TRUE Private Wealth Advisors Takes $107,000 Position in Western Digital Corp (WDC)
TRUE Private Wealth Advisors acquired a new position in shares of Western Digital Corp (NASDAQ:WDC) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,806 shares of the data storage provider’s stock, valued at approximately $107,000.
A number of other hedge funds have also recently modified their holdings of WDC. BlackRock Inc. raised its holdings in shares of Western Digital by 9.2% in the second quarter. BlackRock Inc. now owns 21,040,844 shares of the data storage provider’s stock worth $1,628,774,000 after acquiring an additional 1,772,435 shares during the last quarter. LSV Asset Management increased its stake in Western Digital by 4.6% in the second quarter. LSV Asset Management now owns 3,398,246 shares of the data storage provider’s stock valued at $263,058,000 after purchasing an additional 149,934 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Western Digital by 1.7% in the second quarter. Dimensional Fund Advisors LP now owns 3,060,836 shares of the data storage provider’s stock valued at $236,931,000 after purchasing an additional 49,960 shares during the last quarter. Wells Fargo & Company MN increased its stake in Western Digital by 6.2% in the second quarter. Wells Fargo & Company MN now owns 2,321,676 shares of the data storage provider’s stock valued at $179,720,000 after purchasing an additional 135,550 shares during the last quarter. Finally, TCW Group Inc. increased its stake in Western Digital by 2.9% in the second quarter. TCW Group Inc. now owns 2,160,384 shares of the data storage provider’s stock valued at $167,236,000 after purchasing an additional 61,116 shares during the last quarter. 83.75% of the stock is owned by hedge funds and other institutional investors.
In other news, CFO Mark P. Long sold 1,214 shares of the company’s stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $67.65, for a total value of $82,127.10. Following the completion of the sale, the chief financial officer now owns 191,154 shares of the company’s stock, valued at $12,931,568.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mark P. Long sold 24,938 shares of the company’s stock in a transaction dated Monday, July 30th. The stock was sold at an average price of $70.83, for a total value of $1,766,358.54. Following the completion of the sale, the insider now directly owns 215,963 shares of the company’s stock, valued at approximately $15,296,659.29. The disclosure for this sale can be found here. Insiders sold 32,772 shares of company stock valued at $2,298,763 in the last ninety days. Company insiders own 0.36% of the company’s stock.
Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, July 26th. The data storage provider reported $3.61 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.20 by $0.41. Western Digital had a return on equity of 36.35% and a net margin of 3.27%. The firm had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.07 billion. During the same quarter in the previous year, the business earned $2.93 earnings per share. The firm’s quarterly revenue was up 5.7% compared to the same quarter last year. On average, research analysts anticipate that Western Digital Corp will post 10.45 earnings per share for the current year.
Western Digital announced that its Board of Directors has authorized a stock buyback program on Thursday, July 26th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the data storage provider to buy up to 22.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 28th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date of this dividend was Thursday, September 27th. Western Digital’s dividend payout ratio (DPR) is presently 14.80%.
Several equities analysts recently commented on WDC shares. Cowen lowered Western Digital from an “outperform” rating to a “market perform” rating and set a $70.00 target price for the company. in a research note on Wednesday, August 15th. Benchmark dropped their target price on Western Digital from $120.00 to $110.00 and set a “buy” rating for the company in a research note on Friday, September 21st. Guggenheim reiterated a “buy” rating and issued a $125.00 target price on shares of Western Digital in a research note on Monday, September 17th. Longbow Research set a $100.00 target price on Western Digital and gave the company a “buy” rating in a research note on Thursday, September 6th. Finally, Royal Bank of Canada lowered Western Digital from an “outperform” rating to a “sector perform” rating and dropped their target price for the company from $95.00 to $70.00 in a research note on Tuesday, September 11th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and seventeen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $100.83.
Western Digital Company Profile
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.
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