Todd Asset Management LLC decreased its holdings in shares of Western Digital Corporation (NASDAQ:WDC) by 1.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 173,585 shares of the data storage provider’s stock after selling 3,131 shares during the quarter. Todd Asset Management LLC owned about 0.06% of Western Digital Corporation worth $14,998,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of WDC. NN Investment Partners Holdings N.V. grew its stake in shares of Western Digital Corporation by 1,941.9% in the second quarter. NN Investment Partners Holdings N.V. now owns 37,653 shares of the data storage provider’s stock valued at $3,336,000 after buying an additional 35,809 shares in the last quarter. State of Alaska Department of Revenue grew its stake in shares of Western Digital Corporation by 143.2% in the second quarter. State of Alaska Department of Revenue now owns 5,265 shares of the data storage provider’s stock valued at $466,000 after buying an additional 3,100 shares in the last quarter. OLD National Bancorp IN acquired a new stake in shares of Western Digital Corporation in the second quarter valued at $260,000. Oregon Public Employees Retirement Fund grew its stake in shares of Western Digital Corporation by 74.6% in the second quarter. Oregon Public Employees Retirement Fund now owns 158,920 shares of the data storage provider’s stock valued at $14,080,000 after buying an additional 67,900 shares in the last quarter. Finally, Regent Investment Management LLC grew its stake in shares of Western Digital Corporation by 3.0% in the second quarter. Regent Investment Management LLC now owns 31,820 shares of the data storage provider’s stock valued at $2,819,000 after buying an additional 925 shares in the last quarter. 81.77% of the stock is owned by institutional investors.
In other Western Digital Corporation news, EVP Srinivasan Sivaram sold 3,098 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $85.00, for a total transaction of $263,330.00. Following the transaction, the executive vice president now owns 74,741 shares in the company, valued at approximately $6,352,985. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Manish H. Bhatia sold 20,130 shares of the business’s stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $82.38, for a total value of $1,658,309.40. Following the transaction, the executive vice president now owns 82,614 shares in the company, valued at approximately $6,805,741.32. The disclosure for this sale can be found here. Insiders sold a total of 50,233 shares of company stock worth $4,298,735 in the last 90 days. 0.31% of the stock is currently owned by insiders.
Shares of Western Digital Corporation (NASDAQ:WDC) traded up $2.85 during mid-day trading on Tuesday, reaching $91.29. The company had a trading volume of 1,993,658 shares, compared to its average volume of 4,144,036. The firm has a market cap of $26,301.34, a PE ratio of 8.93 and a beta of 1.17. Western Digital Corporation has a 1 year low of $57.62 and a 1 year 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 Corporation (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 Corporation had a return on equity of 26.48% and a net margin of 7.38%. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.18 EPS. equities research analysts predict that Western Digital Corporation will post 11.93 earnings per share for the current year.
Western Digital Corporation declared that its board has initiated a stock buyback program 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. Stock buyback programs are generally a sign that the company’s management 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 given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.19%. The ex-dividend date is Thursday, December 28th. Western Digital Corporation’s dividend payout ratio (DPR) is presently 41.75%.
WDC has been the subject of a number of research reports. Vetr cut Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $93.86 price objective for the company. in a research note on Tuesday, October 10th. ValuEngine cut Western Digital Corporation from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 1st. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and issued a $88.00 price objective on shares of Western Digital Corporation in a research note on Tuesday, October 10th. Mizuho reaffirmed a “buy” rating and issued a $105.00 price objective on shares of Western Digital Corporation in a research note on Tuesday, September 5th. Finally, UBS AG dropped their price objective on Western Digital Corporation from $101.00 to $93.00 and set a “neutral” rating for the company in a research note on Thursday, October 12th. Nine investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and three have issued a strong buy rating to the stock. Western Digital Corporation presently has a consensus rating of “Buy” and a consensus target price of $113.92.
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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