RNC Capital Management LLC Sells 400 Shares of Western Digital Corporation $WDC

RNC Capital Management LLC trimmed its holdings in shares of Western Digital Corporation (NASDAQ:WDC) by 6.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,492 shares of the data storage provider’s stock after selling 400 shares during the quarter. RNC Capital Management LLC’s holdings in Western Digital were worth $351,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in WDC. Vanguard Group Inc. boosted its position in shares of Western Digital by 1.1% in the first quarter. Vanguard Group Inc. now owns 42,938,495 shares of the data storage provider’s stock worth $1,736,003,000 after purchasing an additional 478,728 shares during the period. Alyeska Investment Group L.P. increased its position in Western Digital by 130.0% during the first quarter. Alyeska Investment Group L.P. now owns 5,029,359 shares of the data storage provider’s stock valued at $203,337,000 after acquiring an additional 2,842,822 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Western Digital by 1.5% in the first quarter. Northern Trust Corp now owns 3,449,811 shares of the data storage provider’s stock worth $139,476,000 after purchasing an additional 52,140 shares during the last quarter. Deutsche Bank AG grew its holdings in shares of Western Digital by 107.1% in the first quarter. Deutsche Bank AG now owns 3,369,331 shares of the data storage provider’s stock worth $136,222,000 after purchasing an additional 1,742,481 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Western Digital by 8.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,933,278 shares of the data storage provider’s stock worth $118,574,000 after acquiring an additional 216,387 shares in the last quarter. 92.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Zacks Research raised shares of Western Digital from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 13th. Bank of America raised their price target on shares of Western Digital from $141.00 to $145.00 and gave the stock a “buy” rating in a research report on Tuesday. Wedbush raised their price objective on shares of Western Digital from $90.00 to $135.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. Wells Fargo & Company lifted their price target on shares of Western Digital from $95.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday, October 13th. Finally, The Goldman Sachs Group lifted their price target on shares of Western Digital from $78.00 to $130.00 and gave the company a “neutral” rating in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Western Digital currently has an average rating of “Moderate Buy” and an average price target of $108.85.

Insider Buying and Selling

In other news, SVP Gene M. Zamiska sold 3,160 shares of Western Digital stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $75.68, for a total transaction of $239,148.80. Following the transaction, the senior vice president owned 31,560 shares in the company, valued at $2,388,460.80. The trade was a 9.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Cynthia L. Tregillis sold 14,067 shares of Western Digital stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $74.78, for a total value of $1,051,930.26. Following the transaction, the insider owned 135,351 shares in the company, valued at approximately $10,121,547.78. This represents a 9.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 49,730 shares of company stock worth $3,921,594 in the last quarter. 0.18% of the stock is currently owned by insiders.

Western Digital Price Performance

NASDAQ:WDC opened at $120.47 on Thursday. Western Digital Corporation has a one year low of $28.83 and a one year high of $137.40. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.84 and a current ratio of 1.08. The stock has a market cap of $41.30 billion, a PE ratio of 23.39, a P/E/G ratio of 1.02 and a beta of 1.77. The stock has a 50 day moving average price of $102.08 and a 200 day moving average price of $71.43.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Monday, April 7th. The data storage provider reported $1.78 EPS for the quarter. Western Digital had a return on equity of 24.93% and a net margin of 14.13%.The business had revenue of $4.10 billion for the quarter. Equities research analysts expect that Western Digital Corporation will post 4.89 EPS for the current fiscal year.

Western Digital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Thursday, September 4th. Western Digital’s payout ratio is currently 7.77%.

Western Digital Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.