Dai Ichi Life Insurance Company Ltd lifted its stake in shares of Western Digital Corporation (NASDAQ:WDC) by 34.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 110,129 shares of the data storage provider’s stock after buying an additional 28,268 shares during the quarter. Dai Ichi Life Insurance Company Ltd’s holdings in Western Digital Corporation were worth $9,757,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently made changes to their positions in WDC. American Beacon Advisors Inc. acquired a new stake in shares of Western Digital Corporation during the 1st quarter worth approximately $111,000. Acrospire Investment Management LLC acquired a new stake in shares of Western Digital Corporation during the 1st quarter worth approximately $112,000. Harbour Capital Advisors LLC acquired a new stake in shares of Western Digital Corporation during the 1st quarter worth approximately $117,000. SRS Capital Advisors Inc. grew its position in shares of Western Digital Corporation by 26.7% during the 1st quarter. SRS Capital Advisors Inc. now owns 1,453 shares of the data storage provider’s stock worth $119,000 after buying an additional 306 shares during the period. Finally, Ruggie Capital Group acquired a new stake in shares of Western Digital Corporation during the 1st quarter worth approximately $127,000. 82.43% of the stock is owned by institutional investors.
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Shares of Western Digital Corporation (WDC) traded down 1.61% during mid-day trading on Friday, reaching $87.00. The company’s stock had a trading volume of 3,998,556 shares. The company’s 50-day moving average price is $86.77 and its 200-day moving average price is $85.65. Western Digital Corporation has a 12-month low of $50.10 and a 12-month high of $95.77. The stock has a market capitalization of $25.40 billion, a P/E ratio of 64.93 and a beta of 1.21.
Western Digital Corporation (NASDAQ:WDC) last issued its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.51 by $0.42. The company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.82 billion. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The firm’s quarterly revenue was up 38.5% on a year-over-year basis. During the same quarter last year, the company earned $0.79 EPS. On average, equities research analysts forecast that Western Digital Corporation will post $12.54 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.30%. The ex-dividend date is Thursday, September 28th. Western Digital Corporation’s dividend payout ratio is presently 156.25%.
In other Western Digital Corporation news, insider Mark P. Long sold 1,517 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $88.49, for a total transaction of $134,239.33. Following the completion of the transaction, the insider now owns 88,207 shares in the company, valued at approximately $7,805,437.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark P. Long sold 17,028 shares of the firm’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $93.84, for a total value of $1,597,907.52. Following the transaction, the chief financial officer now owns 53,551 shares of the company’s stock, valued at approximately $5,025,225.84. The disclosure for this sale can be found here. Insiders have sold a total of 144,767 shares of company stock valued at $12,690,484 in the last 90 days. 0.46% of the stock is currently owned by company insiders.
WDC has been the subject of several research reports. Summit Redstone reissued a “buy” rating on shares of Western Digital Corporation in a research report on Saturday, July 22nd. Loop Capital initiated coverage on shares of Western Digital Corporation in a research report on Monday, July 24th. They issued a “buy” rating and a $140.00 price target for the company. BTIG Research reissued a “buy” rating and issued a $120.00 price target on shares of Western Digital Corporation in a research report on Friday, July 14th. Mizuho reissued a “buy” rating and issued a $105.00 price target on shares of Western Digital Corporation in a research report on Monday, July 17th. Finally, Vetr downgraded shares of Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $102.77 price target for the company. in a research report on Wednesday, July 12th. Seven investment analysts have rated the stock with a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $107.23.
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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