Bellwether Advisors LLC Purchases New Holdings in Western Digital Co. (NASDAQ:WDC)

Bellwether Advisors LLC acquired a new position in Western Digital Co. (NASDAQ:WDC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 22,706 shares of the data storage provider’s stock, valued at approximately $1,615,000.

A number of other large investors have also made changes to their positions in WDC. Westfield Capital Management Co. LP purchased a new position in Western Digital in the second quarter valued at about $141,533,000. Principal Financial Group Inc. lifted its stake in Western Digital by 41.1% in the second quarter. Principal Financial Group Inc. now owns 523,400 shares of the data storage provider’s stock valued at $37,251,000 after purchasing an additional 152,512 shares during the last quarter. Cibc World Markets Corp grew its holdings in Western Digital by 248.0% during the second quarter. Cibc World Markets Corp now owns 187,262 shares of the data storage provider’s stock valued at $13,327,000 after purchasing an additional 133,447 shares during the period. Nicholas Hoffman & Company LLC. increased its position in Western Digital by 6.2% in the second quarter. Nicholas Hoffman & Company LLC. now owns 8,437 shares of the data storage provider’s stock worth $600,000 after buying an additional 492 shares during the last quarter. Finally, Toronto Dominion Bank raised its stake in shares of Western Digital by 17.7% in the second quarter. Toronto Dominion Bank now owns 214,231 shares of the data storage provider’s stock valued at $15,246,000 after buying an additional 32,256 shares during the period. Hedge funds and other institutional investors own 79.17% of the company’s stock.

Shares of Western Digital stock traded down $0.36 during trading on Friday, reaching $57.92. 22,950 shares of the stock were exchanged, compared to its average volume of 4,487,870. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.79. The firm has a market cap of $17.88 billion, a price-to-earnings ratio of 22.42 and a beta of 1.58. Western Digital Co. has a 1 year low of $35.29 and a 1 year high of $78.19. The stock’s fifty day moving average is $63.28 and its 200 day moving average is $68.04.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Tuesday, August 3rd. The data storage provider reported $2.16 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.65. The business had revenue of $4.92 billion during the quarter, compared to analysts’ expectations of $4.55 billion. Western Digital had a return on equity of 11.19% and a net margin of 4.85%. The business’s revenue was up 14.8% on a year-over-year basis. During the same quarter last year, the business posted $1.23 EPS. Equities analysts forecast that Western Digital Co. will post 9.73 earnings per share for the current year.

In other news, EVP Lori S. Sundberg sold 3,380 shares of the firm’s stock in a transaction dated Friday, August 6th. The shares were sold at an average price of $67.92, for a total value of $229,569.60. Following the completion of the sale, the executive vice president now directly owns 62,795 shares of the company’s stock, valued at approximately $4,265,036.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.12% of the stock is currently owned by corporate insiders.

A number of equities research analysts recently issued reports on the company. Susquehanna Bancshares lowered their price objective on Western Digital to $140.00 and set a “positive” rating on the stock in a research note on Thursday, August 5th. Susquehanna dropped their price target on shares of Western Digital from $155.00 to $140.00 and set a “positive” rating on the stock in a research note on Thursday, August 5th. Mizuho raised their price objective on shares of Western Digital from $90.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, August 5th. Zacks Investment Research cut shares of Western Digital from a “strong-buy” rating to a “hold” rating and set a $74.00 target price on the stock. in a report on Wednesday, June 30th. Finally, Summit Insights lowered Western Digital from a “buy” rating to a “hold” rating in a report on Thursday, August 5th. Five analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, Western Digital presently has a consensus rating of “Buy” and a consensus price target of $90.10.

Western Digital Company Profile

Western Digital Corp. engages in the development, manufacture, market and sale of data storage devices and solutions. It operates through the following product categories: Client Devices, Data Center Devices and Solutions and Client Solutions. The Client Devices category includes mobile, desktop, gaming and digital video hard drives, solid state drives (SSDs), embedded products and wafers.

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

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