Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Western Digital Corp. (NASDAQ:WDC) by 17.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 782,424 shares of the data storage provider’s stock after buying an additional 115,609 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Western Digital Corp. were worth $36,977,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. DNB Asset Management AS increased its position in shares of Western Digital Corp. by 168.9% in the second quarter. DNB Asset Management AS now owns 2,357,775 shares of the data storage provider’s stock worth $111,428,000 after buying an additional 1,480,995 shares in the last quarter. Artemis Investment Management LLP acquired a new position in shares of Western Digital Corp. during the second quarter worth approximately $64,444,000. Deprince Race & Zollo Inc. acquired a new position in shares of Western Digital Corp. during the second quarter worth approximately $29,717,000. State Street Corp increased its position in shares of Western Digital Corp. by 4.1% in the first quarter. State Street Corp now owns 9,995,099 shares of the data storage provider’s stock worth $472,182,000 after buying an additional 394,792 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of Western Digital Corp. by 164.5% in the first quarter. Canada Pension Plan Investment Board now owns 540,297 shares of the data storage provider’s stock worth $25,524,000 after buying an additional 336,000 shares in the last quarter. Institutional investors and hedge funds own 86.80% of the company’s stock.
Western Digital Corp. (NASDAQ:WDC) traded down 0.72% during midday trading on Wednesday, reaching $53.60. The company had a trading volume of 3,705,488 shares. The firm has a market capitalization of $15.24 billion, a P/E ratio of 53.60 and a beta of 1.28. The stock’s 50 day moving average price is $54.54 and its 200-day moving average price is $47.59. Western Digital Corp. has a one year low of $34.99 and a one year high of $78.77.
Western Digital Corp. (NASDAQ:WDC) last announced its earnings results on Thursday, July 28th. The data storage provider reported $0.79 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.08. The firm earned $3.50 billion during the quarter, compared to analyst estimates of $3.44 billion. Western Digital Corp. had a net margin of 1.98% and a return on equity of 12.42%. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.51 EPS. On average, equities research analysts anticipate that Western Digital Corp. will post $4.60 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 17th. Stockholders of record on Friday, September 30th were paid a dividend of $0.50 per share. The ex-dividend date was Wednesday, September 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.73%. Western Digital Corp.’s dividend payout ratio is 158.73%.
A number of research analysts recently commented on WDC shares. Citigroup Inc. reissued a “buy” rating and issued a $65.00 price target (up previously from $55.00) on shares of Western Digital Corp. in a report on Tuesday, July 19th. Vetr downgraded Western Digital Corp. from a “buy” rating to a “hold” rating and set a $50.42 target price on the stock. in a report on Tuesday, June 21st. Barclays PLC increased their target price on Western Digital Corp. from $60.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, August 16th. Stifel Nicolaus reaffirmed a “buy” rating and set a $75.00 target price on shares of Western Digital Corp. in a report on Sunday, July 31st. Finally, Argus reaffirmed a “buy” rating and set a $60.00 target price on shares of Western Digital Corp. in a report on Saturday, September 10th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. Western Digital Corp. has an average rating of “Buy” and an average target price of $64.73.
In other news, insider Michael D. Cordano sold 7,185 shares of the stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $54.50, for a total transaction of $391,582.50. Following the completion of the transaction, the insider now directly owns 82,988 shares in the company, valued at approximately $4,522,846. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Michael Charles Ray sold 6,183 shares of the stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $60.00, for a total transaction of $370,980.00. Following the transaction, the executive vice president now owns 42,941 shares of the company’s stock, valued at $2,576,460. The disclosure for this sale can be found here. Insiders own 0.46% of the company’s stock.
About Western Digital Corp.
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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