3,669 Shares in Western Digital Corporation $WDC Bought by Prime Capital Investment Advisors LLC

Key Points

• Prime Capital Investment Advisors LLC purchased 3,669 shares of Western Digital Corporation, valued at approximately $235,000, expanding its position in the data storage provider.
• Several institutional investors, including UMB Bank and Allworth Financial LP, have increased their stakes in Western Digital, indicating a strong interest from investment firms.
• Insider sales included CEO Irving Tan selling 8,621 shares for over $654,000, representing a 1.43% decrease in his position in the company.

Prime Capital Investment Advisors LLC bought a new position in Western Digital Corporation (NASDAQ:WDC - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 3,669 shares of the data storage provider's stock, valued at approximately $235,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in WDC. UMB Bank n.a. boosted its stake in shares of Western Digital by 6.2% during the 2nd quarter. UMB Bank n.a. now owns 3,465 shares of the data storage provider's stock worth $222,000 after buying an additional 202 shares during the last quarter. Allworth Financial LP raised its holdings in shares of Western Digital by 34.1% in the 1st quarter. Allworth Financial LP now owns 955 shares of the data storage provider's stock valued at $38,000 after purchasing an additional 243 shares during the period. Truvestments Capital LLC raised its holdings in shares of Western Digital by 11.7% in the 1st quarter. Truvestments Capital LLC now owns 2,483 shares of the data storage provider's stock valued at $100,000 after purchasing an additional 261 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its holdings in shares of Western Digital by 4.5% in the 1st quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,080 shares of the data storage provider's stock valued at $246,000 after purchasing an additional 263 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Western Digital by 0.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 45,395 shares of the data storage provider's stock valued at $1,835,000 after purchasing an additional 264 shares during the period. 92.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Western Digital

In other Western Digital news, CEO Irving Tan sold 8,621 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $75.90, for a total transaction of $654,333.90. Following the transaction, the chief executive officer owned 594,836 shares in the company, valued at $45,148,052.40. This represents a 1.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Cynthia L. Tregillis sold 14,067 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $74.78, for a total transaction of $1,051,930.26. Following the transaction, the insider owned 135,351 shares in the company, valued at approximately $10,121,547.78. The trade was a 9.41% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 49,730 shares of company stock worth $3,921,594. 0.18% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

WDC has been the topic of a number of research analyst reports. UBS Group upped their target price on shares of Western Digital from $45.00 to $75.00 and gave the company a "neutral" rating in a report on Monday, July 21st. The Goldman Sachs Group upped their target price on shares of Western Digital from $78.00 to $130.00 and gave the company a "neutral" rating in a report on Wednesday, October 8th. Zacks Research cut shares of Western Digital from a "strong-buy" rating to a "hold" rating in a report on Friday, September 12th. Wedbush upped their target price on shares of Western Digital from $78.00 to $90.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Finally, Bank of America upped their target price on shares of Western Digital from $123.00 to $141.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Seventeen analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $94.63.

Western Digital Stock Down 3.6%

Western Digital stock opened at $115.42 on Monday. The stock has a market cap of $39.57 billion, a P/E ratio of 22.41, a P/E/G ratio of 0.97 and a beta of 1.77. The company has a quick ratio of 0.84, a current ratio of 1.08 and a debt-to-equity ratio of 0.47. Western Digital Corporation has a twelve month low of $28.83 and a twelve month high of $137.40. The company's 50-day moving average price is $94.78 and its two-hundred day moving average price is $67.26.

Western Digital (NASDAQ:WDC - Get Free Report) last released its quarterly earnings results on Monday, April 7th. The data storage provider reported $1.78 earnings per share for the quarter. The firm had revenue of $4.10 billion for the quarter. Western Digital had a net margin of 14.13% and a return on equity of 24.93%. As a group, analysts expect that Western Digital Corporation will post 4.89 EPS for the current year.

Western Digital Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Thursday, September 4th. Western Digital's dividend payout ratio is presently 7.77%.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.

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