Advisor Group Inc. lessened its holdings in shares of Western Digital Corp (NASDAQ:WDC) by 38.4% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 17,285 shares of the data storage provider’s stock after selling 10,753 shares during the quarter. Advisor Group Inc.’s holdings in Western Digital were worth $1,375,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the business. Cerebellum GP LLC bought a new stake in shares of Western Digital in the 4th quarter worth $121,000. Acadian Asset Management LLC bought a new stake in shares of Western Digital in the 4th quarter worth $132,000. Focused Wealth Management Inc bought a new stake in shares of Western Digital in the 4th quarter worth $143,000. SeaCrest Wealth Management LLC bought a new stake in shares of Western Digital in the 4th quarter worth $149,000. Finally, Icon Wealth Partners LLC bought a new stake in shares of Western Digital in the 4th quarter worth $171,000. Institutional investors own 84.71% of the company’s stock.
A number of equities research analysts have recently issued reports on the company. ValuEngine raised Western Digital from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Robert W. Baird raised Western Digital from a “neutral” rating to an “outperform” rating in a research report on Friday, March 16th. BidaskClub raised Western Digital from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 10th. UBS assumed coverage on Western Digital in a research report on Tuesday, March 6th. They set a “hold” rating and a $90.00 target price on the stock. Finally, Craig Hallum boosted their target price on Western Digital from $110.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, March 5th. Eleven research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and three have issued a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $111.62.
In other news, EVP Michael Charles Ray sold 10,767 shares of the company’s stock in a transaction dated Tuesday, March 13th. The stock was sold at an average price of $104.39, for a total transaction of $1,123,967.13. Following the completion of the sale, the executive vice president now owns 95,426 shares in the company, valued at approximately $9,961,520.14. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Stephen D. Milligan sold 16,511 shares of the company’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $84.00, for a total value of $1,386,924.00. Following the sale, the chief executive officer now owns 156,882 shares of the company’s stock, valued at approximately $13,178,088. The disclosure for this sale can be found here. Insiders sold 259,704 shares of company stock worth $23,780,295 in the last 90 days. Corporate insiders own 0.31% of the company’s stock.
WDC stock opened at $103.67 on Wednesday. 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 Corp has a 52 week low of $71.38 and a 52 week high of $106.96. The company has a market capitalization of $31,675.29, a PE ratio of 85.68, a price-to-earnings-growth ratio of 0.44 and a beta of 1.11.
Western Digital (NASDAQ:WDC) last issued its earnings results on Thursday, January 25th. The data storage provider reported $3.95 EPS for the quarter, beating analysts’ consensus estimates of $3.51 by $0.44. Western Digital had a return on equity of 30.78% and a net margin of 1.93%. The firm had revenue of $5.34 billion for the quarter, compared to the consensus estimate of $5.31 billion. During the same quarter in the previous year, the company posted $2.30 earnings per share. The business’s quarterly revenue was up 9.2% compared to the same quarter last year. equities research analysts forecast that Western Digital Corp will post 12.66 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Friday, March 30th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, March 29th. This represents a $2.00 dividend on an annualized basis and a yield of 1.93%. Western Digital’s dividend payout ratio (DPR) is currently 165.29%.
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About Western Digital
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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