Fountainhead AM LLC Invests $204,000 in Western Digital Corporation $WDC

Fountainhead AM LLC acquired a new stake in shares of Western Digital Corporation (NASDAQ:WDC) in the second quarter, Holdings Channel reports. The fund acquired 3,189 shares of the data storage provider’s stock, valued at approximately $204,000.

Several other large investors have also recently added to or reduced their stakes in the stock. CVA Family Office LLC boosted its holdings in shares of Western Digital by 23.7% during the second quarter. CVA Family Office LLC now owns 904 shares of the data storage provider’s stock valued at $58,000 after acquiring an additional 173 shares during the period. Forum Financial Management LP boosted its stake in Western Digital by 3.4% during the 2nd quarter. Forum Financial Management LP now owns 5,895 shares of the data storage provider’s stock valued at $377,000 after purchasing an additional 193 shares during the period. UMB Bank n.a. grew its position in Western Digital by 6.2% in the 2nd quarter. UMB Bank n.a. now owns 3,465 shares of the data storage provider’s stock worth $222,000 after purchasing an additional 202 shares during the last quarter. Private Wealth Management Group LLC increased its stake in shares of Western Digital by 102.5% in the second quarter. Private Wealth Management Group LLC now owns 399 shares of the data storage provider’s stock valued at $26,000 after purchasing an additional 202 shares during the period. Finally, NewSquare Capital LLC raised its holdings in shares of Western Digital by 86.9% during the second quarter. NewSquare Capital LLC now owns 441 shares of the data storage provider’s stock valued at $28,000 after buying an additional 205 shares during the last quarter. 92.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Western Digital news, CEO Irving Tan sold 20,000 shares of the business’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $150.69, for a total transaction of $3,013,800.00. Following the sale, the chief executive officer directly owned 645,467 shares of the company’s stock, valued at $97,265,422.23. The trade was a 3.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Gene M. Zamiska sold 3,160 shares of the stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $75.68, for a total value of $239,148.80. Following the completion of the sale, the senior vice president owned 31,560 shares of the company’s stock, valued at $2,388,460.80. The trade was a 9.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 65,783 shares of company stock valued at $6,639,843. 0.18% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on WDC shares. UBS Group increased their price objective on Western Digital from $135.00 to $145.00 and gave the stock a “neutral” rating in a report on Friday, October 31st. Zacks Research raised Western Digital from a “hold” rating to a “strong-buy” rating in a report on Monday, October 13th. Wedbush upped their price objective on shares of Western Digital from $90.00 to $135.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. Wells Fargo & Company raised their target price on shares of Western Digital from $150.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, October 31st. Finally, Morgan Stanley upped their price target on shares of Western Digital from $92.00 to $99.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Western Digital currently has a consensus rating of “Moderate Buy” and an average target price of $160.74.

Western Digital Stock Up 6.9%

WDC stock opened at $174.22 on Tuesday. The firm has a market cap of $59.57 billion, a PE ratio of 33.83, a P/E/G ratio of 1.14 and a beta of 1.81. Western Digital Corporation has a 12 month low of $28.83 and a 12 month high of $176.23. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.08 and a quick ratio of 0.84. The firm has a 50 day simple moving average of $119.97 and a 200 day simple moving average of $82.38.

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

Western Digital Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 18th. Investors of record on Thursday, December 4th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Thursday, December 4th. This represents a $0.50 dividend on an annualized basis and a yield of 0.3%. This is a positive change from Western Digital’s previous quarterly dividend of $0.10. Western Digital’s dividend payout ratio (DPR) is 7.28%.

About Western Digital

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.