Canada Pension Plan Investment Board Buys 351,617 Shares of Western Digital Corporation (WDC)
Canada Pension Plan Investment Board increased its stake in Western Digital Corporation (NASDAQ:WDC) by 108.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 674,995 shares of the data storage provider’s stock after buying an additional 351,617 shares during the period. Canada Pension Plan Investment Board’s holdings in Western Digital Corporation were worth $59,805,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in the company. American Beacon Advisors Inc. bought a new stake in shares of Western Digital Corporation during the first quarter valued at about $111,000. Acrospire Investment Management LLC bought a new stake in shares of Western Digital Corporation during the first quarter valued at about $112,000. Reilly Financial Advisors LLC increased its stake 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 valued at $114,000 after buying an additional 460 shares during the period. Harbour Capital Advisors LLC bought a new stake in shares of Western Digital Corporation during the first quarter valued at about $117,000. Finally, SRS Capital Advisors Inc. increased its stake 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 valued at $119,000 after buying an additional 306 shares during the period. 82.39% of the stock is currently owned by institutional investors and hedge funds.
Western Digital Corporation (NASDAQ WDC) opened at 79.19 on Friday. The stock has a market cap of $23.12 billion, a P/E ratio of 59.10 and a beta of 1.22. Western Digital Corporation has a 52 week low of $43.60 and a 52 week high of $95.77. The firm has a 50-day moving average price of $89.25 and a 200-day moving average price of $84.32.
Western Digital Corporation (NASDAQ:WDC) last issued its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.51 by $0.42. The business had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.82 billion. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. Western Digital Corporation’s revenue was up 38.5% on a year-over-year basis. During the same period last year, the business posted $0.79 EPS. On average, equities research analysts predict that Western Digital Corporation will post $12.58 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be given a $0.50 dividend. The ex-dividend date is Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.53%. Western Digital Corporation’s payout ratio is 156.25%.
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Several brokerages have weighed in on WDC. BMO Capital Markets reaffirmed a “buy” rating and set a $104.00 target price on shares of Western Digital Corporation in a research note on Thursday, April 27th. Vetr downgraded Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $94.27 target price on the stock. in a research note on Monday, April 24th. Zacks Investment Research raised Western Digital Corporation from a “hold” rating to a “buy” rating and set a $95.00 target price on the stock in a research note on Friday, April 21st. Stifel Nicolaus reaffirmed a “buy” rating and set a $105.00 target price on shares of Western Digital Corporation in a research note on Tuesday, April 18th. Finally, Maxim Group lifted their target price on Western Digital Corporation from $104.00 to $108.00 and gave the company a “buy” rating in a research note on Friday, April 28th. Eight research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have given a strong buy rating to the stock. Western Digital Corporation currently has an average rating of “Buy” and an average price target of $104.93.
In related news, insider Mark P. Long sold 28,585 shares of Western Digital Corporation stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $94.24, for a total value of $2,693,850.40. Following the transaction, the insider now directly owns 53,551 shares of the company’s stock, valued at $5,046,646.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Srinivasan Sivaram sold 16,049 shares of Western Digital Corporation stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $85.06, for a total transaction of $1,365,127.94. The disclosure for this sale can be found here. Over the last quarter, insiders sold 126,966 shares of company stock valued at $11,263,675. 0.46% of the stock is owned by company insiders.
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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