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31,151 Shares in Western Digital Corporation (NASDAQ:WDC) Acquired by ASR Vermogensbeheer N.V.

Western Digital logo with Computer and Technology background

Key Points

  • ASR Vermogensbeheer N.V. has acquired a new position in Western Digital Corporation by purchasing 31,151 shares valued at approximately $1,259,000 during the first quarter.
  • Western Digital reported earnings per share of $1.66 for the last quarter, surpassing analyst expectations, with a 30% increase in revenue compared to the same quarter last year.
  • The company also announced a quarterly dividend of $0.10 per share and initiated a $2 billion stock repurchase program, indicating confidence in its own stock valuation.
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ASR Vermogensbeheer N.V. bought a new stake in Western Digital Corporation (NASDAQ:WDC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 31,151 shares of the data storage provider's stock, valued at approximately $1,259,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in WDC. Elequin Capital LP purchased a new position in shares of Western Digital during the fourth quarter worth about $40,000. Allworth Financial LP boosted its position in Western Digital by 34.1% during the first quarter. Allworth Financial LP now owns 955 shares of the data storage provider's stock worth $38,000 after purchasing an additional 243 shares in the last quarter. MorganRosel Wealth Management LLC acquired a new position in shares of Western Digital during the 1st quarter worth approximately $40,000. GeoWealth Management LLC raised its position in shares of Western Digital by 91.6% during the 4th quarter. GeoWealth Management LLC now owns 1,044 shares of the data storage provider's stock worth $62,000 after purchasing an additional 499 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Western Digital by 242.2% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,208 shares of the data storage provider's stock valued at $49,000 after buying an additional 855 shares during the period. Institutional investors and hedge funds own 92.51% of the company's stock.

Western Digital Stock Down 0.4%

Shares of NASDAQ WDC traded down $0.33 during mid-day trading on Monday, reaching $74.64. 7,303,197 shares of the company traded hands, compared to its average volume of 8,014,443. Western Digital Corporation has a fifty-two week low of $28.83 and a fifty-two week high of $78.80. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.84 and a current ratio of 1.08. The company's fifty day moving average is $64.57 and its two-hundred day moving average is $54.05. The stock has a market cap of $26.04 billion, a PE ratio of 14.49, a price-to-earnings-growth ratio of 0.90 and a beta of 1.58.

Western Digital (NASDAQ:WDC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The data storage provider reported $1.66 EPS for the quarter, topping analysts' consensus estimates of $1.48 by $0.18. The business had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.45 billion. Western Digital had a return on equity of 24.93% and a net margin of 14.13%. The firm's revenue for the quarter was up 30.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.44 earnings per share. On average, analysts expect that Western Digital Corporation will post 4.89 earnings per share for the current year.

Western Digital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.5%. Western Digital's dividend payout ratio (DPR) is presently 7.77%.

Western Digital announced that its Board of Directors has approved a share repurchase plan on Tuesday, May 13th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the data storage provider to buy up to 11.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Barclays boosted their price objective on shares of Western Digital from $50.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. The Goldman Sachs Group began coverage on shares of Western Digital in a research report on Thursday, July 10th. They set a "neutral" rating and a $70.00 price target for the company. Citigroup increased their target price on Western Digital from $78.00 to $88.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Wedbush upped their price target on Western Digital from $78.00 to $90.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Finally, Bank of America boosted their target price on shares of Western Digital from $62.00 to $71.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Four equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $78.74.

Get Our Latest Stock Analysis on WDC

Insiders Place Their Bets

In related news, CEO Irving Tan sold 11,379 shares of Western Digital stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $48.19, for a total transaction of $548,354.01. Following the completion of the transaction, the chief executive officer directly owned 605,481 shares of the company's stock, valued at $29,178,129.39. This trade represents a 1.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Gene M. Zamiska sold 1,729 shares of the firm's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $54.88, for a total value of $94,887.52. Following the completion of the transaction, the senior vice president owned 40,089 shares in the company, valued at approximately $2,200,084.32. This represents a 4.13% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,353 shares of company stock valued at $657,454. Company insiders own 0.30% of the company's stock.

Western Digital Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Western Digital (NASDAQ:WDC)

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