Trivest Advisors Ltd Invests $10.45 Million in Western Digital Corporation $WDC

Trivest Advisors Ltd bought a new position in shares of Western Digital Corporation (NASDAQ:WDC) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 163,300 shares of the data storage provider’s stock, valued at approximately $10,450,000.

Several other hedge funds also recently made changes to their positions in the business. CVA Family Office LLC increased its holdings in shares of Western Digital by 23.7% during the second quarter. CVA Family Office LLC now owns 904 shares of the data storage provider’s stock worth $58,000 after purchasing an additional 173 shares during the period. Forum Financial Management LP increased its holdings in shares of Western Digital by 3.4% during the second quarter. Forum Financial Management LP now owns 5,895 shares of the data storage provider’s stock worth $377,000 after purchasing an additional 193 shares during the period. UMB Bank n.a. increased its holdings in shares of Western Digital by 6.2% during the second quarter. UMB Bank n.a. now owns 3,465 shares of the data storage provider’s stock worth $222,000 after purchasing an additional 202 shares during the period. Private Wealth Management Group LLC increased its holdings in shares of Western Digital by 102.5% during the second quarter. Private Wealth Management Group LLC now owns 399 shares of the data storage provider’s stock worth $26,000 after purchasing an additional 202 shares during the period. Finally, NewSquare Capital LLC increased its holdings in shares of Western Digital by 86.9% during the second quarter. NewSquare Capital LLC now owns 441 shares of the data storage provider’s stock worth $28,000 after purchasing an additional 205 shares during the period. 92.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Mizuho raised their target price on shares of Western Digital from $160.00 to $180.00 and gave the stock an “outperform” rating in a report on Friday, October 31st. Loop Capital increased their price target on shares of Western Digital from $92.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Citigroup increased their price target on shares of Western Digital from $135.00 to $180.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Bank of America increased their price target on shares of Western Digital from $145.00 to $170.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Finally, Robert W. Baird set a $180.00 price target on shares of Western Digital in a research report on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $151.63.

Western Digital Stock Performance

Shares of Western Digital stock opened at $160.10 on Thursday. Western Digital Corporation has a fifty-two week low of $28.83 and a fifty-two week high of $165.39. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.08 and a quick ratio of 0.84. The firm has a market capitalization of $54.88 billion, a P/E ratio of 31.09, a P/E/G ratio of 1.14 and a beta of 1.77. The company’s 50 day moving average price is $114.81 and its two-hundred day moving average price is $79.35.

Western Digital (NASDAQ:WDC) last issued its earnings results on Monday, April 7th. The data storage provider reported $1.78 earnings per share for the quarter. Western Digital had a net margin of 14.13% and a return on equity of 24.93%. The firm had revenue of $4.10 billion for the quarter. On average, equities analysts forecast that Western Digital Corporation will post 4.89 earnings per share for the current fiscal year.

Western Digital Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Thursday, December 4th will be given a $0.125 dividend. This is an increase from Western Digital’s previous quarterly dividend of $0.10. This represents a $0.50 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Thursday, December 4th. Western Digital’s dividend payout ratio (DPR) is 7.28%.

Insider Activity at Western Digital

In other Western Digital news, insider Vidyadhara K. Gubbi sold 11,343 shares of the firm’s stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $90.29, for a total value of $1,024,159.47. Following the sale, the insider owned 151,596 shares in the company, valued at $13,687,602.84. This trade represents a 6.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Irving Tan sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $150.69, for a total transaction of $3,013,800.00. Following the completion of the sale, the chief executive officer owned 645,467 shares in the company, valued at $97,265,422.23. This represents a 3.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 69,730 shares of company stock worth $6,935,394. Corporate insiders own 0.18% of the company’s stock.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.