State of Wisconsin Investment Board Has $26.80 Million Position in Western Digital Corp (WDC)

State of Wisconsin Investment Board reduced its position in Western Digital Corp (NASDAQ:WDC) by 2.7% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 346,261 shares of the data storage provider’s stock after selling 9,679 shares during the quarter. State of Wisconsin Investment Board’s holdings in Western Digital were worth $26,804,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. First National Bank of Omaha lifted its stake in shares of Western Digital by 1.7% in the 2nd quarter. First National Bank of Omaha now owns 37,221 shares of the data storage provider’s stock valued at $2,881,000 after purchasing an additional 640 shares during the period. Augustine Asset Management Inc. lifted its stake in shares of Western Digital by 2.1% in the 2nd quarter. Augustine Asset Management Inc. now owns 33,241 shares of the data storage provider’s stock valued at $2,573,000 after purchasing an additional 674 shares during the period. LS Investment Advisors LLC lifted its stake in shares of Western Digital by 6.5% in the 1st quarter. LS Investment Advisors LLC now owns 11,485 shares of the data storage provider’s stock valued at $1,060,000 after purchasing an additional 702 shares during the period. Amalgamated Bank lifted its stake in shares of Western Digital by 1.9% in the 2nd quarter. Amalgamated Bank now owns 38,520 shares of the data storage provider’s stock valued at $2,982,000 after purchasing an additional 720 shares during the period. Finally, Spectrum Management Group Inc. lifted its stake in shares of Western Digital by 3.4% in the 2nd quarter. Spectrum Management Group Inc. now owns 23,855 shares of the data storage provider’s stock valued at $1,847,000 after purchasing an additional 775 shares during the period. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Western Digital opened at $64.79 on Friday, Marketbeat reports. Western Digital Corp has a 52-week low of $64.68 and a 52-week high of $106.96. The firm has a market cap of $19.78 billion, a PE ratio of 4.84, a price-to-earnings-growth ratio of 0.32 and a beta of 0.96. The company has a quick ratio of 1.73, a current ratio of 2.39 and a debt-to-equity ratio of 0.95.

Western Digital (NASDAQ:WDC) last released its earnings results on Thursday, July 26th. The data storage provider reported $3.61 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.20 by $0.41. Western Digital had a net margin of 3.27% and a return on equity of 36.35%. The business had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.07 billion. During the same quarter in the prior year, the firm earned $2.93 earnings per share. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. equities research analysts anticipate that Western Digital Corp will post 10.71 EPS for the current fiscal year.

Western Digital announced that its Board of Directors has initiated a share buyback plan on Thursday, July 26th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the data storage provider to buy up to 22.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Friday, September 28th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend is Thursday, September 27th. Western Digital’s payout ratio is 14.80%.

In other news, CEO Stephen D. Milligan sold 16,510 shares of the company’s stock in a transaction on Monday, May 14th. The shares were sold at an average price of $80.94, for a total transaction of $1,336,319.40. Following the completion of the sale, the chief executive officer now owns 84,624 shares of the company’s stock, valued at $6,849,466.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark P. Long sold 1,214 shares of the company’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $67.65, for a total transaction of $82,127.10. Following the sale, the chief financial officer now directly owns 191,154 shares of the company’s stock, valued at approximately $12,931,568.10. The disclosure for this sale can be found here. Insiders have sold 136,216 shares of company stock valued at $11,137,352 in the last ninety days. Insiders own 0.31% of the company’s stock.

A number of equities analysts have weighed in on WDC shares. BidaskClub cut shares of Western Digital from a “strong-buy” rating to a “buy” rating in a research report on Thursday, April 26th. Benchmark restated a “buy” rating and set a $130.00 price objective on shares of Western Digital in a research report on Friday, April 27th. Stifel Nicolaus upped their price objective on shares of Western Digital from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, April 27th. Barclays reduced their price objective on shares of Western Digital from $120.00 to $118.00 and set an “overweight” rating for the company in a research report on Friday, April 27th. Finally, Morgan Stanley upped their price objective on shares of Western Digital from $92.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday, April 27th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty have issued a buy rating to the stock. Western Digital currently has a consensus rating of “Buy” and a consensus target price of $104.00.

About Western Digital

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.

Further Reading: Diversification in Investing

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Institutional Ownership by Quarter for Western Digital (NASDAQ:WDC)

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