Western Digital Corporation (WDC) Position Raised by Legal & General Group Plc
Legal & General Group Plc increased its stake in Western Digital Corporation (NASDAQ:WDC) by 3.3% during the first quarter, Holdings Channel reports. The fund owned 1,325,881 shares of the data storage provider’s stock after buying an additional 42,579 shares during the period. Legal & General Group Plc’s holdings in Western Digital Corporation were worth $109,431,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Acrospire Investment Management LLC acquired a new position in shares of Western Digital Corporation during the first quarter worth $112,000. Reilly Financial Advisors LLC increased its position in shares of Western Digital Corporation by 49.8% in the first quarter. Reilly Financial Advisors LLC now owns 1,383 shares of the data storage provider’s stock worth $114,000 after buying an additional 460 shares in the last quarter. SRS Capital Advisors Inc. increased its position in shares of Western Digital Corporation by 26.7% in the first quarter. SRS Capital Advisors Inc. now owns 1,453 shares of the data storage provider’s stock worth $119,000 after buying an additional 306 shares in the last quarter. Nikko Asset Management Americas Inc. acquired a new position in shares of Western Digital Corporation during the first quarter worth $124,000. Finally, Ruggie Capital Group acquired a new position in shares of Western Digital Corporation during the first quarter worth $127,000. Hedge funds and other institutional investors own 83.10% of the company’s stock.
Western Digital Corporation (NASDAQ WDC) traded down 0.14% during mid-day trading on Tuesday, reaching $88.52. The company had a trading volume of 782,099 shares. The stock has a 50-day moving average of $88.89 and a 200 day moving average of $79.28. The company’s market capitalization is $25.78 billion. Western Digital Corporation has a 12-month low of $41.64 and a 12-month high of $92.50.
Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings results on Thursday, April 27th. The data storage provider reported $2.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.85 by $0.22. Western Digital Corporation had a positive return on equity of 16.01% and a negative net margin of 1.32%. The business had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $4.57 billion. During the same quarter last year, the business posted $1.21 earnings per share. The company’s revenue for the quarter was up 64.7% on a year-over-year basis. On average, analysts expect that Western Digital Corporation will post $8.89 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 17th. Stockholders of record on Friday, June 30th will be issued a $0.50 dividend. The ex-dividend date is Wednesday, June 28th. This represents a $2.00 annualized dividend and a dividend yield of 2.26%. Western Digital Corporation’s dividend payout ratio is currently -202.02%.
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A number of brokerages have recently weighed in on WDC. Cowen and Company upped their target price on Western Digital Corporation from $90.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, April 28th. Vetr downgraded Western Digital Corporation from a “buy” rating to a “hold” rating and set a $82.28 target price on the stock. in a report on Tuesday, March 28th. Susquehanna Bancshares Inc reiterated a “positive” rating and issued a $140.00 target price on shares of Western Digital Corporation in a report on Wednesday, May 17th. Jefferies Group LLC reiterated a “hold” rating and issued a $90.00 target price on shares of Western Digital Corporation in a report on Friday, June 2nd. Finally, Bank of America Corporation upgraded Western Digital Corporation from a “neutral” rating to a “buy” rating in a report on Friday, April 28th. Six equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $99.37.
In other news, insider Michael D. Cordano sold 27,137 shares of Western Digital Corporation stock in a transaction dated Monday, April 10th. The stock was sold at an average price of $85.07, for a total value of $2,308,544.59. Following the transaction, the insider now owns 62,878 shares in the company, valued at $5,349,031.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Jacqueline Demaria sold 21,410 shares of Western Digital Corporation stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $87.02, for a total value of $1,863,098.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 187,826 shares of company stock worth $16,390,713. Company insiders own 0.46% of the company’s stock.
About Western Digital Corporation
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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