Maverick Capital Ltd. Invests $7.40 Million in Western Digital Corp (WDC)
Maverick Capital Ltd. bought a new position in shares of Western Digital Corp (NASDAQ:WDC) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 93,040 shares of the data storage provider’s stock, valued at approximately $7,399,000.
Several other large investors have also added to or reduced their stakes in the stock. Swiss National Bank grew its holdings in Western Digital by 2.1% during the 3rd quarter. Swiss National Bank now owns 1,073,763 shares of the data storage provider’s stock valued at $92,773,000 after buying an additional 21,900 shares in the last quarter. MHI Funds LLC purchased a new position in Western Digital during the 4th quarter valued at approximately $1,514,000. Meeder Asset Management Inc. grew its holdings in Western Digital by 216.3% during the 4th quarter. Meeder Asset Management Inc. now owns 25,227 shares of the data storage provider’s stock valued at $2,007,000 after buying an additional 17,252 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in Western Digital by 25.9% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,494,192 shares of the data storage provider’s stock valued at $118,824,000 after buying an additional 307,838 shares in the last quarter. Finally, QUANTRES ASSET MANAGEMENT Ltd grew its holdings in Western Digital by 102.3% during the 4th quarter. QUANTRES ASSET MANAGEMENT Ltd now owns 8,900 shares of the data storage provider’s stock valued at $708,000 after buying an additional 4,500 shares in the last quarter. Hedge funds and other institutional investors own 82.27% of the company’s stock.
Shares of Western Digital Corp (NASDAQ:WDC) opened at $88.25 on Friday. Western Digital Corp has a one year low of $71.38 and a one year high of $95.77. The company has a current ratio of 2.55, a quick ratio of 2.03 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $25,968.08, a P/E ratio of 72.93, a P/E/G ratio of 0.36 and a beta of 1.11.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Friday, March 30th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date is Thursday, March 29th. Western Digital’s dividend payout ratio is currently 165.29%.
Western Digital announced that its Board of Directors has initiated a share buyback program on Thursday, November 9th that allows the company to buyback $2.10 billion in shares. This buyback authorization allows the data storage provider to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
Several research firms have weighed in on WDC. TheStreet cut Western Digital from a “b” rating to a “c+” rating in a report on Thursday, January 25th. BidaskClub upgraded Western Digital from a “hold” rating to a “buy” rating in a report on Wednesday. Royal Bank of Canada restated a “buy” rating on shares of Western Digital in a report on Friday, December 22nd. Stifel Nicolaus restated a “buy” rating and set a $105.00 price target on shares of Western Digital in a report on Thursday, February 22nd. Finally, UBS Group raised their price target on Western Digital from $88.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, January 26th. Twelve equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $111.29.
In related news, CFO Mark P. Long sold 4,466 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $84.20, for a total transaction of $376,037.20. Following the completion of the sale, the chief financial officer now directly owns 88,383 shares of the company’s stock, valued at approximately $7,441,848.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Stephen D. Milligan sold 90,755 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $88.12, for a total value of $7,997,330.60. The disclosure for this sale can be found here. Insiders have sold a total of 164,602 shares of company stock valued at $14,334,141 over the last three months. 0.31% of the stock is owned by corporate insiders.
Western Digital Company 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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