Manning & Napier Advisors LLC lessened its stake in Western Digital Corporation (NASDAQ:WDC) by 7.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 53,102 shares of the data storage provider’s stock after selling 4,261 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Western Digital Corporation were worth $4,587,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in WDC. Capital World Investors acquired a new stake in shares of Western Digital Corporation during the 2nd quarter valued at approximately $1,019,202,000. Vanguard Group Inc. increased its position in Western Digital Corporation by 4.2% in the second quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock worth $2,652,936,000 after buying an additional 1,201,394 shares during the period. Janus Henderson Group PLC increased its position in Western Digital Corporation by 140.4% in the second quarter. Janus Henderson Group PLC now owns 1,994,833 shares of the data storage provider’s stock worth $176,746,000 after buying an additional 1,164,954 shares during the period. Schroder Investment Management Group increased its position in Western Digital Corporation by 24,087.4% in the second quarter. Schroder Investment Management Group now owns 902,431 shares of the data storage provider’s stock worth $82,709,000 after buying an additional 898,700 shares during the period. Finally, Discovery Capital Management LLC CT increased its position in Western Digital Corporation by 98.9% in the second quarter. Discovery Capital Management LLC CT now owns 1,576,089 shares of the data storage provider’s stock worth $139,641,000 after buying an additional 783,589 shares during the period. Hedge funds and other institutional investors own 80.74% of the company’s stock.
Shares of Western Digital Corporation (NASDAQ:WDC) traded up $0.09 during mid-day trading on Monday, hitting $91.30. The company had a trading volume of 1,594,500 shares, compared to its average volume of 4,126,939. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.64 and a quick ratio of 2.13. Western Digital Corporation has a 1-year low of $58.30 and a 1-year high of $95.77. The company has a market cap of $26,950.00, a P/E ratio of 9.17 and a beta of 1.17.
Western Digital Corporation (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.01 by $0.55. Western Digital Corporation had a return on equity of 26.48% and a net margin of 7.38%. The business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.13 billion. During the same period last year, the business earned $1.18 EPS. The firm’s revenue was up 9.9% compared to the same quarter last year. sell-side analysts predict that Western Digital Corporation will post 12.01 earnings per share for the current fiscal year.
The firm also recently announced 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 2.19%. The ex-dividend date is Thursday, December 28th. Western Digital Corporation’s dividend payout ratio (DPR) is currently 41.75%.
Western Digital Corporation announced that its Board of Directors has approved a stock buyback plan 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 reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
In other Western Digital Corporation news, insider Michael D. Cordano sold 1,397 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $88.13, for a total value of $123,117.61. Following the sale, the insider now owns 70,556 shares of the company’s stock, valued at approximately $6,218,100.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark P. Long sold 4,467 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 88,384 shares in the company, valued at approximately $7,789,281.92. The disclosure for this sale can be found here. Insiders sold a total of 27,005 shares of company stock worth $2,377,095 in the last ninety days. Insiders own 0.31% of the company’s stock.
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A number of research analysts have recently commented on WDC shares. Susquehanna Bancshares Inc reissued a “positive” rating on shares of Western Digital Corporation in a report on Thursday, August 31st. Zacks Investment Research raised Western Digital Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, October 24th. Citigroup Inc. raised their price target on Western Digital Corporation from $110.00 to $115.00 and gave the company a “buy” rating in a report on Friday, October 27th. Mizuho reissued a “buy” rating and set a $105.00 price target on shares of Western Digital Corporation in a report on Sunday, October 8th. Finally, Vetr raised Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $104.96 price target on the stock in a report on Wednesday, July 26th. Eight research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $114.59.
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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