Victory Capital Management Inc. decreased its position in Western Digital Corp (NASDAQ:WDC) by 31.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 914,642 shares of the data storage provider’s stock after selling 428,454 shares during the period. Victory Capital Management Inc.’s holdings in Western Digital were worth $72,742,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of WDC. Swiss National Bank boosted its holdings in Western Digital by 2.1% during the third quarter. Swiss National Bank now owns 1,073,763 shares of the data storage provider’s stock worth $92,773,000 after buying an additional 21,900 shares during the last quarter. MHI Funds LLC bought a new position in Western Digital during the fourth quarter worth about $1,514,000. 1st Global Advisors Inc. bought a new position in Western Digital during the second quarter worth about $1,148,000. Iridian Asset Management LLC CT boosted its holdings in Western Digital by 4.9% during the third quarter. Iridian Asset Management LLC CT now owns 5,920,657 shares of the data storage provider’s stock worth $511,545,000 after buying an additional 278,951 shares during the last quarter. Finally, QUANTRES ASSET MANAGEMENT Ltd boosted its holdings in Western Digital by 102.3% during the fourth quarter. QUANTRES ASSET MANAGEMENT Ltd now owns 8,900 shares of the data storage provider’s stock worth $708,000 after buying an additional 4,500 shares during the last quarter. Institutional investors and hedge funds own 84.51% of the company’s stock.
A number of brokerages have issued reports on WDC. Royal Bank of Canada restated a “buy” rating on shares of Western Digital in a report on Friday, December 22nd. BidaskClub cut Western Digital from a “hold” rating to a “sell” rating in a report on Thursday, January 11th. TheStreet cut Western Digital from a “b” rating to a “c+” rating in a report on Thursday, January 25th. Maxim Group lifted their price objective on Western Digital from $124.00 to $126.00 and gave the company a “buy” rating in a report on Friday, January 26th. Finally, UBS Group lifted their price objective on Western Digital from $88.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, January 26th. Twelve analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and three have given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $111.78.
In other Western Digital news, EVP Michael Charles Ray sold 35,009 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $86.73, for a total transaction of $3,036,330.57. Following the transaction, the executive vice president now owns 70,164 shares of the company’s stock, valued at approximately $6,085,323.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew E. Massengill sold 2,677 shares of the business’s stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $86.53, for a total value of $231,640.81. Following the transaction, the director now directly owns 17,759 shares in the company, valued at approximately $1,536,686.27. The disclosure for this sale can be found here. In the last three months, insiders sold 135,706 shares of company stock worth $11,901,181. 0.31% of the stock is owned by insiders.
Shares of Western Digital Corp (NASDAQ WDC) opened at $85.25 on Monday. Western Digital Corp has a 1 year low of $71.38 and a 1 year high of $95.77. The stock has a market capitalization of $25,160.00, a P/E ratio of 70.45, a P/E/G ratio of 0.36 and a beta of 1.13. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.55 and a quick ratio of 2.03.
Western Digital (NASDAQ:WDC) last announced its earnings results on Thursday, January 25th. The data storage provider reported $3.95 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.51 by $0.44. Western Digital had a return on equity of 30.78% and a net margin of 1.93%. The business had revenue of $5.34 billion for the quarter, compared to analyst estimates of $5.31 billion. During the same quarter last year, the firm earned $2.30 EPS. Western Digital’s revenue for the quarter was up 9.2% compared to the same quarter last year. equities analysts expect that Western Digital Corp will post 12.62 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Friday, March 30th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Thursday, March 29th. Western Digital’s dividend payout ratio is presently 165.29%.
Western Digital declared that its board has authorized a stock buyback program on Thursday, November 9th that authorizes the company to buyback $2.10 billion in outstanding shares. This buyback authorization authorizes the data storage provider to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
Western Digital 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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