Sei Investments Co. trimmed its holdings in Western Digital Corp (NASDAQ:WDC) by 10.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 328,144 shares of the data storage provider’s stock after selling 38,305 shares during the quarter. Sei Investments Co.’s holdings in Western Digital were worth $25,401,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in WDC. Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of Western Digital by 16,520.0% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,662 shares of the data storage provider’s stock valued at $129,000 after acquiring an additional 1,652 shares during the period. NuWave Investment Management LLC increased its holdings in shares of Western Digital by 10,140.0% in the 1st quarter. NuWave Investment Management LLC now owns 1,536 shares of the data storage provider’s stock valued at $140,000 after acquiring an additional 1,521 shares during the period. Financial Gravity Wealth Inc. acquired a new position in shares of Western Digital in the 1st quarter valued at $145,000. Assetmark Inc. increased its holdings in shares of Western Digital by 437.9% in the 1st quarter. Assetmark Inc. now owns 1,673 shares of the data storage provider’s stock valued at $154,000 after acquiring an additional 1,362 shares during the period. Finally, Legacy Financial Advisors Inc. increased its holdings in shares of Western Digital by 32,283.3% in the 2nd quarter. Legacy Financial Advisors Inc. now owns 1,943 shares of the data storage provider’s stock valued at $155,000 after acquiring an additional 1,937 shares during the period. 84.36% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently commented on WDC. Stifel Nicolaus lifted their target price on shares of Western Digital from $105.00 to $110.00 and gave the company a “buy” rating in a report on Friday, April 27th. Benchmark reaffirmed a “buy” rating and issued a $130.00 target price on shares of Western Digital in a report on Friday, April 27th. Mizuho reaffirmed a “buy” rating on shares of Western Digital in a report on Wednesday, May 16th. BidaskClub cut shares of Western Digital from a “strong-buy” rating to a “buy” rating in a report on Thursday, April 26th. Finally, Cowen lifted their target price on shares of Western Digital from $100.00 to $105.00 and gave the company an “outperform” rating in a report on Wednesday, June 6th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $104.00.
Shares of Western Digital opened at $64.79 on Friday, according to Marketbeat. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.73 and a current ratio of 2.39. The firm has a market capitalization of $19.78 billion, a price-to-earnings ratio of 4.84, a PEG ratio of 0.32 and a beta of 0.96. Western Digital Corp has a 1 year low of $64.68 and a 1 year high of $106.96.
Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, July 26th. The data storage provider reported $3.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $0.41. The company had revenue of $5.12 billion for the quarter, compared to analysts’ expectations of $5.07 billion. Western Digital had a net margin of 3.27% and a return on equity of 36.35%. Western Digital’s revenue was up 5.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.93 EPS. equities research analysts expect that Western Digital Corp will post 10.71 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 28th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $2.00 annualized dividend and a dividend yield of 3.09%. Western Digital’s payout ratio is currently 14.80%.
Western Digital announced that its Board of Directors has approved a stock repurchase program on Thursday, July 26th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the data storage provider to purchase up to 22.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
Western Digital Company Profile
Western Digital Corporation, together with its subsidiaries, develops, manufactures, and sells data storage devices and solutions worldwide. It offers performance hard disk drives (HDDs) that are used in enterprise servers, data analysis, and other enterprise applications; capacity HDDs and drive configurations for use in data storage systems and tiered storage models; and enterprise solid state drives (SSDs), including NAND-flash SSDs and software solutions that are designed to enhance the performance in various enterprise workload environments.
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