Nissay Asset Management Corp Japan ADV boosted its holdings in Western Digital Corp (NASDAQ:WDC) by 4.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 41,190 shares of the data storage provider’s stock after purchasing an additional 1,764 shares during the quarter. Nissay Asset Management Corp Japan ADV’s holdings in Western Digital were worth $3,189,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in WDC. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of Western Digital by 16,520.0% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,662 shares of the data storage provider’s stock worth $129,000 after buying an additional 1,652 shares in the last quarter. NuWave Investment Management LLC lifted its stake in shares of Western Digital by 10,140.0% in the first quarter. NuWave Investment Management LLC now owns 1,536 shares of the data storage provider’s stock worth $140,000 after buying an additional 1,521 shares in the last quarter. Financial Gravity Wealth Inc. bought a new position in shares of Western Digital in the first quarter worth approximately $145,000. Assetmark Inc. lifted its stake in shares of Western Digital by 437.9% in the first quarter. Assetmark Inc. now owns 1,673 shares of the data storage provider’s stock worth $154,000 after buying an additional 1,362 shares in the last quarter. Finally, Legacy Financial Advisors Inc. lifted its stake in shares of Western Digital by 32,283.3% in the second quarter. Legacy Financial Advisors Inc. now owns 1,943 shares of the data storage provider’s stock worth $155,000 after buying an additional 1,937 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.
Shares of WDC stock opened at $64.63 on Monday. Western Digital Corp has a 12 month low of $61.54 and a 12 month high of $106.96. The company has a market cap of $19.39 billion, a price-to-earnings ratio of 4.78, a price-to-earnings-growth ratio of 0.32 and a beta of 0.96. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.39 and a quick ratio of 1.73.
Western Digital (NASDAQ:WDC) last announced its earnings results on Thursday, July 26th. The data storage provider reported $3.61 EPS for the quarter, beating the Zacks’ consensus estimate of $3.20 by $0.41. Western Digital had a net margin of 3.27% and a return on equity of 36.35%. The business had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.07 billion. During the same period in the prior year, the company earned $2.93 earnings per share. The firm’s revenue was up 5.7% on a year-over-year basis. research analysts predict that Western Digital Corp will post 10.71 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 28th will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, September 27th. This represents a $2.00 dividend on an annualized basis and a yield of 3.09%. Western Digital’s dividend payout ratio is currently 14.80%.
Western Digital announced that its Board of Directors has initiated a share buyback program on Thursday, July 26th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the data storage provider to repurchase up to 22.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Several research analysts have recently issued reports on the stock. BidaskClub downgraded shares of Western Digital from a “buy” rating to a “hold” rating in a research note on Friday, June 8th. Stifel Nicolaus lowered their price objective on shares of Western Digital from $114.00 to $93.00 and set a “buy” rating on the stock in a research report on Friday, July 27th. Benchmark restated a “buy” rating and set a $130.00 price objective on shares of Western Digital in a research report on Friday, April 27th. Maxim Group restated a “buy” rating and set a $126.00 price objective on shares of Western Digital in a research report on Friday, July 27th. Finally, Cross Research downgraded shares of Western Digital from a “buy” rating to a “hold” rating in a research report on Friday, July 27th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and nineteen have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $103.36.
In other news, Director Paula A. Price sold 3,288 shares of the stock in a transaction on Tuesday, May 22nd. The shares were sold at an average price of $87.65, for a total value of $288,193.20. Following the completion of the sale, the director now directly owns 10,079 shares of the company’s stock, valued at $883,424.35. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Michael Charles Ray sold 1,208 shares of the stock in a transaction on Tuesday, May 22nd. The stock was sold at an average price of $88.53, for a total transaction of $106,944.24. Following the completion of the sale, the executive vice president now directly owns 96,634 shares of the company’s stock, valued at $8,555,008.02. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 108,164 shares of company stock valued at $8,809,806. 0.31% of the stock is owned by corporate insiders.
About Western Digital
Western Digital Corporation, together with its subsidiaries, develops, manufactures, and sells data storage devices and solutions worldwide. It offers performance hard disk drives (HDDs) that are used in enterprise servers, data analysis, and other enterprise applications; capacity HDDs and drive configurations for use in data storage systems and tiered storage models; and enterprise solid state drives (SSDs), including NAND-flash SSDs and software solutions that are designed to enhance the performance in various enterprise workload environments.
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