Capital International Investors Purchases Shares of 2,400,000 Western Digital Corp (WDC)
Capital International Investors purchased a new position in shares of Western Digital Corp (NASDAQ:WDC) during the third quarter, Holdings Channel reports. The firm purchased 2,400,000 shares of the data storage provider’s stock, valued at approximately $140,496,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in WDC. Raymond James Financial Services Advisors Inc. increased its position in Western Digital by 10.2% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 37,784 shares of the data storage provider’s stock worth $2,925,000 after buying an additional 3,489 shares during the last quarter. Commonwealth Equity Services LLC increased its position in Western Digital by 14.7% during the second quarter. Commonwealth Equity Services LLC now owns 23,847 shares of the data storage provider’s stock worth $1,846,000 after buying an additional 3,065 shares during the last quarter. Alps Advisors Inc. increased its position in Western Digital by 5.1% during the second quarter. Alps Advisors Inc. now owns 17,596 shares of the data storage provider’s stock worth $1,362,000 after buying an additional 861 shares during the last quarter. KBC Group NV boosted its holdings in shares of Western Digital by 2.8% during the second quarter. KBC Group NV now owns 43,183 shares of the data storage provider’s stock worth $3,343,000 after acquiring an additional 1,174 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Western Digital by 8.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 73,563 shares of the data storage provider’s stock worth $5,695,000 after acquiring an additional 5,694 shares during the period. 83.64% of the stock is currently owned by hedge funds and other institutional investors.
Shares of WDC stock opened at $39.96 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 2.41 and a quick ratio of 1.70. The company has a market capitalization of $12.04 billion, a P/E ratio of 2.96, a P/E/G ratio of 0.35 and a beta of 1.15. Western Digital Corp has a 1 year low of $39.74 and a 1 year high of $106.96.
The business also recently declared a quarterly dividend, which will be paid on Monday, January 14th. Investors of record on Friday, December 28th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 5.01%. The ex-dividend date is Thursday, December 27th. Western Digital’s dividend payout ratio (DPR) is currently 14.80%.
In related news, Director Matthew E. Massengill sold 1,681 shares of the business’s stock in a transaction that occurred on Monday, November 5th. The stock was sold at an average price of $47.68, for a total value of $80,150.08. Following the completion of the sale, the director now directly owns 17,848 shares in the company, valued at $850,992.64. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.36% of the company’s stock.
A number of brokerages have recently issued reports on WDC. Deutsche Bank began coverage on Western Digital in a report on Thursday. They set a “hold” rating for the company. BidaskClub cut Western Digital from a “sell” rating to a “strong sell” rating in a report on Saturday, December 8th. Bank of America restated a “buy” rating and set a $68.00 price objective (down previously from $75.00) on shares of Western Digital in a report on Thursday, December 6th. Cowen restated a “market perform” rating and set a $50.00 price objective (down previously from $60.00) on shares of Western Digital in a report on Thursday, December 6th. Finally, Craig Hallum upgraded Western Digital from a “hold” rating to a “buy” rating in a report on Thursday, December 6th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and thirteen have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $79.80.
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Western Digital Profile
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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