Cubist Systematic Strategies LLC lifted its position in Western Digital Corporation (NASDAQ:WDC) by 210.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 27,352 shares of the data storage provider’s stock after acquiring an additional 18,542 shares during the period. Cubist Systematic Strategies LLC’s holdings in Western Digital Corporation were worth $2,423,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of WDC. Schroder Investment Management Group increased its position in Western Digital Corporation by 229.9% during the 1st quarter. Schroder Investment Management Group now owns 3,731 shares of the data storage provider’s stock valued at $313,000 after buying an additional 2,600 shares in the last quarter. Cypress Funds LLC bought a new position in Western Digital Corporation during the 1st quarter valued at approximately $17,001,000. Cornerstone Capital Management Holdings LLC. increased its position in Western Digital Corporation by 124.4% during the 1st quarter. Cornerstone Capital Management Holdings LLC. now owns 383,038 shares of the data storage provider’s stock valued at $31,610,000 after buying an additional 212,333 shares in the last quarter. Tredje AP fonden increased its position in Western Digital Corporation by 19.8% during the 1st quarter. Tredje AP fonden now owns 31,258 shares of the data storage provider’s stock valued at $2,595,000 after buying an additional 5,156 shares in the last quarter. Finally, Comerica Securities Inc. increased its position in Western Digital Corporation by 355.7% during the 1st quarter. Comerica Securities Inc. now owns 10,582 shares of the data storage provider’s stock valued at $873,000 after buying an additional 8,260 shares in the last quarter. 82.29% of the stock is owned by institutional investors.
In other Western Digital Corporation news, EVP Jacqueline Demaria sold 14,358 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $84.53, for a total value of $1,213,681.74. Following the sale, the executive vice president now owns 75,772 shares of the company’s stock, valued at $6,405,007.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Manish H. Bhatia sold 2,762 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $84.79, for a total transaction of $234,189.98. Following the completion of the sale, the executive vice president now directly owns 75,467 shares in the company, valued at approximately $6,398,846.93. The disclosure for this sale can be found here. Insiders sold 111,218 shares of company stock worth $9,726,020 in the last ninety days. Insiders own 0.31% of the company’s stock.
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Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 EPS for the quarter, topping analysts’ consensus estimates of $2.51 by $0.42. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The firm had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the previous year, the firm earned $0.79 earnings per share. The firm’s revenue was up 38.5% on a year-over-year basis.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 16th. Shareholders of record on Friday, September 29th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend was Thursday, September 28th. Western Digital Corporation’s dividend payout ratio (DPR) is presently 156.25%.
A number of analysts have commented on WDC shares. Maxim Group reissued a “buy” rating and issued a $108.00 target price on shares of Western Digital Corporation in a report on Wednesday, June 21st. Stifel Nicolaus reissued a “buy” rating and issued a $120.00 target price on shares of Western Digital Corporation in a report on Wednesday, June 21st. Mizuho reissued a “buy” rating and issued a $105.00 target price on shares of Western Digital Corporation in a report on Wednesday, June 21st. Cowen and Company lifted their target price on Western Digital Corporation from $115.00 to $117.00 and gave the stock an “outperform” rating in a report on Tuesday, June 27th. Finally, Jefferies Group LLC upgraded Western Digital Corporation from a “hold” rating to a “positive” rating and raised their price target for the stock from $90.00 to $93.00 in a research note on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $111.50.
Western Digital Corporation 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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