Pictet Asset Management Ltd. lowered its stake in shares of Western Digital Corp (NASDAQ:WDC) by 3.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 156,357 shares of the data storage provider’s stock after selling 5,100 shares during the period. Pictet Asset Management Ltd.’s holdings in Western Digital were worth $9,153,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in WDC. BlackRock Inc. increased its holdings in shares of Western Digital by 22.3% during the 3rd quarter. BlackRock Inc. now owns 25,731,691 shares of the data storage provider’s stock worth $1,506,333,000 after acquiring an additional 4,690,847 shares during the last quarter. FMR LLC increased its holdings in shares of Western Digital by 177.7% during the 3rd quarter. FMR LLC now owns 3,035,818 shares of the data storage provider’s stock worth $177,716,000 after acquiring an additional 1,942,543 shares during the last quarter. Morgan Stanley increased its holdings in shares of Western Digital by 60.5% during the 2nd quarter. Morgan Stanley now owns 2,060,384 shares of the data storage provider’s stock worth $159,493,000 after acquiring an additional 776,556 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp increased its holdings in shares of Western Digital by 366.4% during the 2nd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 824,100 shares of the data storage provider’s stock worth $63,794,000 after acquiring an additional 647,400 shares during the last quarter. Finally, DNB Asset Management AS increased its holdings in shares of Western Digital by 1,510.4% during the 3rd quarter. DNB Asset Management AS now owns 561,038 shares of the data storage provider’s stock worth $32,843,000 after acquiring an additional 526,200 shares during the last quarter. Institutional investors own 83.64% of the company’s stock.
A number of research analysts recently weighed in on the company. Cowen lowered Western Digital from an “outperform” rating to a “market perform” rating and set a $70.00 target price on the stock. in a report on Wednesday, August 15th. Benchmark decreased their target price on Western Digital from $120.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, September 21st. Royal Bank of Canada decreased their target price on Western Digital to $68.00 and set a “sector perform” rating on the stock in a report on Monday, October 1st. Mizuho lowered Western Digital from a “buy” rating to a “neutral” rating in a report on Monday, October 1st. Finally, Longbow Research set a $100.00 target price on Western Digital and gave the stock a “buy” rating in a report on Thursday, September 6th. Four equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $79.80.
Shares of NASDAQ WDC opened at $42.03 on Friday. The company has a current ratio of 2.41, a quick ratio of 1.70 and a debt-to-equity ratio of 0.96. Western Digital Corp has a one year low of $40.58 and a one year high of $106.96. The firm has a market capitalization of $12.46 billion, a price-to-earnings ratio of 3.11, a PEG ratio of 0.37 and a beta of 1.15.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, October 25th. The data storage provider reported $2.78 EPS for the quarter, beating analysts’ consensus estimates of $2.70 by $0.08. Western Digital had a return on equity of 35.37% and a net margin of 2.46%. The firm had revenue of $5.03 billion for the quarter, compared to analyst estimates of $5.14 billion. Equities analysts forecast that Western Digital Corp will post 6.19 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, January 14th. Stockholders of record on Friday, December 28th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.76%. The ex-dividend date is Thursday, December 27th. Western Digital’s dividend payout ratio (DPR) is currently 14.80%.
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About Western Digital
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.
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