USA Financial Formulas Purchases Shares of 9,255 Western Digital Corporation $WDC

USA Financial Formulas purchased a new position in shares of Western Digital Corporation (NASDAQ:WDC) during the third quarter, Holdings Channel.com reports. The firm purchased 9,255 shares of the data storage provider’s stock, valued at approximately $1,111,000.

Several other hedge funds also recently modified their holdings of WDC. Falcon Wealth Planning acquired a new position in shares of Western Digital during the 3rd quarter valued at $212,000. Perpetual Ltd bought a new stake in Western Digital in the third quarter valued at $736,000. Louisbourg Investments Inc. increased its stake in Western Digital by 1,870.0% in the third quarter. Louisbourg Investments Inc. now owns 1,970 shares of the data storage provider’s stock valued at $237,000 after purchasing an additional 1,870 shares in the last quarter. U.S. Capital Wealth Advisors LLC acquired a new position in shares of Western Digital during the third quarter valued at about $1,022,000. Finally, Dynamic Advisor Solutions LLC boosted its position in shares of Western Digital by 3.0% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 3,871 shares of the data storage provider’s stock worth $465,000 after purchasing an additional 114 shares in the last quarter. Institutional investors own 92.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. JPMorgan Chase & Co. boosted their target price on Western Digital from $94.00 to $175.00 and gave the company an “overweight” rating in a research report on Friday, October 31st. Bank of America raised their price objective on Western Digital from $170.00 to $197.00 and gave the company a “buy” rating in a research note on Thursday, November 20th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Western Digital in a research report on Monday, December 15th. Wells Fargo & Company increased their target price on Western Digital from $150.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. Finally, Mizuho set a $180.00 price target on shares of Western Digital in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Western Digital has an average rating of “Moderate Buy” and an average price target of $173.65.

Insider Activity

In other news, insider Cynthia L. Tregillis sold 2,801 shares of the company’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $160.57, for a total value of $449,756.57. Following the completion of the transaction, the insider directly owned 144,596 shares of the company’s stock, valued at $23,217,779.72. This represents a 1.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Irving Tan sold 20,000 shares of the stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $150.69, for a total value of $3,013,800.00. Following the sale, the chief executive officer directly owned 645,467 shares of the company’s stock, valued at $97,265,422.23. The trade was a 3.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 26,369 shares of company stock valued at $4,013,785. 0.18% of the stock is currently owned by company insiders.

Western Digital Stock Up 3.5%

Shares of NASDAQ:WDC opened at $181.08 on Friday. The business’s 50 day moving average is $152.47 and its 200 day moving average is $105.66. Western Digital Corporation has a 12-month low of $28.83 and a 12-month high of $188.77. The stock has a market cap of $61.91 billion, a price-to-earnings ratio of 26.36, a PEG ratio of 1.12 and a beta of 1.82. The company has a quick ratio of 0.94, a current ratio of 1.21 and a debt-to-equity ratio of 0.42.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Monday, April 7th. The data storage provider reported $1.78 EPS for the quarter. The business had revenue of $4.10 billion during the quarter. Western Digital had a return on equity of 30.89% and a net margin of 21.37%. On average, sell-side analysts forecast that Western Digital Corporation will post 4.89 earnings per share for the current fiscal year.

Western Digital Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 18th. Investors of record on Thursday, December 4th were issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 0.3%. This is a boost from Western Digital’s previous quarterly dividend of $0.10. The ex-dividend date was Thursday, December 4th. Western Digital’s dividend payout ratio is presently 7.28%.

Western Digital Company Profile

Western Digital Corporation is a global data storage company that designs, manufactures and sells a broad range of storage devices and systems for personal, enterprise and cloud applications. Headquartered in San Jose, California, the company develops hard disk drives (HDDs), solid-state drives (SSDs), NAND flash components and finished storage products used in PCs, external storage, servers, network-attached storage (NAS) and embedded systems.

Its product portfolio spans consumer and commercial markets, including internal and external HDDs and SSDs, removable flash memory products and storage platforms for data center and enterprise environments.