Western Digital Corporation (WDC) Shares Bought by Bank of New York Mellon Corp
Bank of New York Mellon Corp lifted its stake in shares of Western Digital Corporation (NASDAQ:WDC) by 22.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,281,695 shares of the data storage provider’s stock after purchasing an additional 598,563 shares during the period. Bank of New York Mellon Corp owned 1.11% of Western Digital Corporation worth $283,538,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of WDC. TCW Group Inc. boosted its holdings in Western Digital Corporation by 2.1% in the 3rd quarter. TCW Group Inc. now owns 1,782,318 shares of the data storage provider’s stock valued at $153,993,000 after purchasing an additional 36,688 shares during the period. Vontobel Swiss Wealth Advisors AG bought a new position in Western Digital Corporation in the 3rd quarter valued at $675,000. Rhumbline Advisers boosted its holdings in Western Digital Corporation by 1.4% in the 3rd quarter. Rhumbline Advisers now owns 517,504 shares of the data storage provider’s stock valued at $44,712,000 after purchasing an additional 7,255 shares during the period. Toronto Dominion Bank boosted its holdings in Western Digital Corporation by 13.3% in the 3rd quarter. Toronto Dominion Bank now owns 111,700 shares of the data storage provider’s stock valued at $9,650,000 after purchasing an additional 13,077 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in Western Digital Corporation by 2.3% in the 3rd quarter. CIBC Asset Management Inc now owns 36,379 shares of the data storage provider’s stock valued at $3,143,000 after purchasing an additional 814 shares during the period. Institutional investors own 81.77% of the company’s stock.
In other news, insider Michael D. Cordano sold 9,404 shares of the stock in a transaction on Monday, September 18th. The shares were sold at an average price of $88.71, for a total value of $834,228.84. Following the completion of the sale, the insider now directly owns 75,385 shares of the company’s stock, valued at $6,687,403.35. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michael D. Cordano sold 1,397 shares of the stock in a transaction on Monday, November 13th. The stock was sold at an average price of $88.13, for a total transaction of $123,117.61. Following the completion of the sale, the insider now directly owns 70,556 shares of the company’s stock, valued at $6,218,100.28. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,005 shares of company stock valued at $2,377,095. Corporate insiders own 0.31% of the company’s stock.
Shares of Western Digital Corporation (WDC) traded up $0.09 during mid-day trading on Friday, reaching $91.30. 1,588,495 shares of the company’s stock were exchanged, compared to its average volume of 4,126,938. Western Digital Corporation has a twelve month low of $58.30 and a twelve month high of $95.77. The stock has a market capitalization of $26,920.00, a PE ratio of 9.19 and a beta of 1.17. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07.
Western Digital Corporation (NASDAQ:WDC) last announced its earnings results on Thursday, October 26th. The data storage provider reported $3.56 EPS for the quarter, beating the Zacks’ consensus estimate of $3.01 by $0.55. Western Digital Corporation had a net margin of 7.38% and a return on equity of 26.48%. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.13 billion. During the same period in the prior year, the company earned $1.18 earnings per share. The firm’s revenue was up 9.9% on a year-over-year basis. sell-side analysts predict that Western Digital Corporation will post 11.93 earnings per share for the current year.
Western Digital Corporation declared that its Board of Directors has authorized a share buyback program on Thursday, November 9th that authorizes the company to buyback $2.10 billion in shares. This buyback authorization authorizes the data storage provider to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.19%. Western Digital Corporation’s dividend payout ratio (DPR) is presently 41.75%.
A number of equities analysts recently commented on the stock. Vetr cut shares of Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $95.94 target price on the stock. in a research report on Wednesday, August 16th. Jefferies Group LLC reiterated a “hold” rating and issued a $90.00 target price on shares of Western Digital Corporation in a research report on Friday, August 18th. Stifel Nicolaus reiterated a “buy” rating and issued a $120.00 target price on shares of Western Digital Corporation in a research report on Monday, August 7th. Summit Redstone reiterated a “hold” rating on shares of Western Digital Corporation in a research report on Wednesday, September 13th. Finally, BidaskClub cut shares of Western Digital Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Eight investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $114.59.
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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