Rheos Capital Works Inc. Sells 70,000 Shares of Western Digital Corporation $WDC

Rheos Capital Works Inc. lessened its position in shares of Western Digital Corporation (NASDAQ:WDC) by 35.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 130,000 shares of the data storage provider’s stock after selling 70,000 shares during the quarter. Western Digital comprises 1.4% of Rheos Capital Works Inc.’s holdings, making the stock its 24th biggest position. Rheos Capital Works Inc.’s holdings in Western Digital were worth $22,395,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. ORG Partners LLC raised its stake in shares of Western Digital by 124.5% during the 3rd quarter. ORG Partners LLC now owns 211 shares of the data storage provider’s stock worth $25,000 after acquiring an additional 117 shares in the last quarter. Rakuten Securities Inc. raised its stake in shares of Western Digital by 4,070.0% during the 2nd quarter. Rakuten Securities Inc. now owns 417 shares of the data storage provider’s stock worth $27,000 after acquiring an additional 407 shares in the last quarter. Cullen Frost Bankers Inc. raised its stake in shares of Western Digital by 551.4% during the 3rd quarter. Cullen Frost Bankers Inc. now owns 241 shares of the data storage provider’s stock worth $29,000 after acquiring an additional 204 shares in the last quarter. Grove Bank & Trust bought a new position in shares of Western Digital during the 3rd quarter worth approximately $30,000. Finally, Westfuller Advisors LLC bought a new position in shares of Western Digital during the 3rd quarter worth approximately $30,000. Institutional investors own 92.51% of the company’s stock.

Insider Buying and Selling at Western Digital

In other news, Director Matthew E. Massengill sold 36,926 shares of the stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $260.43, for a total value of $9,616,638.18. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Vidyadhara K. Gubbi sold 8,518 shares of the stock in a transaction on Friday, March 6th. The stock was sold at an average price of $255.32, for a total transaction of $2,174,815.76. Following the completion of the sale, the insider owned 99,276 shares in the company, valued at $25,347,148.32. The trade was a 7.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 92,795 shares of company stock worth $24,265,884 over the last ninety days. 0.18% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on WDC. Truist Financial set a $310.00 price target on shares of Western Digital in a research note on Tuesday, February 3rd. New Street Research set a $250.00 price target on shares of Western Digital in a research note on Tuesday, February 3rd. Barclays upped their price target on shares of Western Digital from $240.00 to $325.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. Robert W. Baird set a $310.00 price target on shares of Western Digital in a research note on Monday, February 2nd. Finally, Bank of America upped their price target on shares of Western Digital from $197.00 to $257.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Twenty-one investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Western Digital presently has an average rating of “Moderate Buy” and a consensus target price of $278.83.

Western Digital Stock Up 3.1%

NASDAQ:WDC opened at $304.15 on Tuesday. The firm has a market capitalization of $103.12 billion, a P/E ratio of 30.51, a PEG ratio of 0.68 and a beta of 1.77. Western Digital Corporation has a 1-year low of $28.83 and a 1-year high of $319.62. The company’s fifty day moving average price is $278.89 and its 200-day moving average price is $202.28. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.46 and a quick ratio of 1.19.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Thursday, January 29th. The data storage provider reported $2.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.20. The firm had revenue of $3.02 billion for the quarter, compared to analyst estimates of $2.93 billion. Western Digital had a net margin of 35.52% and a return on equity of 41.53%. The business’s quarterly revenue was up 25.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.77 earnings per share. As a group, equities research analysts anticipate that Western Digital Corporation will post 4.89 EPS for the current year.

Western Digital Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Thursday, March 5th were paid a $0.125 dividend. The ex-dividend date was Thursday, March 5th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.2%. Western Digital’s dividend payout ratio is presently 5.02%.

About Western Digital

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.