RiverPark Advisors LLC boosted its position in shares of Western Digital Corp (NASDAQ:WDC) by 88.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,500 shares of the data storage provider’s stock after purchasing an additional 11,000 shares during the quarter. RiverPark Advisors LLC’s holdings in Western Digital were worth $1,869,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cerebellum GP LLC bought a new stake in Western Digital during the 4th quarter valued at $121,000. Acadian Asset Management LLC bought a new stake in Western Digital during the 4th quarter valued at $132,000. Focused Wealth Management Inc bought a new stake in Western Digital during the 4th quarter valued at $143,000. SeaCrest Wealth Management LLC bought a new stake in Western Digital during the 4th quarter valued at $149,000. Finally, Icon Wealth Partners LLC bought a new stake in Western Digital during the 4th quarter valued at $171,000. 84.97% of the stock is currently owned by institutional investors and hedge funds.
Western Digital Corp (WDC) opened at $99.55 on Monday. The firm has a market capitalization of $29,622.13, a PE ratio of 8.58, a price-to-earnings-growth ratio of 0.41 and a beta of 1.11. Western Digital Corp has a 52 week low of $71.38 and a 52 week high of $100.00. The company has a debt-to-equity ratio of 1.04, a quick ratio of 2.03 and a current ratio of 2.55.
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 paid a dividend of $0.50 per share. The ex-dividend date is Thursday, March 29th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.01%. Western Digital’s payout ratio is currently 165.29%.
In other Western Digital news, insider Michael D. Cordano sold 1,401 shares of Western Digital stock in a transaction dated 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 transaction, the insider now owns 70,560 shares in the company, valued at approximately $5,997,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Stephen D. Milligan sold 90,755 shares of Western Digital stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $88.12, for a total value of $7,997,330.60. The disclosure for this sale can be found here. Insiders have sold a total of 187,757 shares of company stock valued at $16,522,057 in the last quarter. Company insiders own 0.31% of the company’s stock.
Several brokerages have issued reports on WDC. BidaskClub raised Western Digital from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Morgan Stanley cut Western Digital from an “overweight” rating to an “equal weight” rating and set a $120.00 target price on the stock. in a research report on Monday, November 27th. Vetr cut Western Digital from a “buy” rating to a “hold” rating and set a $95.09 target price on the stock. in a research report on Tuesday, November 21st. UBS Group began coverage on Western Digital in a research report on Tuesday, March 6th. They set a “hold” rating and a $90.00 target price on the stock. Finally, Craig Hallum dropped their target price on Western Digital from $142.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, January 26th. Twelve research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and three have given a strong buy rating to the company. Western Digital currently has an average rating of “Buy” and an average price target of $111.62.
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Western Digital 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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