Creative Planning reduced its position in shares of Western Digital Corp (NASDAQ:WDC) by 7.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 52,665 shares of the data storage provider’s stock after selling 4,161 shares during the period. Creative Planning’s holdings in Western Digital were worth $4,188,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of WDC. Capital World Investors bought a new stake in shares of Western Digital during the 2nd quarter worth $1,019,202,000. Janus Henderson Group PLC boosted its holdings in shares of Western Digital by 140.4% during the 2nd 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. Bank of Montreal Can boosted its holdings in Western Digital by 267.4% in the 4th quarter. Bank of Montreal Can now owns 1,232,616 shares of the data storage provider’s stock valued at $98,029,000 after purchasing an additional 897,108 shares during the period. Discovery Capital Management LLC CT boosted its holdings in Western Digital by 98.9% in the 2nd quarter. Discovery Capital Management LLC CT now owns 1,576,089 shares of the data storage provider’s stock valued at $139,641,000 after purchasing an additional 783,589 shares during the period. Finally, Kensico Capital Management Corp boosted its holdings in Western Digital by 228.2% in the 3rd quarter. Kensico Capital Management Corp now owns 1,094,508 shares of the data storage provider’s stock valued at $94,565,000 after purchasing an additional 761,000 shares during the period. 83.70% of the stock is owned by institutional investors and hedge funds.
In other Western Digital news, insider Michael D. Cordano sold 1,401 shares of the stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $85.00, for a total transaction of $119,085.00. Following the sale, the insider now owns 70,560 shares of the company’s stock, valued at approximately $5,997,600. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Stephen D. Milligan sold 90,755 shares of the stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $88.12, for a total transaction of $7,997,330.60. The disclosure for this sale can be found here. Insiders have sold a total of 152,529 shares of company stock valued at $13,285,093 in the last quarter. 0.31% of the stock is currently owned by corporate insiders.
Shares of Western Digital Corp (NASDAQ WDC) traded up $1.75 during mid-day trading on Monday, hitting $82.34. 3,296,765 shares of the stock were exchanged, compared to its average volume of 4,530,000. The firm has a market cap of $24,300.00, a PE ratio of 68.05, a price-to-earnings-growth ratio of 0.34 and a beta of 1.13. The company has a current ratio of 2.55, a quick ratio of 2.03 and a debt-to-equity ratio of 1.04. Western Digital Corp has a 52 week low of $71.38 and a 52 week high of $95.77.
Western Digital (NASDAQ:WDC) last announced its earnings results on Thursday, January 25th. The data storage provider reported $3.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.51 by $0.44. The business had revenue of $5.34 billion during the quarter, compared to analysts’ expectations of $5.31 billion. Western Digital had a net margin of 1.93% and a return on equity of 30.78%. The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter last year, the company posted $2.30 EPS. research analysts forecast that Western Digital Corp will post 12.62 EPS for the current year.
Western Digital announced that its Board of Directors has approved a share repurchase program 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 reacquire shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Friday, March 30th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date is Thursday, March 29th. Western Digital’s dividend payout ratio (DPR) is currently 165.29%.
WDC has been the subject of a number of research reports. Vetr raised shares of Western Digital from a “buy” rating to a “strong-buy” rating and set a $98.49 price target for the company in a report on Monday, October 16th. BidaskClub raised shares of Western Digital from a “hold” rating to a “buy” rating in a report on Tuesday, October 17th. Zacks Investment Research raised shares of Western Digital from a “sell” rating to a “hold” rating in a report on Tuesday, October 24th. KeyCorp reissued a “hold” rating on shares of Western Digital in a report on Friday, October 27th. Finally, Citigroup increased their price target on shares of Western Digital from $110.00 to $115.00 and gave the company a “buy” rating in a report on Friday, October 27th. Thirteen equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and two have issued a strong buy rating to the company. Western Digital presently has a consensus rating of “Buy” and an average price target of $111.78.
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Western Digital 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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