Jensen Investment Management Inc. Has $527,000 Stake in Western Digital Corp. (WDC)
Jensen Investment Management Inc. increased its position in shares of Western Digital Corp. (NASDAQ:WDC) by 23.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,160 shares of the data storage provider’s stock after buying an additional 2,140 shares during the period. Jensen Investment Management Inc.’s holdings in Western Digital Corp. were worth $527,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in the stock. State Street Corp increased its stake in Western Digital Corp. by 4.1% in the first quarter. State Street Corp now owns 9,995,099 shares of the data storage provider’s stock worth $472,182,000 after buying an additional 394,792 shares during the last quarter. Geode Capital Management LLC increased its stake in Western Digital Corp. by 11.2% in the first quarter. Geode Capital Management LLC now owns 2,430,391 shares of the data storage provider’s stock worth $114,629,000 after buying an additional 244,462 shares during the last quarter. DNB Asset Management AS increased its stake in Western Digital Corp. by 168.9% in the second quarter. DNB Asset Management AS now owns 2,357,775 shares of the data storage provider’s stock worth $111,428,000 after buying an additional 1,480,995 shares during the last quarter. Norges Bank bought a new stake in Western Digital Corp. during the fourth quarter worth about $131,249,000. Finally, Legal & General Group Plc increased its stake in Western Digital Corp. by 7.4% in the first quarter. Legal & General Group Plc now owns 1,027,165 shares of the data storage provider’s stock worth $48,521,000 after buying an additional 71,094 shares during the last quarter. Hedge funds and other institutional investors own 86.98% of the company’s stock.
Western Digital Corp. (NASDAQ:WDC) traded down 0.11% during mid-day trading on Thursday, reaching $56.07. 4,564,358 shares of the company’s stock were exchanged. Western Digital Corp. has a 52 week low of $34.99 and a 52 week high of $86.39. The stock has a 50-day moving average price of $48.19 and a 200-day moving average price of $46.33. The stock has a market cap of $15.94 billion, a P/E ratio of 56.07 and a beta of 1.37.
Western Digital Corp. (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, July 28th. The data storage provider reported $0.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.08. The company earned $3.50 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Western Digital Corp. had a return on equity of 12.42% and a net margin of 1.98%. The business’s revenue was up 9.5% on a year-over-year basis. During the same period last year, the business earned $1.51 earnings per share. On average, analysts forecast that Western Digital Corp. will post $4.56 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be paid a $0.50 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.57%. Western Digital Corp.’s dividend payout ratio (DPR) is presently 158.73%.
A number of equities research analysts recently issued reports on WDC shares. Citigroup Inc. lowered their target price on shares of Western Digital Corp. from $60.00 to $53.00 and set a “buy” rating for the company in a report on Friday, May 27th. Vetr downgraded shares of Western Digital Corp. from a “strong-buy” rating to a “buy” rating and set a $48.74 target price for the company. in a report on Tuesday, May 31st. Barclays PLC boosted their target price on shares of Western Digital Corp. from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, August 16th. Bank of America Corp. downgraded shares of Western Digital Corp. from a “buy” rating to an “underperform” rating and set a $30.00 price objective for the company. in a research note on Thursday, May 26th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $75.00 price objective on shares of Western Digital Corp. in a research note on Sunday, July 31st. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. Western Digital Corp. presently has a consensus rating of “Buy” and an average price target of $63.12.
About Western Digital Corp.
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage solutions that enable consumers, businesses, governments and other organizations to create, manage, experience and preserve digital content. The Company’s product portfolio includes hard disk drives (HDDs), solid-state drives, direct attached storage solutions, personal cloud network attached storage solutions, and public and private cloud data center storage solutions.
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