Precision Wealth Strategies LLC Takes Position in Western Digital Corporation $WDC

Precision Wealth Strategies LLC purchased a new position in Western Digital Corporation (NASDAQ:WDC) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 5,034 shares of the data storage provider’s stock, valued at approximately $604,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in WDC. Dynamic Advisor Solutions LLC lifted its position in Western Digital by 3.0% in the 3rd quarter. Dynamic Advisor Solutions LLC now owns 3,871 shares of the data storage provider’s stock worth $465,000 after buying an additional 114 shares in the last quarter. CVA Family Office LLC raised 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 acquiring an additional 173 shares in the last quarter. Manchester Capital Management LLC raised its holdings in shares of Western Digital by 47.2% during the second quarter. Manchester Capital Management LLC now owns 577 shares of the data storage provider’s stock worth $37,000 after acquiring an additional 185 shares in the last quarter. Forum Financial Management LP boosted its position in 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 valued at $377,000 after purchasing an additional 193 shares during the last quarter. Finally, UMB Bank n.a. grew its stake in Western Digital by 6.2% in the second quarter. UMB Bank n.a. now owns 3,465 shares of the data storage provider’s stock valued at $222,000 after purchasing an additional 202 shares in the last quarter. 92.51% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Western Digital

In related news, CEO Irving Tan sold 20,000 shares of the company’s stock in a transaction 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 transaction, the chief executive officer directly owned 645,467 shares in the company, valued at $97,265,422.23. This represents a 3.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Roxanne Oulman sold 1,800 shares of the firm’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $154.42, for a total transaction of $277,956.00. Following the completion of the sale, the director owned 3,863 shares in the company, valued at $596,524.46. This represents a 31.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 26,369 shares of company stock worth $4,013,785. 0.18% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Sanford C. Bernstein upgraded Western Digital to a “hold” rating in a report on Tuesday, September 16th. Citigroup lifted their target price on shares of Western Digital from $180.00 to $200.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. JPMorgan Chase & Co. increased their price target on shares of Western Digital from $94.00 to $175.00 and gave the stock an “overweight” rating in a research note on Friday, October 31st. Rosenblatt Securities lifted their price objective on shares of Western Digital from $125.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Finally, Benchmark increased their target price on shares of Western Digital from $115.00 to $163.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $173.65.

Western Digital Stock Performance

Shares of WDC opened at $179.74 on Friday. The company has a market capitalization of $61.45 billion, a PE ratio of 26.16, a price-to-earnings-growth ratio of 1.11 and a beta of 1.82. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.21 and a quick ratio of 0.94. Western Digital Corporation has a one year low of $28.83 and a one year high of $188.77. The company’s fifty day moving average price is $157.19 and its 200 day moving average price is $108.74.

Western Digital (NASDAQ:WDC) last announced its earnings results on Monday, April 7th. The data storage provider reported $1.78 earnings per share for the quarter. The firm had revenue of $4.10 billion during the quarter. Western Digital had a return on equity of 30.89% and a net margin of 21.37%. As a group, analysts expect that Western Digital Corporation will post 4.89 earnings per share for the current year.

Western Digital Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 18th. Stockholders of record on Thursday, December 4th were paid a $0.125 dividend. The ex-dividend date was Thursday, December 4th. This is a positive change from Western Digital’s previous quarterly dividend of $0.10. This represents a $0.50 annualized dividend and a dividend yield of 0.3%. Western Digital’s dividend payout ratio is 7.28%.

Western Digital Company Profile

Western Digital Corporation is a global data storage company that designs, manufactures and sells a broad range of storage devices and systems for personal, enterprise and cloud applications. Headquartered in San Jose, California, the company develops hard disk drives (HDDs), solid-state drives (SSDs), NAND flash components and finished storage products used in PCs, external storage, servers, network-attached storage (NAS) and embedded systems.

Its product portfolio spans consumer and commercial markets, including internal and external HDDs and SSDs, removable flash memory products and storage platforms for data center and enterprise environments.