Western Digital Corp (WDC) Holdings Lifted by Axa
Axa grew its stake in shares of Western Digital Corp (NASDAQ:WDC) by 587.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 604,741 shares of the data storage provider’s stock after purchasing an additional 516,800 shares during the quarter. Axa’s holdings in Western Digital were worth $35,401,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in WDC. Xact Kapitalforvaltning AB lifted its position in shares of Western Digital by 9.7% in the second quarter. Xact Kapitalforvaltning AB now owns 73,641 shares of the data storage provider’s stock valued at $5,701,000 after acquiring an additional 6,528 shares in the last quarter. Cornerstone Wealth Management LLC purchased a new position in shares of Western Digital in the second quarter valued at about $2,923,000. Bank Hapoalim BM purchased a new position in shares of Western Digital in the second quarter valued at about $238,000. Rothschild Investment Corp IL lifted its position in shares of Western Digital by 103.8% in the second quarter. Rothschild Investment Corp IL now owns 14,532 shares of the data storage provider’s stock valued at $1,125,000 after acquiring an additional 7,400 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted its position in shares of Western Digital by 90.8% in the second quarter. Meeder Asset Management Inc. now owns 9,014 shares of the data storage provider’s stock valued at $698,000 after acquiring an additional 4,289 shares in the last quarter. 86.20% of the stock is owned by institutional investors.
Several equities analysts have recently commented on the company. Loop Capital downgraded Western Digital from a “buy” rating to a “hold” rating and lowered their price objective for the company from $80.00 to $42.00 in a research report on Monday, October 29th. Royal Bank of Canada downgraded Western Digital from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $95.00 to $70.00 in a research report on Tuesday, September 11th. Benchmark restated a “hold” rating on shares of Western Digital in a research report on Friday, October 26th. Bank of America lowered their price objective on Western Digital from $120.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, July 27th. Finally, Longbow Research set a $100.00 price objective on Western Digital and gave the company a “buy” rating in a research report on Thursday, September 6th. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and thirteen have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $82.50.
Shares of NASDAQ WDC opened at $45.68 on Wednesday. The company has a current ratio of 2.41, a quick ratio of 1.70 and a debt-to-equity ratio of 0.96. Western Digital Corp has a 1-year low of $40.58 and a 1-year high of $106.96. The company has a market cap of $13.49 billion, a price-to-earnings ratio of 3.38, a P/E/G ratio of 0.40 and a beta of 1.17.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, October 25th. The data storage provider reported $2.78 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.70 by $0.08. Western Digital had a return on equity of 35.37% and a net margin of 2.46%. The company had revenue of $5.03 billion for the quarter, compared to analysts’ expectations of $5.14 billion. As a group, analysts predict that Western Digital Corp will post 6.19 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 14th. Shareholders of record on Friday, December 28th will be paid a dividend of $0.50 per share. The ex-dividend date is Thursday, December 27th. This represents a $2.00 annualized dividend and a yield of 4.38%. Western Digital’s payout ratio is currently 14.80%.
Western Digital declared that its board has approved a share repurchase plan on Thursday, July 26th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the data storage provider to reacquire up to 22.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.
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About Western Digital
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.
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