Vanguard Group Inc. Raises Position in Western Digital Corporation (WDC)
Vanguard Group Inc. increased its position in Western Digital Corporation (NASDAQ:WDC) by 4.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 29,942,849 shares of the data storage provider’s stock after buying an additional 1,201,394 shares during the quarter. Vanguard Group Inc. owned about 10.25% of Western Digital Corporation worth $2,652,936,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Strs Ohio raised its position in Western Digital Corporation by 1.1% in the first quarter. Strs Ohio now owns 9,902 shares of the data storage provider’s stock valued at $817,000 after purchasing an additional 103 shares during the period. UBS Asset Management Americas Inc. raised its position in Western Digital Corporation by 52.2% in the first quarter. UBS Asset Management Americas Inc. now owns 2,393,005 shares of the data storage provider’s stock valued at $197,495,000 after purchasing an additional 821,155 shares during the period. Wedbush Securities Inc. raised its position in Western Digital Corporation by 250.2% in the first quarter. Wedbush Securities Inc. now owns 15,425 shares of the data storage provider’s stock valued at $1,273,000 after purchasing an additional 11,020 shares during the period. Engineers Gate Manager LP raised its position in Western Digital Corporation by 63.0% in the first quarter. Engineers Gate Manager LP now owns 20,539 shares of the data storage provider’s stock valued at $1,695,000 after purchasing an additional 7,937 shares during the period. Finally, Commerce Bank raised its position in Western Digital Corporation by 34.7% in the first quarter. Commerce Bank now owns 5,434 shares of the data storage provider’s stock valued at $448,000 after purchasing an additional 1,401 shares during the period. 82.42% of the stock is currently owned by institutional investors and hedge funds.
Shares of Western Digital Corporation (WDC) traded down 4.96% during midday trading on Wednesday, reaching $85.46. The company had a trading volume of 5,246,069 shares. The company has a market capitalization of $25.20 billion, a P/E ratio of 63.78 and a beta of 1.21. Western Digital Corporation has a 12 month low of $52.10 and a 12 month high of $95.77. The firm’s 50 day moving average price is $86.12 and its 200-day moving average price is $86.39. Western Digital Corporation also was the recipient of unusually large options trading activity on Monday. Stock investors acquired 6,330 call options on the stock. This is an increase of 292% compared to the average volume of 1,613 call options.
Western Digital Corporation (NASDAQ:WDC) last announced its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.51 by $0.42. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same period in the prior year, the business earned $0.79 earnings per share. Western Digital Corporation’s quarterly revenue was up 38.5% on a year-over-year basis. Analysts anticipate that Western Digital Corporation will post $12.50 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.22%. Western Digital Corporation’s payout ratio is 156.25%.
WDC has been the topic of several research reports. Vetr lowered Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $96.75 price objective on the stock. in a research report on Tuesday, May 23rd. Benchmark Co. reissued a “buy” rating and issued a $135.00 price objective on shares of Western Digital Corporation in a research report on Wednesday, May 24th. Stifel Nicolaus reissued a “buy” rating on shares of Western Digital Corporation in a research report on Wednesday, May 24th. Royal Bank Of Canada reissued an “outperform” rating on shares of Western Digital Corporation in a research report on Sunday, May 28th. Finally, Longbow Research reissued a “buy” rating and issued a $120.00 price objective on shares of Western Digital Corporation in a research report on Friday, June 2nd. Eight investment analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and one has assigned a strong buy rating to the company. Western Digital Corporation presently has an average rating of “Buy” and an average price target of $111.34.
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In other news, EVP Srinivasan Sivaram sold 16,049 shares of the company’s stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $85.06, for a total transaction of $1,365,127.94. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mark P. Long sold 1,517 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $80.97, for a total transaction of $122,831.49. Following the transaction, the chief financial officer now owns 88,207 shares in the company, valued at $7,142,120.79. The disclosure for this sale can be found here. Insiders have sold 134,891 shares of company stock worth $11,854,827 over the last quarter. 0.46% of the stock is owned by company insiders.
Western Digital Corporation 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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