AGF Investments Inc. Sells 11,786 Shares of Western Digital Corp (WDC)
AGF Investments Inc. reduced its position in Western Digital Corp (NASDAQ:WDC) by 1.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 747,567 shares of the data storage provider’s stock after selling 11,786 shares during the period. AGF Investments Inc.’s holdings in Western Digital were worth $59,454,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in the business. Renaissance Technologies LLC bought a new position in shares of Western Digital in the second quarter worth $12,329,000. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Western Digital by 31.0% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 32,454 shares of the data storage provider’s stock worth $2,876,000 after acquiring an additional 7,688 shares during the period. Sterling Capital Management LLC boosted its holdings in shares of Western Digital by 9.3% in the second quarter. Sterling Capital Management LLC now owns 37,509 shares of the data storage provider’s stock worth $3,323,000 after acquiring an additional 3,197 shares during the period. Cookson Peirce & Co. Inc. boosted its holdings in shares of Western Digital by 0.6% in the second quarter. Cookson Peirce & Co. Inc. now owns 3,600 shares of the data storage provider’s stock worth $319,000 after acquiring an additional 20 shares during the period. Finally, Toronto Dominion Bank boosted its holdings in shares of Western Digital by 26.9% in the second quarter. Toronto Dominion Bank now owns 98,623 shares of the data storage provider’s stock worth $8,737,000 after acquiring an additional 20,917 shares during the period. 83.70% of the stock is owned by institutional investors and hedge funds.
WDC has been the subject of a number of analyst reports. Vetr lowered Western Digital from a “strong-buy” rating to a “buy” rating and set a $98.49 price target for the company. in a report on Monday, October 30th. Zacks Investment Research raised Western Digital from a “sell” rating to a “hold” rating in a report on Tuesday, October 24th. Guggenheim reaffirmed a “buy” rating and issued a $125.00 price target on shares of Western Digital in a report on Thursday, February 1st. Cowen set a $117.00 price target on Western Digital and gave the stock an “outperform” rating in a report on Tuesday, January 23rd. Finally, TheStreet lowered Western Digital from a “b” rating to a “c+” rating in a report on Thursday, January 25th. Thirteen investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the company. Western Digital currently has a consensus rating of “Buy” and a consensus price target of $111.78.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, January 25th. The data storage provider reported $3.95 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.51 by $0.44. Western Digital had a return on equity of 30.78% and a net margin of 1.93%. The firm had revenue of $5.34 billion during the quarter, compared to analyst estimates of $5.31 billion. During the same quarter in the previous year, the company posted $2.30 earnings per share. The company’s revenue was up 9.2% compared to the same quarter last year. sell-side analysts forecast that Western Digital Corp will post 12.62 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Friday, March 30th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.43%. The ex-dividend date is Thursday, March 29th. Western Digital’s dividend payout ratio (DPR) is currently 165.29%.
Western Digital declared that its board has approved a stock buyback program on Thursday, November 9th that authorizes the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
In other news, CFO Mark P. Long sold 4,466 shares of Western Digital stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $84.20, for a total value of $376,037.20. Following the transaction, the chief financial officer now owns 88,383 shares in the company, valued at $7,441,848.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Michael D. Cordano sold 1,401 shares of Western Digital stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $85.00, for a total value of $119,085.00. Following the completion of the transaction, the insider now owns 70,560 shares in the company, valued at approximately $5,997,600. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 152,529 shares of company stock valued at $13,285,093. Corporate insiders own 0.31% of the company’s stock.
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Western Digital Profile
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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