Bristol Advisors LLC grew its holdings in shares of Western Digital Corporation (NASDAQ:WDC) by 80.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,900 shares of the data storage provider’s stock after purchasing an additional 5,300 shares during the period. Bristol Advisors LLC’s holdings in Western Digital were worth $946,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of WDC. Quantbot Technologies LP purchased a new stake in shares of Western Digital during the second quarter worth approximately $135,000. Sun Life Financial INC increased its stake in shares of Western Digital by 16,215.4% during the second quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock worth $188,000 after buying an additional 2,108 shares during the period. SSI Investment Management Inc. purchased a new stake in shares of Western Digital during the second quarter worth approximately $207,000. Adviser Investments LLC purchased a new stake in shares of Western Digital during the third quarter worth approximately $204,000. Finally, Rational Advisors LLC purchased a new stake in shares of Western Digital during the third quarter worth approximately $207,000. Institutional investors own 83.78% of the company’s stock.
Shares of Western Digital Corporation (NASDAQ:WDC) traded up $1.34 during mid-day trading on Friday, hitting $82.25. The stock had a trading volume of 3,822,000 shares, compared to its average volume of 4,062,063. Western Digital Corporation has a twelve month low of $69.10 and a twelve month high of $95.77. The stock has a market capitalization of $24,510.00, a PE ratio of 17.17, a P/E/G ratio of 0.27 and a beta of 1.12. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07.
Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, beating analysts’ consensus estimates of $3.01 by $0.55. Western Digital had a return on equity of 26.48% and a net margin of 7.38%. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.13 billion. During the same quarter last year, the business posted $1.18 earnings per share. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. analysts forecast that Western Digital Corporation will post 12.21 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date is Thursday, December 28th. Western Digital’s dividend payout ratio is currently 41.75%.
Western Digital announced that its board has approved a share repurchase plan on Thursday, November 9th that authorizes the company to buyback $2.10 billion in outstanding shares. This buyback authorization authorizes the data storage provider to buy shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
WDC has been the subject of several recent research reports. Vetr downgraded Western Digital from a “strong-buy” rating to a “buy” rating and set a $93.86 price target for the company. in a report on Tuesday, October 10th. Goldman Sachs Group reaffirmed a “neutral” rating and set a $88.00 price target on shares of Western Digital in a report on Tuesday, October 10th. UBS Group decreased their price target on Western Digital from $101.00 to $93.00 and set a “neutral” rating for the company in a report on Thursday, October 12th. Maxim Group reaffirmed a “buy” rating and set a $124.00 price target on shares of Western Digital in a report on Friday, October 27th. Finally, Zacks Investment Research raised Western Digital from a “hold” rating to a “strong-buy” rating and set a $103.00 price target for the company in a report on Wednesday, November 1st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-three have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $112.10.
In related news, CFO Mark P. Long sold 4,467 shares of the stock in a transaction on Monday, November 13th. The stock was sold at an average price of $88.13, for a total transaction of $393,676.71. Following the sale, 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 filing with the SEC, which can be accessed through this hyperlink. Also, Director Henry T. Denero sold 4,097 shares of the stock in a transaction on Monday, October 30th. The shares were sold at an average price of $85.97, for a total value of $352,219.09. Following the sale, the director now directly owns 10,834 shares in the company, valued at approximately $931,398.98. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,039 shares of company stock valued at $1,400,999. Company insiders own 0.31% of the company’s stock.
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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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