Raymond James Financial Services Advisors Inc. raised its holdings in shares of Western Digital Corp (NASDAQ:WDC) by 1.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 46,029 shares of the data storage provider’s stock after acquiring an additional 736 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Western Digital were worth $3,661,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in WDC. Shell Asset Management Co. raised its holdings in Western Digital by 342.8% during the 4th quarter. Shell Asset Management Co. now owns 156,165 shares of the data storage provider’s stock worth $12,420,000 after buying an additional 120,898 shares during the period. Arizona State Retirement System raised its holdings in Western Digital by 2.3% during the 4th quarter. Arizona State Retirement System now owns 120,300 shares of the data storage provider’s stock worth $9,567,000 after buying an additional 2,681 shares during the period. Pinebridge Investments L.P. raised its holdings in Western Digital by 122.8% during the 4th quarter. Pinebridge Investments L.P. now owns 6,915 shares of the data storage provider’s stock worth $550,000 after buying an additional 3,812 shares during the period. State of Wisconsin Investment Board raised its holdings in Western Digital by 0.5% during the 4th quarter. State of Wisconsin Investment Board now owns 349,365 shares of the data storage provider’s stock worth $27,785,000 after buying an additional 1,636 shares during the period. Finally, D.A. Davidson & CO. raised its holdings in Western Digital by 3.2% during the 4th quarter. D.A. Davidson & CO. now owns 40,823 shares of the data storage provider’s stock worth $3,247,000 after buying an additional 1,260 shares during the period. Institutional investors own 82.27% of the company’s stock.
In other news, insider Michael D. Cordano sold 1,401 shares of Western Digital stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $85.00, for a total transaction of $119,085.00. Following the completion of the sale, the insider now owns 70,560 shares of the company’s stock, valued at $5,997,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Charles Ray sold 1,208 shares of Western Digital stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $88.53, for a total value of $106,944.24. Following the sale, the executive vice president now directly owns 40,144 shares of the company’s stock, valued at approximately $3,553,948.32. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 164,602 shares of company stock valued at $14,334,141. Company insiders own 0.31% of the company’s stock.
Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Thursday, January 25th. The data storage provider reported $3.95 EPS for the quarter, topping the Zacks’ consensus estimate of $3.51 by $0.44. Western Digital had a net margin of 1.93% and a return on equity of 30.78%. The firm had revenue of $5.34 billion during the quarter, compared to analysts’ expectations of $5.31 billion. During the same period in the previous year, the business posted $2.30 earnings per share. The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. equities analysts predict that Western Digital Corp will post 12.62 EPS for the current year.
Western Digital announced that its board has authorized a share buyback program on Thursday, November 9th that permits the company to buyback $2.10 billion in shares. This buyback authorization permits the data storage provider to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Friday, March 30th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, March 29th. This represents a $2.00 dividend on an annualized basis and a yield of 2.29%. Western Digital’s dividend payout ratio (DPR) is 30.67%.
Several brokerages have commented on WDC. Royal Bank of Canada restated a “buy” rating on shares of Western Digital in a report on Friday, December 22nd. BidaskClub downgraded shares of Western Digital from a “hold” rating to a “sell” rating in a report on Thursday, January 11th. TheStreet downgraded shares of Western Digital from a “b” rating to a “c+” rating in a report on Thursday, January 25th. Maxim Group raised their target price on shares of Western Digital from $124.00 to $126.00 and gave the stock a “buy” rating in a report on Friday, January 26th. Finally, UBS Group raised their target price on shares of Western Digital from $88.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, January 26th. Twelve analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $111.29.
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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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