Seven Bridges Advisors LLC Invests $123,000 in Western Digital Corp. (WDC)
Seven Bridges Advisors LLC purchased a new stake in Western Digital Corp. (NASDAQ:WDC) during the second quarter, according to its most recent filing with the SEC. The institutional investor purchased 2,599 shares of the data storage provider’s stock, valued at approximately $123,000.
A number of other large investors have also modified their holdings of the company. Geode Capital Management LLC boosted its stake in shares of 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 valued at $114,629,000 after buying an additional 244,462 shares during the period. Legal & General Group Plc boosted its stake in shares of 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 valued at $48,521,000 after buying an additional 71,094 shares during the period. Gateway Investment Advisers LLC boosted its stake in shares of Western Digital Corp. by 19.3% in the second quarter. Gateway Investment Advisers LLC now owns 19,945 shares of the data storage provider’s stock valued at $943,000 after buying an additional 3,222 shares during the period. Charter Trust Co. boosted its stake in shares of Western Digital Corp. by 2.3% in the second quarter. Charter Trust Co. now owns 4,591 shares of the data storage provider’s stock valued at $217,000 after buying an additional 105 shares during the period. Finally, Americafirst Capital Management LLC acquired a new stake in shares of Western Digital Corp. during the second quarter valued at approximately $108,000. Hedge funds and other institutional investors own 86.98% of the company’s stock.
Shares of Western Digital Corp. (NASDAQ:WDC) traded down 0.11% during mid-day trading on Thursday, reaching $56.07. The company’s stock had a trading volume of 4,564,358 shares. The firm has a market cap of $15.94 billion, a PE ratio of 56.07 and a beta of 1.37. Western Digital Corp. has a 12 month low of $34.99 and a 12 month high of $86.39. The company has a 50-day moving average of $48.52 and a 200-day moving average of $46.40.
Western Digital Corp. (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, July 28th. The data storage provider reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.08. Western Digital Corp. had a return on equity of 12.42% and a net margin of 1.98%. The firm had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.44 billion. During the same period in the prior year, the firm posted $1.51 EPS. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. On average, analysts predict that Western Digital Corp. will post $4.56 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date is Wednesday, September 28th. Western Digital Corp.’s dividend payout ratio is 158.73%.
Several equities research analysts have commented on WDC shares. Longbow Research upgraded shares of Western Digital Corp. from a “neutral” rating to a “buy” rating and set a $70.00 price target on the stock in a research report on Tuesday, September 13th. Vetr cut shares of Western Digital Corp. from a “strong-buy” rating to a “buy” rating and set a $51.50 price target on the stock. in a research report on Monday, August 29th. Mizuho dropped their price target on shares of Western Digital Corp. from $56.00 to $54.00 and set a “buy” rating on the stock in a research report on Thursday, August 25th. Argus restated a “buy” rating and set a $60.00 price objective on shares of Western Digital Corp. in a report on Saturday, September 10th. Finally, Citigroup Inc. set a $65.00 price objective on Western Digital Corp. and gave the stock a “buy” rating in a report on Wednesday, September 7th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price 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.
Want to see what other hedge funds are holding WDC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Western Digital Corp. (NASDAQ:WDC).
Receive News & Ratings for Western Digital Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Digital Corp. and related companies with MarketBeat.com's FREE daily email newsletter.