West Michigan Advisors LLC Acquires Shares of 3,715 Western Digital Corporation $WDC

West Michigan Advisors LLC acquired a new stake in Western Digital Corporation (NASDAQ:WDC) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 3,715 shares of the data storage provider’s stock, valued at approximately $640,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. ORG Partners LLC increased its position in shares of Western Digital by 124.5% during the third quarter. ORG Partners LLC now owns 211 shares of the data storage provider’s stock worth $25,000 after acquiring an additional 117 shares in the last quarter. Rakuten Securities Inc. increased its position in shares of Western Digital by 4,070.0% during the second quarter. Rakuten Securities Inc. now owns 417 shares of the data storage provider’s stock worth $27,000 after acquiring an additional 407 shares in the last quarter. Cullen Frost Bankers Inc. increased its position in shares of Western Digital by 551.4% during the third quarter. Cullen Frost Bankers Inc. now owns 241 shares of the data storage provider’s stock worth $29,000 after acquiring an additional 204 shares in the last quarter. Westfuller Advisors LLC bought a new stake in shares of Western Digital during the third quarter worth about $30,000. Finally, Avion Wealth increased its position in shares of Western Digital by 163.8% during the fourth quarter. Avion Wealth now owns 182 shares of the data storage provider’s stock worth $31,000 after acquiring an additional 113 shares in the last quarter. 92.51% of the stock is owned by institutional investors.

Insider Activity

In other Western Digital news, insider Cynthia L. Tregillis sold 363 shares of the company’s stock in a transaction dated Tuesday, April 21st. The shares were sold at an average price of $377.09, for a total value of $136,883.67. Following the completion of the sale, the insider directly owned 120,023 shares of the company’s stock, valued at approximately $45,259,473.07. This represents a 0.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Irving Tan sold 20,000 shares of the company’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $255.44, for a total transaction of $5,108,800.00. Following the completion of the sale, the chief executive officer directly owned 623,586 shares of the company’s stock, valued at $159,288,807.84. The trade was a 3.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 92,711 shares of company stock valued at $24,300,404. 0.18% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on WDC shares. Truist Financial set a $310.00 target price on shares of Western Digital in a research report on Tuesday, February 3rd. The Goldman Sachs Group set a $250.00 target price on shares of Western Digital in a research report on Tuesday, February 3rd. Zacks Research downgraded shares of Western Digital from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 31st. Robert W. Baird set a $310.00 target price on shares of Western Digital in a research report on Monday, February 2nd. Finally, Sanford C. Bernstein raised shares of Western Digital from a “market perform” rating to an “outperform” rating and set a $340.00 target price for the company in a research report on Tuesday, March 31st. Twenty investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $310.79.

Western Digital Trading Up 3.6%

Shares of WDC stock opened at $403.12 on Friday. Western Digital Corporation has a 52-week low of $38.19 and a 52-week high of $416.37. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.19 and a current ratio of 1.46. The company has a 50-day simple moving average of $302.04 and a two-hundred day simple moving average of $223.18. The company has a market capitalization of $136.67 billion, a price-to-earnings ratio of 40.43, a PEG ratio of 0.82 and a beta of 1.77.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, January 29th. The data storage provider reported $2.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.20. Western Digital had a net margin of 35.52% and a return on equity of 41.53%. The business had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same period in the prior year, the firm posted $1.77 EPS. The firm’s quarterly revenue was up 25.2% compared to the same quarter last year. Research analysts anticipate that Western Digital Corporation will post 8.47 EPS for the current fiscal year.

Western Digital Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Shareholders of record on Thursday, March 5th were given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date of this dividend was Thursday, March 5th. Western Digital’s dividend payout ratio is presently 5.02%.

Western Digital Profile

Western Digital Corporation is a global data storage company that designs, manufactures and sells a broad range of storage devices and systems for personal, enterprise and cloud applications. Headquartered in San Jose, California, the company develops hard disk drives (HDDs), solid-state drives (SSDs), NAND flash components and finished storage products used in PCs, external storage, servers, network-attached storage (NAS) and embedded systems.

Its product portfolio spans consumer and commercial markets, including internal and external HDDs and SSDs, removable flash memory products and storage platforms for data center and enterprise environments.