First Citizens Bank & Trust Co. trimmed its stake in Western Digital Corporation (NASDAQ:WDC) by 31.2% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 3,826 shares of the data storage provider’s stock after selling 1,735 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Western Digital were worth $304,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of WDC. Capital World Investors bought a new stake in shares of Western Digital during the second quarter valued at about $1,019,202,000. Vanguard Group Inc. raised its stake in shares of Western Digital by 4.2% during the second quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock valued at $2,652,936,000 after purchasing an additional 1,201,394 shares in the last quarter. Janus Henderson Group PLC raised its stake in shares of Western Digital by 140.4% during the second quarter. Janus Henderson Group PLC now owns 1,994,833 shares of the data storage provider’s stock valued at $176,746,000 after purchasing an additional 1,164,954 shares in the last quarter. Discovery Capital Management LLC CT raised its stake in shares of Western Digital by 98.9% during the second quarter. Discovery Capital Management LLC CT now owns 1,576,089 shares of the data storage provider’s stock valued at $139,641,000 after purchasing an additional 783,589 shares in the last quarter. Finally, Kensico Capital Management Corp raised its stake in shares of Western Digital by 228.2% during the third quarter. Kensico Capital Management Corp now owns 1,094,508 shares of the data storage provider’s stock valued at $94,565,000 after purchasing an additional 761,000 shares in the last quarter. Institutional investors own 83.78% of the company’s stock.
Western Digital Corporation (NASDAQ:WDC) opened at $83.12 on Friday. The firm has a market capitalization of $24,540.00, a PE ratio of 17.35, a P/E/G ratio of 0.27 and a beta of 1.12. Western Digital Corporation has a 12 month low of $70.59 and a 12 month high of $95.77. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.64 and a quick ratio of 2.13.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.01 by $0.55. The firm had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.13 billion. Western Digital had a return on equity of 26.48% and a net margin of 7.38%. Western Digital’s revenue was up 9.9% on a year-over-year basis. During the same quarter last year, the business posted $1.18 EPS. analysts expect that Western Digital Corporation will post 12.21 earnings per share for the current fiscal year.
Western Digital declared that its board has authorized a stock buyback plan on Thursday, November 9th that allows the company to buyback $2.10 billion in outstanding shares. This buyback authorization allows the data storage provider to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.41%. Western Digital’s dividend payout ratio is currently 41.75%.
In other Western Digital news, insider Michael D. Cordano sold 1,397 shares of Western Digital stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $88.13, for a total transaction of $123,117.61. Following the transaction, the insider now owns 70,556 shares of the company’s stock, valued at approximately $6,218,100.28. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Henry T. Denero sold 4,097 shares of Western Digital stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $85.97, for a total value of $352,219.09. Following the transaction, the director now directly owns 10,834 shares in the company, valued at approximately $931,398.98. The disclosure for this sale can be found here. Insiders sold a total of 16,039 shares of company stock worth $1,400,999 in the last three months. 0.31% of the stock is currently owned by company insiders.
A number of equities research analysts recently weighed in on the stock. BidaskClub cut shares of Western Digital from a “hold” rating to a “sell” rating in a research note on Thursday. BMO Capital Markets cut shares of Western Digital from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $120.00 to $90.00 in a research report on Thursday, January 4th. Royal Bank of Canada reiterated a “buy” rating on shares of Western Digital in a research report on Friday, December 22nd. Benchmark reiterated a “buy” rating and issued a $130.00 price target on shares of Western Digital in a research report on Tuesday, December 26th. Finally, Evercore ISI reiterated a “buy” rating and issued a $130.00 price target on shares of Western Digital in a research report on Wednesday, December 13th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-three have issued a buy rating and three have issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $112.10.
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Western Digital Company 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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