Envestnet Asset Management Inc. Has $4.72 Million Stake in Western Digital Corporation (NASDAQ:WDC)

Envestnet Asset Management Inc. lifted its holdings in Western Digital Corporation (NASDAQ:WDC - Free Report) by 7.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 116,812 shares of the data storage provider's stock after purchasing an additional 7,740 shares during the period. Envestnet Asset Management Inc.'s holdings in Western Digital were worth $4,723,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in WDC. Elequin Capital LP bought a new position in Western Digital during the fourth quarter valued at about $40,000. MorganRosel Wealth Management LLC bought a new stake in shares of Western Digital in the 1st quarter valued at approximately $40,000. GeoWealth Management LLC grew its stake in shares of Western Digital by 91.6% in the 4th quarter. GeoWealth Management LLC now owns 1,044 shares of the data storage provider's stock valued at $62,000 after purchasing an additional 499 shares during the period. Kayne Anderson Rudnick Investment Management LLC grew its stake in shares of Western Digital by 2,937.5% in the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,215 shares of the data storage provider's stock valued at $72,000 after purchasing an additional 1,175 shares during the period. Finally, CIBC Private Wealth Group LLC grew its stake in shares of Western Digital by 19.8% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,385 shares of the data storage provider's stock valued at $89,000 after purchasing an additional 229 shares during the period. 92.51% of the stock is currently owned by institutional investors.

Western Digital Trading Down 0.3%

Western Digital stock traded down $0.20 during mid-day trading on Friday, hitting $68.82. 7,878,242 shares of the company's stock were exchanged, compared to its average volume of 5,696,784. The company's 50 day simple moving average is $59.91 and its 200-day simple moving average is $53.56. The firm has a market capitalization of $24.01 billion, a P/E ratio of 13.03 and a beta of 1.54. The company has a quick ratio of 1.31, a current ratio of 1.56 and a debt-to-equity ratio of 0.95. Western Digital Corporation has a fifty-two week low of $28.83 and a fifty-two week high of $69.72.

Western Digital (NASDAQ:WDC - Get Free Report) last released its earnings results on Wednesday, April 30th. The data storage provider reported $1.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.06 by $0.30. The firm had revenue of ($1,465.00) million during the quarter, compared to analysts' expectations of $2.70 billion. Western Digital had a return on equity of 20.58% and a net margin of 13.33%. The company's revenue was down 33.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.63 EPS. On average, equities analysts anticipate that Western Digital Corporation will post 4.89 earnings per share for the current year.

Western Digital Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.58%. The ex-dividend date of this dividend was Wednesday, June 4th. Western Digital's payout ratio is 7.58%.

Western Digital announced that its Board of Directors has initiated a stock buyback program on Tuesday, May 13th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the data storage provider to repurchase up to 11.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

WDC has been the topic of several analyst reports. JPMorgan Chase & Co. upgraded Western Digital from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $45.00 to $57.00 in a research note on Thursday, May 1st. TD Cowen decreased their price target on Western Digital from $80.00 to $58.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. The Goldman Sachs Group assumed coverage on Western Digital in a research report on Thursday, July 10th. They set a "neutral" rating and a $70.00 price target on the stock. UBS Group increased their price target on Western Digital from $45.00 to $75.00 and gave the stock a "neutral" rating in a research report on Monday. Finally, Barclays set a $50.00 price target on Western Digital and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Four analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $66.84.

Insider Activity

In related news, CEO Irving Tan sold 11,379 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $48.19, for a total value of $548,354.01. Following the completion of the sale, the chief executive officer directly owned 605,481 shares in the company, valued at approximately $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 accessible through the SEC website. 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 transaction of $94,887.52. Following the completion of the sale, the senior vice president owned 40,089 shares of the company's stock, valued at $2,200,084.32. This trade represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 13,353 shares of company stock valued at $657,454 in the last 90 days. 0.30% of the stock is owned by corporate insiders.

Western Digital 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.