BB&T Securities LLC Acquires 2,275 Shares of Western Digital Corporation (WDC)
BB&T Securities LLC boosted its holdings in shares of Western Digital Corporation (NASDAQ:WDC) by 11.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,609 shares of the data storage provider’s stock after acquiring an additional 2,275 shares during the period. BB&T Securities LLC’s holdings in Western Digital were worth $1,867,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of WDC. Quantbot Technologies LP bought a new stake in Western Digital during the 2nd quarter valued at about $135,000. Sun Life Financial INC increased its stake in Western Digital by 16,215.4% during the 2nd quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock valued at $188,000 after purchasing an additional 2,108 shares in the last quarter. Seven Bridges Advisors LLC increased its stake in Western Digital by 71.0% during the 2nd quarter. Seven Bridges Advisors LLC now owns 2,243 shares of the data storage provider’s stock valued at $199,000 after purchasing an additional 931 shares in the last quarter. Eagle Global Advisors LLC bought a new stake in Western Digital during the 2nd quarter valued at about $203,000. Finally, SSI Investment Management Inc. bought a new stake in Western Digital during the 2nd quarter valued at about $207,000. 83.99% of the stock is owned by institutional investors.
In other news, CFO Mark P. Long sold 4,467 shares of the business’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $88.13, for a total value of $393,676.71. Following the transaction, the chief financial officer now owns 88,384 shares of the company’s stock, valued at $7,789,281.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Mark P. Long sold 1,446 shares of the business’s stock in a transaction 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 completion of the transaction, the insider now directly owns 86,939 shares in the company, valued at approximately $7,618,464.57. The disclosure for this sale can be found here. Insiders have sold 25,488 shares of company stock worth $2,242,856 in the last ninety days. Insiders own 0.31% of the company’s stock.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, beating the consensus estimate of $3.01 by $0.55. Western Digital had a net margin of 7.38% and a return on equity of 26.48%. The business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.13 billion. During the same quarter in the previous year, the firm earned $1.18 earnings per share. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. equities research analysts forecast that Western Digital Corporation will post 12.01 EPS for the current fiscal year.
Western Digital declared that its board has approved a stock repurchase program on Thursday, November 9th that authorizes the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
The company 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 dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend is Thursday, December 28th. Western Digital’s dividend payout ratio is currently 41.75%.
A number of analysts have weighed in on WDC shares. Susquehanna Bancshares restated a “positive” rating on shares of Western Digital in a research note on Thursday, August 31st. Zacks Investment Research upgraded shares of Western Digital from a “sell” rating to a “hold” rating in a research note on Tuesday, October 24th. Citigroup raised their price objective on shares of Western Digital from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, October 27th. Mizuho restated a “buy” rating and set a $105.00 price objective on shares of Western Digital in a research note on Sunday, October 8th. Finally, BidaskClub lowered shares of Western Digital from a “hold” rating to a “sell” rating in a research note on Saturday, August 12th. Nine equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and three have issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $114.50.
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About Western Digital
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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