 month low of $17.78 and a 12 month high of $32.22. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 3.07. The business’s 50 day simple moving average is $25.82 and its 200 day simple moving average is $23.28. The company has a market cap of $16.73 billion, a price-to-earnings ratio of 17.69 and a beta of 1.21.

Gen Digital (NASDAQ:GEN) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.02. The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.25 billion. Gen Digital had a return on equity of 55.47% and a net margin of 19.46%.Gen Digital’s revenue was up 27.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.59 earnings per share. Sell-side analysts forecast that Gen Digital Inc. will post 2.61 EPS for the current year.

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.