Jackson Wealth Management LLC Makes New Investment in Western Digital Corporation $WDC

Jackson Wealth Management LLC purchased a new stake in shares of Western Digital Corporation (NASDAQ:WDC) during the 3rd quarter, HoldingsChannel.com reports. The firm purchased 5,598 shares of the data storage provider’s stock, valued at approximately $672,000.

Several other hedge funds also recently bought and sold shares of the company. Public Sector Pension Investment Board lifted its stake in Western Digital by 8.3% in the 1st quarter. Public Sector Pension Investment Board now owns 54,161 shares of the data storage provider’s stock worth $2,190,000 after purchasing an additional 4,155 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Western Digital by 8.0% during the first quarter. Dimensional Fund Advisors LP now owns 2,933,278 shares of the data storage provider’s stock worth $118,574,000 after purchasing an additional 216,387 shares in the last quarter. Aberdeen Group plc grew its holdings in shares of Western Digital by 93.3% during the first quarter. Aberdeen Group plc now owns 219,637 shares of the data storage provider’s stock worth $8,697,000 after purchasing an additional 106,008 shares in the last quarter. Raymond James Financial Inc. increased its position in shares of Western Digital by 0.4% in the first quarter. Raymond James Financial Inc. now owns 107,187 shares of the data storage provider’s stock worth $4,334,000 after purchasing an additional 446 shares during the last quarter. Finally, Brooklyn Investment Group raised its stake in Western Digital by 91.2% in the first quarter. Brooklyn Investment Group now owns 1,279 shares of the data storage provider’s stock valued at $52,000 after purchasing an additional 610 shares in the last quarter. Hedge funds and other institutional investors own 92.51% of the company’s stock.

Insider Activity

In related news, CEO Irving Tan sold 20,000 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $150.69, for a total transaction of $3,013,800.00. Following the transaction, the chief executive officer owned 645,467 shares in the company, 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 at this link. Also, Director Roxanne Oulman sold 1,800 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $154.42, for a total value of $277,956.00. Following the transaction, the director directly owned 3,863 shares of the company’s stock, valued at $596,524.46. The trade was a 31.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 26,369 shares of company stock worth $4,013,785 over the last ninety days. 0.18% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on WDC. TD Cowen increased their price target on shares of Western Digital from $90.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, October 31st. China Renaissance initiated coverage on shares of Western Digital in a research report on Friday, December 5th. They issued a “buy” rating and a $193.00 target price for the company. Susquehanna restated a “neutral” rating and set a $135.00 price target on shares of Western Digital in a research report on Thursday, November 6th. Rosenblatt Securities lifted their price target on Western Digital from $125.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Finally, Barclays raised their price objective on Western Digital from $105.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Western Digital presently has an average rating of “Moderate Buy” and a consensus price target of $164.70.

Western Digital Trading Down 2.4%

Shares of WDC stock opened at $172.04 on Tuesday. The business has a 50-day moving average of $148.06 and a 200 day moving average of $102.60. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.21 and a quick ratio of 0.94. Western Digital Corporation has a 1-year low of $28.83 and a 1-year high of $188.77. The stock has a market capitalization of $58.82 billion, a PE ratio of 25.04, a P/E/G ratio of 1.09 and a beta of 1.82.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Monday, April 7th. The data storage provider reported $1.78 earnings per share for the quarter. Western Digital had a return on equity of 30.89% and a net margin of 21.37%.The firm had revenue of $4.10 billion during the quarter. As a group, sell-side analysts anticipate that Western Digital Corporation will post 4.89 earnings per share for the current year.

Western Digital Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Thursday, December 4th will be issued a $0.125 dividend. This is a boost from Western Digital’s previous quarterly dividend of $0.10. 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%. Western Digital’s payout ratio is 7.28%.

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.