The Manufacturers Life Insurance Company Lowers Holdings in Western Digital Corp (WDC)

The Manufacturers Life Insurance Company lowered its position in shares of Western Digital Corp (NASDAQ:WDC) by 4.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 361,774 shares of the data storage provider’s stock after selling 18,385 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.12% of Western Digital worth $28,770,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Wells Fargo & Company MN lifted its position in Western Digital by 6.6% during the 4th quarter. Wells Fargo & Company MN now owns 2,201,119 shares of the data storage provider’s stock worth $175,054,000 after acquiring an additional 136,244 shares during the period. First Trust Advisors LP raised its stake in shares of Western Digital by 4.6% during the 4th quarter. First Trust Advisors LP now owns 1,246,194 shares of the data storage provider’s stock valued at $99,110,000 after buying an additional 55,262 shares during the last quarter. Hosking Partners LLP raised its stake in shares of Western Digital by 7.1% during the 4th quarter. Hosking Partners LLP now owns 134,694 shares of the data storage provider’s stock valued at $10,712,000 after buying an additional 8,901 shares during the last quarter. Hourglass Capital LLC purchased a new position in shares of Western Digital during the 4th quarter valued at about $239,000. Finally, Cetera Advisor Networks LLC raised its stake in shares of Western Digital by 92.1% during the 4th quarter. Cetera Advisor Networks LLC now owns 4,759 shares of the data storage provider’s stock valued at $384,000 after buying an additional 2,282 shares during the last quarter. 82.27% of the stock is owned by institutional investors.

A number of equities analysts have weighed in on the company. BidaskClub upgraded Western Digital from a “sell” rating to a “hold” rating in a research note on Wednesday, December 13th. UBS Group lifted their price objective on Western Digital from $93.00 to $97.00 and gave the company a “neutral” rating in a research note on Friday, October 27th. Benchmark reiterated a “buy” rating and set a $130.00 price objective on shares of Western Digital in a research note on Tuesday, December 26th. Royal Bank of Canada reiterated a “buy” rating on shares of Western Digital in a research note on Friday, December 22nd. Finally, Vetr lowered Western Digital from a “buy” rating to a “hold” rating and set a $95.09 price objective for the company. in a research note on Tuesday, November 21st. Thirteen equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $111.29.

In other Western Digital news, CEO Stephen D. Milligan sold 16,511 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $84.00, for a total transaction of $1,386,924.00. Following the completion of the sale, the chief executive officer now directly owns 156,882 shares in the company, valued at approximately $13,178,088. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Stephen D. Milligan sold 90,755 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $88.12, for a total value of $7,997,330.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 163,394 shares of company stock valued at $14,227,197. 0.31% of the stock is owned by company insiders.

Shares of Western Digital Corp (WDC) opened at $85.53 on Friday. Western Digital Corp has a 52 week low of $71.38 and a 52 week high of $95.77. The company has a current ratio of 2.55, a quick ratio of 2.03 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $25,491.99, a P/E ratio of 7.39, a price-to-earnings-growth ratio of 0.36 and a beta of 1.13.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Thursday, January 25th. The data storage provider reported $3.95 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.51 by $0.44. Western Digital had a return on equity of 30.78% and a net margin of 1.93%. The company had revenue of $5.34 billion during the quarter, compared to analyst estimates of $5.31 billion. During the same period in the previous year, the business earned $2.30 EPS. Western Digital’s quarterly revenue was up 9.2% on a year-over-year basis. equities analysts anticipate that Western Digital Corp will post 12.62 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Friday, March 30th will be paid a dividend of $0.50 per share. The ex-dividend date is Thursday, March 29th. This represents a $2.00 annualized dividend and a yield of 2.34%. Western Digital’s dividend payout ratio (DPR) is currently 165.29%.

Western Digital declared that its Board of Directors has authorized a stock buyback 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 purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

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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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Institutional Ownership by Quarter for Western Digital (NASDAQ:WDC)

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