Point View Wealth Management Inc. increased its position in shares of Western Digital Corporation (NASDAQ:WDC) by 4.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,625 shares of the data storage provider’s stock after buying an additional 744 shares during the period. Point View Wealth Management Inc.’s holdings in Western Digital Corporation were worth $1,372,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Reilly Financial Advisors LLC increased its stake in shares of Western Digital Corporation by 49.8% in the first quarter. Reilly Financial Advisors LLC now owns 1,383 shares of the data storage provider’s stock valued at $114,000 after buying an additional 460 shares during the last quarter. Nikko Asset Management Americas Inc. acquired a new stake in shares of Western Digital Corporation during the first quarter valued at approximately $124,000. Coconut Grove Bank increased its stake in shares of Western Digital Corporation by 150.0% in the first quarter. Coconut Grove Bank now owns 1,650 shares of the data storage provider’s stock valued at $136,000 after buying an additional 990 shares during the last quarter. FNY Partners Fund LP acquired a new stake in shares of Western Digital Corporation during the fourth quarter valued at approximately $163,000. Finally, State of Alaska Department of Revenue acquired a new stake in shares of Western Digital Corporation during the first quarter valued at approximately $178,000. 83.08% of the stock is currently owned by institutional investors.
Shares of Western Digital Corporation (NASDAQ WDC) traded down 0.22% during midday trading on Friday, reaching $87.12. 4,295,000 shares of the company’s stock were exchanged. The firm has a 50-day moving average of $88.90 and a 200-day moving average of $78.85. Western Digital Corporation has a 12-month low of $41.64 and a 12-month high of $92.50. The stock’s market capitalization is $25.37 billion.
Western Digital Corporation (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, April 27th. The data storage provider reported $2.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.85 by $0.22. The business had revenue of $4.65 billion during the quarter, compared to analyst estimates of $4.57 billion. Western Digital Corporation had a negative net margin of 1.32% and a positive return on equity of 16.01%. The company’s revenue was up 64.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.21 earnings per share. Analysts anticipate that Western Digital Corporation will post $8.89 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 17th. Shareholders of record on Friday, June 30th will be given a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.30%. Western Digital Corporation’s payout ratio is currently -202.02%.
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Several brokerages have recently weighed in on WDC. Cowen and Company raised their price objective on Western Digital Corporation from $90.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, April 28th. Vetr cut Western Digital Corporation from a “buy” rating to a “hold” rating and set a $82.28 price objective for the company. in a report on Tuesday, March 28th. Susquehanna Bancshares Inc restated a “positive” rating and issued a $140.00 price objective on shares of Western Digital Corporation in a report on Wednesday, May 17th. Jefferies Group LLC reiterated a “hold” rating and set a $90.00 price target on shares of Western Digital Corporation in a report on Friday, June 2nd. Finally, Bank of America Corporation upgraded Western Digital Corporation from a “neutral” rating to a “buy” rating in a report on Friday, April 28th. Six investment analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $99.26.
In other Western Digital Corporation news, insider Michael D. Cordano sold 11,322 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $85.00, for a total value of $962,370.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark P. Long sold 57,846 shares of the business’s stock in a transaction on Monday, May 1st. The stock was sold at an average price of $87.02, for a total transaction of $5,033,758.92. Following the completion of the transaction, the insider now directly owns 114,522 shares in the company, valued at approximately $9,965,704.44. The disclosure for this sale can be found here. Over the last quarter, insiders sold 187,826 shares of company stock valued at $16,390,713. Company insiders own 0.46% of the company’s stock.
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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