State of Tennessee Treasury Department increased its holdings in Western Digital Corp (NASDAQ:WDC) by 125.5% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 709,289 shares of the data storage provider’s stock after buying an additional 394,704 shares during the quarter. State of Tennessee Treasury Department’s holdings in Western Digital were worth $56,410,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in WDC. Cerebellum GP LLC bought a new stake in shares of Western Digital during the 4th quarter valued at about $121,000. Acadian Asset Management LLC bought a new stake in shares of Western Digital during the 4th quarter valued at about $132,000. SeaCrest Wealth Management LLC bought a new stake in shares of Western Digital during the 4th quarter valued at about $149,000. Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Western Digital by 80.6% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,240 shares of the data storage provider’s stock valued at $178,000 after purchasing an additional 1,000 shares during the period. Finally, Adviser Investments LLC bought a new stake in shares of Western Digital during the 3rd quarter valued at about $204,000. Institutional investors own 82.27% of the company’s stock.
A number of equities research analysts have issued reports on the company. Royal Bank of Canada restated a “buy” rating on shares of Western Digital in a research note on Friday, December 22nd. BidaskClub downgraded Western Digital from a “hold” rating to a “sell” rating in a research note on Thursday, January 11th. TheStreet downgraded Western Digital from a “b” rating to a “c+” rating in a research note on Thursday, January 25th. Maxim Group boosted their price objective on Western Digital from $124.00 to $126.00 and gave the company a “buy” rating in a research note on Friday, January 26th. Finally, UBS Group boosted their price objective on Western Digital from $88.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, January 26th. Thirteen research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and two have issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $111.78.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, January 25th. The data storage provider reported $3.95 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.51 by $0.44. The business had revenue of $5.34 billion for the quarter, compared to analysts’ expectations of $5.31 billion. Western Digital had a return on equity of 30.78% and a net margin of 1.93%. The company’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.30 EPS. equities research analysts predict that Western Digital Corp will post 12.62 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Friday, March 30th will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, March 29th. This represents a $2.00 annualized dividend and a dividend yield of 2.31%. Western Digital’s dividend payout ratio (DPR) is 165.29%.
Western Digital declared that its board has authorized a stock buyback plan on Thursday, November 9th that authorizes the company to buyback $2.10 billion in outstanding shares. This buyback authorization authorizes the data storage provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
In other news, CFO Mark P. Long sold 4,466 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $84.20, for a total transaction of $376,037.20. Following the transaction, the chief financial officer now owns 88,383 shares of the company’s stock, valued at approximately $7,441,848.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michael D. Cordano sold 1,401 shares of the business’s stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $85.00, for a total value of $119,085.00. Following the transaction, the insider now directly owns 70,560 shares in the company, valued at approximately $5,997,600. The disclosure for this sale can be found here. Insiders have sold a total of 152,529 shares of company stock worth $13,285,093 over the last ninety days. Insiders own 0.31% of the company’s stock.
About Western Digital
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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