PGGM Investments boosted its position in Western Digital Corp. (NASDAQ:WDC) by 6.2% during the second quarter, Holdings Channel reports. The firm owned 154,138 shares of the data storage provider’s stock after buying an additional 8,947 shares during the period. PGGM Investments’ holdings in Western Digital Corp. were worth $7,285,000 as of its most recent filing with the SEC.
Other hedge funds have also recently made changes to their positions in the company. Edmond DE Rothschild Holding S.A. raised its position in shares of Western Digital Corp. by 84.7% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 2,180 shares of the data storage provider’s stock worth $103,000 after buying an additional 1,000 shares during the period. Checchi Capital Advisers LLC raised its position in shares of Western Digital Corp. by 5.1% in the second quarter. Checchi Capital Advisers LLC now owns 2,197 shares of the data storage provider’s stock worth $104,000 after buying an additional 107 shares during the period. Cornerstone Advisors Inc. raised its position in shares of Western Digital Corp. by 5.7% in the second quarter. Cornerstone Advisors Inc. now owns 2,245 shares of the data storage provider’s stock worth $106,000 after buying an additional 121 shares during the period. Americafirst Capital Management LLC bought a new position in shares of Western Digital Corp. during the second quarter worth $108,000. Finally, Sumitomo Life Insurance Co. bought a new position in shares of Western Digital Corp. during the second quarter worth $116,000. Hedge funds and other institutional investors own 86.98% of the company’s stock.
Western Digital Corp. (NASDAQ:WDC) traded up 0.34% during midday trading on Friday, hitting $58.47. 4,396,809 shares of the stock were exchanged. The firm has a market capitalization of $16.62 billion, a price-to-earnings ratio of 58.47 and a beta of 1.37. The company has a 50 day moving average price of $50.78 and a 200 day moving average price of $46.80. Western Digital Corp. has a one year low of $34.99 and a one year high of $86.39.
Western Digital Corp. (NASDAQ:WDC) last announced its earnings results on Thursday, July 28th. The data storage provider reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.08. The business earned $3.50 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Western Digital Corp. had a net margin of 1.98% and a return on equity of 12.42%. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter last year, the company posted $1.51 EPS. Equities analysts anticipate that Western Digital Corp. will post $4.57 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date of this dividend is Wednesday, September 28th. Western Digital Corp.’s dividend payout ratio is currently 158.73%.
A number of equities analysts have weighed in on the stock. BMO Capital Markets reiterated a “market perform” rating on shares of Western Digital Corp. in a report on Wednesday, June 22nd. Susquehanna restated a “positive” rating and set a $80.00 target price on shares of Western Digital Corp. in a report on Saturday, August 13th. Mizuho restated a “buy” rating and set a $60.00 target price on shares of Western Digital Corp. in a report on Friday, September 23rd. Needham & Company LLC restated a “strong-buy” rating and set a $67.00 target price on shares of Western Digital Corp. in a report on Friday, July 29th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Western Digital Corp. in a report on Wednesday, June 15th. They set a “neutral” rating on the stock. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $63.46.
In other news, insider Michael D. Cordano sold 7,185 shares of the firm’s stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $54.50, for a total value of $391,582.50. Following the transaction, the insider now owns 82,988 shares of the company’s stock, valued at approximately $4,522,846. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Charles Ray sold 2,719 shares of the firm’s stock in a transaction dated Tuesday, September 27th. The shares were sold at an average price of $58.63, for a total transaction of $159,414.97. Following the completion of the transaction, the executive vice president now directly owns 51,843 shares in the company, valued at approximately $3,039,555.09. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.
Western Digital Corp. Company Profile
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage solutions that enable consumers, businesses, governments and other organizations to create, manage, experience and preserve digital content. The Company’s product portfolio includes hard disk drives (HDDs), solid-state drives, direct attached storage solutions, personal cloud network attached storage solutions, and public and private cloud data center storage solutions.
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