Cwm LLC Grows Position in Western Digital Corporation $WDC

Key Points

• Cwm LLC increased its stake in Western Digital Corporation by 248.7% during the second quarter, owning 54,923 shares worth $3.5 million.
• The CEO of Western Digital, Irving Tan, sold 8,621 shares on August 19, resulting in a 1.43% decrease in his ownership.
• Wall Street analysts are optimistic about Western Digital, with multiple firms raising their price targets significantly, indicating a consensus price target of $105.65.

Cwm LLC lifted its stake in Western Digital Corporation (NASDAQ:WDC - Free Report) by 248.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 54,923 shares of the data storage provider's stock after buying an additional 39,171 shares during the quarter. Cwm LLC's holdings in Western Digital were worth $3,515,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Zions Bancorporation National Association UT bought a new stake in Western Digital in the first quarter worth $29,000. Allworth Financial LP increased its position in Western Digital by 34.1% in 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 during the last quarter. MorganRosel Wealth Management LLC bought a new stake in Western Digital in the first quarter worth $40,000. Whittier Trust Co. of Nevada Inc. increased its position in Western Digital by 242.2% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,208 shares of the data storage provider's stock worth $49,000 after purchasing an additional 855 shares during the last quarter. Finally, Brooklyn Investment Group increased its position in Western Digital by 91.2% in the first quarter. Brooklyn Investment Group now owns 1,279 shares of the data storage provider's stock worth $52,000 after purchasing an additional 610 shares during the last quarter. Institutional investors own 92.51% of the company's stock.

Insider Activity at Western Digital

In other news, CEO Irving Tan sold 8,621 shares of the company's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $75.90, for a total value of $654,333.90. Following the transaction, the chief executive officer directly owned 594,836 shares in the company, valued at approximately $45,148,052.40. This represents a 1.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Vidyadhara K. Gubbi sold 11,343 shares of the company's stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $90.29, for a total transaction of $1,024,159.47. Following the completion of the transaction, the insider owned 151,596 shares in the company, valued at approximately $13,687,602.84. The trade was a 6.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,730 shares of company stock valued at $3,921,594. Company insiders own 0.18% of the company's stock.

Wall Street Analysts Forecast Growth

WDC has been the topic of several research reports. Loop Capital boosted their price target on shares of Western Digital from $92.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday. Wedbush boosted their price objective on shares of Western Digital from $90.00 to $135.00 and gave the company an "outperform" rating in a research report on Thursday. Susquehanna boosted their price objective on shares of Western Digital from $40.00 to $62.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Barclays boosted their price objective on shares of Western Digital from $80.00 to $105.00 and gave the company an "overweight" rating in a research report on Thursday, September 11th. Finally, Mizuho boosted their price objective on shares of Western Digital from $120.00 to $160.00 and gave the company an "outperform" rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $105.65.

Western Digital Trading Up 0.2%

NASDAQ WDC opened at $126.20 on Friday. The company's 50-day moving average price is $99.35 and its 200-day moving average price is $69.66. The company has a current ratio of 1.08, a quick ratio of 0.84 and a debt-to-equity ratio of 0.47. The stock has a market cap of $43.26 billion, a PE ratio of 24.50, a PEG ratio of 1.06 and a beta of 1.77. Western Digital Corporation has a 12 month low of $28.83 and a 12 month high of $137.40.

Western Digital (NASDAQ:WDC - Get Free Report) last posted its quarterly earnings results on Monday, April 7th. The data storage provider reported $1.78 EPS 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%. Equities research analysts forecast that Western Digital Corporation will post 4.89 earnings per share for the current year.

Western Digital Announces Dividend

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

About Western Digital

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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