DnB Asset Management AS boosted its stake in shares of Western Digital Corporation (NASDAQ:WDC) by 402.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 795,948 shares of the data storage provider’s stock after acquiring an additional 637,639 shares during the quarter. DnB Asset Management AS’s holdings in Western Digital were worth $63,302,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of WDC. Federated Investors Inc. PA grew its stake in shares of Western Digital by 92.8% during the second quarter. Federated Investors Inc. PA now owns 18,298 shares of the data storage provider’s stock valued at $1,621,000 after buying an additional 8,805 shares during the last quarter. Eaton Vance Management grew its stake in shares of Western Digital by 37.1% during the second quarter. Eaton Vance Management now owns 41,869 shares of the data storage provider’s stock valued at $3,710,000 after buying an additional 11,326 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Western Digital by 29.8% during the second quarter. Franklin Resources Inc. now owns 201,732 shares of the data storage provider’s stock valued at $17,873,000 after buying an additional 46,266 shares during the last quarter. AJO LP bought a new position in shares of Western Digital during the second quarter valued at approximately $3,109,000. Finally, Riverhead Capital Management LLC grew its stake in shares of Western Digital by 11.3% during the second quarter. Riverhead Capital Management LLC now owns 26,961 shares of the data storage provider’s stock valued at $2,389,000 after buying an additional 2,734 shares during the last quarter. 83.78% of the stock is currently owned by institutional investors.
In other Western Digital news, insider Michael D. Cordano sold 1,397 shares of the company’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $88.13, for a total transaction of $123,117.61. Following the completion of the sale, the insider now owns 70,556 shares in the company, valued at $6,218,100.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Michael D. Cordano sold 1,401 shares of the company’s stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $85.00, for a total value of $119,085.00. Following the sale, the insider now owns 70,560 shares of the company’s stock, valued at approximately $5,997,600. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,039 shares of company stock valued at $1,400,999. 0.31% of the stock is owned by company insiders.
Western Digital (NASDAQ:WDC) last posted its earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, topping analysts’ consensus estimates of $3.01 by $0.55. The company had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.13 billion. Western Digital had a return on equity of 26.48% and a net margin of 7.38%. Western Digital’s revenue was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.18 earnings per share. equities analysts forecast that Western Digital Corporation will post 12.21 EPS for the current year.
Western Digital announced that its Board of Directors has approved a stock repurchase plan on Thursday, November 9th that allows the company to buyback $2.10 billion in shares. This buyback authorization allows the data storage provider to buy shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, December 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.50%. Western Digital’s dividend payout ratio is currently 41.75%.
A number of research analysts have recently commented on WDC shares. Vetr raised Western Digital from a “buy” rating to a “strong-buy” rating and set a $100.00 target price on the stock in a research note on Tuesday, September 12th. Royal Bank of Canada reaffirmed a “buy” rating and set a $115.00 target price on shares of Western Digital in a research note on Tuesday, September 12th. Summit Redstone reaffirmed a “hold” rating on shares of Western Digital in a research note on Wednesday, September 13th. Longbow Research reaffirmed a “buy” rating and set a $120.00 target price on shares of Western Digital in a research note on Thursday, September 14th. Finally, UBS Group reaffirmed an “add” rating on shares of Western Digital in a research note on Wednesday, September 20th. Ten research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and three have issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $112.10.
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Western Digital Company 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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