Cornerstone Investment Partners LLC decreased its position in shares of Western Digital Corporation (NASDAQ:WDC) by 15.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 780,216 shares of the data storage provider’s stock after selling 140,198 shares during the period. Western Digital Corporation makes up approximately 2.9% of Cornerstone Investment Partners LLC’s investment portfolio, making the stock its 20th biggest position. Cornerstone Investment Partners LLC owned 0.26% of Western Digital Corporation worth $67,411,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. State of Alaska Department of Revenue lifted its stake in Western Digital Corporation by 143.2% in the second quarter. State of Alaska Department of Revenue now owns 5,265 shares of the data storage provider’s stock worth $466,000 after purchasing an additional 3,100 shares during the last quarter. Manning & Napier Advisors LLC increased its holdings in Western Digital Corporation by 419.1% during the second quarter. Manning & Napier Advisors LLC now owns 57,363 shares of the data storage provider’s stock valued at $5,081,000 after buying an additional 46,313 shares during the period. Prescott Group Capital Management L.L.C. purchased a new position in Western Digital Corporation during the second quarter valued at approximately $886,000. Altfest L J & Co. Inc. increased its holdings in Western Digital Corporation by 29.0% during the second quarter. Altfest L J & Co. Inc. now owns 7,170 shares of the data storage provider’s stock valued at $635,000 after buying an additional 1,614 shares during the period. Finally, Financial Architects Inc increased its holdings in Western Digital Corporation by 85.1% during the second quarter. Financial Architects Inc now owns 5,639 shares of the data storage provider’s stock valued at $499,000 after buying an additional 2,592 shares during the period. Hedge funds and other institutional investors own 80.74% of the company’s stock.

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Western Digital Corporation (NASDAQ:WDC) traded up $1.92 during mid-day trading on Tuesday, reaching $92.80. 2,000,715 shares of the company’s stock traded hands, compared to its average volume of 4,120,417. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07. Western Digital Corporation has a 12-month low of $60.30 and a 12-month high of $95.77. The company has a market capitalization of $27,510.00, a price-to-earnings ratio of 9.17 and a beta of 1.17.

Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 EPS for the quarter, topping the consensus estimate of $3.01 by $0.55. The business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.13 billion. Western Digital Corporation had a net margin of 7.38% and a return on equity of 26.48%. The company’s quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.18 earnings per share. equities research analysts predict that Western Digital Corporation will post 12.01 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Thursday, December 28th. Western Digital Corporation’s payout ratio is 41.75%.

Western Digital Corporation declared that its Board of Directors has initiated a share buyback plan on Thursday, November 9th that authorizes the company to buyback $2.10 billion in shares. This buyback authorization authorizes the data storage provider to repurchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Several brokerages recently issued reports on WDC. Vetr lowered shares of Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $97.62 price objective on the stock. in a report on Monday, November 13th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $90.00 price target on shares of Western Digital Corporation in a report on Friday, August 18th. Wells Fargo & Company started coverage on shares of Western Digital Corporation in a report on Tuesday, November 14th. They issued an “outperform” rating and a $115.00 price target on the stock. J P Morgan Chase & Co reaffirmed an “overweight” rating on shares of Western Digital Corporation in a report on Tuesday, August 1st. Finally, BidaskClub lowered shares of Western Digital Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 12th. Eight research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have given a strong buy rating to the company. Western Digital Corporation has an average rating of “Buy” and a consensus target price of $114.59.

In other Western Digital Corporation news, insider Mark P. Long sold 1,446 shares of the stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $87.63, for a total transaction of $126,712.98. Following the transaction, the insider now owns 86,939 shares in the company, valued at $7,618,464.57. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Henry T. Denero sold 4,097 shares of the stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $85.97, for a total value of $352,219.09. Following the transaction, the director now owns 10,834 shares in the company, valued at approximately $931,398.98. The disclosure for this sale can be found here. Insiders sold a total of 27,005 shares of company stock valued at $2,377,095 over the last three months. 0.31% of the stock is owned by corporate 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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Institutional Ownership by Quarter for Western Digital Corporation (NASDAQ:WDC)

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