Advisors Asset Management Inc. decreased its holdings in Western Digital Corporation (NASDAQ:WDC) by 42.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 139,957 shares of the data storage provider’s stock after selling 102,283 shares during the quarter. Advisors Asset Management Inc.’s holdings in Western Digital Corporation were worth $12,092,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of WDC. Capital World Investors purchased a new position in Western Digital Corporation in the second quarter worth approximately $1,019,202,000. Vanguard Group Inc. lifted its stake in Western Digital Corporation by 4.2% in the second quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock worth $2,652,936,000 after acquiring an additional 1,201,394 shares during the last quarter. Janus Henderson Group PLC lifted its stake in Western Digital Corporation by 140.4% in the second quarter. Janus Henderson Group PLC now owns 1,994,833 shares of the data storage provider’s stock worth $176,746,000 after acquiring an additional 1,164,954 shares during the last quarter. Schroder Investment Management Group lifted its stake in Western Digital Corporation by 24,087.4% in the second quarter. Schroder Investment Management Group now owns 902,431 shares of the data storage provider’s stock worth $82,709,000 after acquiring an additional 898,700 shares during the last quarter. Finally, Discovery Capital Management LLC CT lifted its stake in Western Digital Corporation by 98.9% in the second quarter. Discovery Capital Management LLC CT now owns 1,576,089 shares of the data storage provider’s stock worth $139,641,000 after acquiring an additional 783,589 shares during the last quarter. 81.77% of the stock is owned by institutional investors and hedge funds.
A number of research analysts recently issued reports on the stock. Summit Redstone reiterated a “buy” rating on shares of Western Digital Corporation in a research note on Saturday, July 22nd. Loop Capital assumed coverage on shares of Western Digital Corporation in a research note on Monday, July 24th. They issued a “buy” rating and a $140.00 price target for the company. Cowen and Company reiterated an “outperform” rating and issued a $117.00 price target on shares of Western Digital Corporation in a research note on Tuesday, July 25th. Vetr upgraded shares of Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $104.96 price objective for the company in a research report on Wednesday, July 26th. Finally, BidaskClub downgraded shares of Western Digital Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Eight analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $114.59.
Western Digital Corporation (NASDAQ WDC) traded up $0.31 during trading hours on Friday, reaching $91.52. 638,711 shares of the company’s stock were exchanged, compared to its average volume of 3,500,000. The stock has a market cap of $27,010.00, a price-to-earnings ratio of 9.07 and a beta of 1.17. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.13 and a current ratio of 2.64. Western Digital Corporation has a 52 week low of $57.62 and a 52 week high of $95.77.
Western Digital Corporation (NASDAQ:WDC) last released its earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.01 by $0.55. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.13 billion. Western Digital Corporation had a net margin of 7.38% and a return on equity of 26.48%. The firm’s quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.18 EPS. equities analysts predict that Western Digital Corporation will post 12.01 earnings per share for the current year.
Western Digital Corporation declared that its board has approved a share buyback plan on Thursday, November 9th that authorizes the company to buyback $2.10 billion in shares. This buyback authorization authorizes the data storage provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend is Thursday, December 28th. Western Digital Corporation’s dividend payout ratio is currently 41.75%.
In other news, CFO Mark P. Long sold 4,467 shares of the company’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $88.13, for a total transaction of $393,676.71. Following the completion of the transaction, the chief financial officer now owns 88,384 shares of the company’s stock, valued at approximately $7,789,281.92. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Mark P. Long sold 1,446 shares of the company’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $87.63, for a total transaction of $126,712.98. Following the transaction, the insider now directly owns 86,939 shares of the company’s stock, valued at approximately $7,618,464.57. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,005 shares of company stock valued at $2,377,095. Corporate insiders own 0.31% of the company’s stock.
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Western Digital Corporation Profile
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).
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