Charles Schwab Investment Management Inc. Cuts Holdings in Western Digital Corporation (NASDAQ:WDC)

Charles Schwab Investment Management Inc. lowered its position in Western Digital Corporation (NASDAQ:WDC - Free Report) by 0.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,368,009 shares of the data storage provider's stock after selling 9,352 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.68% of Western Digital worth $95,739,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Western Digital by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 42,938,495 shares of the data storage provider's stock worth $1,736,003,000 after acquiring an additional 478,728 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Western Digital by 23.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,592,516 shares of the data storage provider's stock worth $273,852,000 after acquiring an additional 881,088 shares during the period. Northern Trust Corp grew its holdings in shares of Western Digital by 16.4% in the 4th quarter. Northern Trust Corp now owns 3,397,671 shares of the data storage provider's stock worth $202,603,000 after acquiring an additional 478,269 shares during the period. Sachem Head Capital Management LP grew its holdings in shares of Western Digital by 46.2% in the 4th quarter. Sachem Head Capital Management LP now owns 2,967,900 shares of the data storage provider's stock worth $176,976,000 after acquiring an additional 937,900 shares during the period. Finally, Alyeska Investment Group L.P. grew its holdings in shares of Western Digital by 19.9% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,186,537 shares of the data storage provider's stock worth $130,383,000 after acquiring an additional 362,635 shares during the period. Institutional investors and hedge funds own 92.51% of the company's stock.

Western Digital Trading Up 1.7%

Shares of Western Digital stock opened at $75.91 on Wednesday. Western Digital Corporation has a fifty-two week low of $28.83 and a fifty-two week high of $78.80. The firm has a market cap of $26.48 billion, a PE ratio of 14.74, a P/E/G ratio of 0.90 and a beta of 1.58. The business's fifty day moving average is $65.46 and its two-hundred day moving average is $54.25. 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 (NASDAQ:WDC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The data storage provider reported $1.66 earnings per share for the quarter, topping analysts' consensus estimates of $1.48 by $0.18. The company 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 business's revenue for the quarter was up 30.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.44 EPS. Analysts anticipate that Western Digital Corporation will post 4.89 earnings per share for the current year.

Western Digital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, September 4th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Thursday, September 4th. Western Digital's dividend payout ratio (DPR) is 7.77%.

Western Digital declared that its Board of Directors has authorized a stock repurchase program on Tuesday, May 13th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the data storage provider to purchase up to 11.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

WDC has been the topic of a number of research reports. Citigroup upped their price target on Western Digital from $78.00 to $88.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Wall Street Zen began coverage on Western Digital in a report on Friday, May 2nd. They set a "hold" rating on the stock. Loop Capital reiterated a "buy" rating on shares of Western Digital in a report on Tuesday, May 6th. JPMorgan Chase & Co. upgraded Western Digital from a "neutral" rating to an "overweight" rating and increased their target price for the company from $45.00 to $57.00 in a report on Thursday, May 1st. Finally, Wedbush increased their target price on Western Digital from $78.00 to $90.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Four research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $78.74.

Insider Buying and Selling at Western Digital

In related news, SVP Gene M. Zamiska sold 1,729 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $54.88, for a total value of $94,887.52. Following the transaction, the senior vice president directly owned 40,089 shares of the company's stock, valued at approximately $2,200,084.32. This trade represents a 4.13% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.30% of the company's stock.

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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