Mackenzie Financial Corp Lowers Holdings in Western Digital Co. (NASDAQ:WDC)

Mackenzie Financial Corp trimmed its stake in Western Digital Co. (NASDAQ:WDC - Free Report) by 7.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 295,011 shares of the data storage provider's stock after selling 22,365 shares during the period. Mackenzie Financial Corp owned 0.08% of Western Digital worth $17,592,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sierra Ocean LLC purchased a new position in Western Digital during the fourth quarter valued at approximately $29,000. Comprehensive Financial Planning Inc. PA bought a new stake in shares of Western Digital during the 4th quarter valued at $30,000. OFI Invest Asset Management bought a new stake in shares of Western Digital during the 4th quarter valued at $36,000. Elequin Capital LP purchased a new position in shares of Western Digital during the 4th quarter valued at $40,000. Finally, S.A. Mason LLC bought a new position in Western Digital in the 4th quarter worth $45,000. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

Western Digital Trading Up 1.0%

Shares of WDC stock traded up $0.53 during trading hours on Wednesday, reaching $52.35. 6,242,523 shares of the stock were exchanged, compared to its average volume of 6,425,908. Western Digital Co. has a 12-month low of $28.83 and a 12-month high of $81.55. The company's 50-day moving average price is $41.89 and its 200-day moving average price is $54.74. The firm has a market capitalization of $18.26 billion, a price-to-earnings ratio of 12.46 and a beta of 1.42. The company has a current ratio of 1.99, a quick ratio of 1.26 and a debt-to-equity ratio of 0.60.

Western Digital (NASDAQ:WDC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The data storage provider reported $1.36 earnings per share for the quarter, beating analysts' consensus estimates of $1.06 by $0.30. Western Digital had a net margin of 9.95% and a return on equity of 15.68%. The company had revenue of ($1,465.00) million during the quarter, compared to analyst estimates of $2.70 billion. During the same quarter last year, the business posted $0.63 EPS. The firm's revenue for the quarter was down 33.6% on a year-over-year basis. As a group, equities analysts anticipate that Western Digital Co. will post 4.89 earnings per share for the current year.

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

Western Digital Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.76%. The ex-dividend date of this dividend is Wednesday, June 4th. Western Digital's dividend payout ratio is currently 7.58%.

Insider Buying and Selling at Western Digital

In other Western Digital news, CEO Irving Tan sold 11,379 shares of the business's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $48.19, for a total transaction of $548,354.01. Following the sale, the chief executive officer now owns 605,481 shares in the company, valued at approximately $29,178,129.39. The trade was a 1.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Gene M. Zamiska sold 1,659 shares of the firm's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $41.36, for a total value of $68,616.24. Following the completion of the transaction, the senior vice president now owns 43,776 shares of the company's stock, valued at approximately $1,810,575.36. The trade was a 3.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,494 shares of company stock worth $636,747. 0.30% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on WDC shares. The Goldman Sachs Group raised their price target on Western Digital from $70.00 to $80.00 and gave the company a "neutral" rating in a report on Friday, January 31st. JPMorgan Chase & Co. raised Western Digital from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $45.00 to $57.00 in a research note on Thursday, May 1st. Rosenblatt Securities lowered their price target on Western Digital from $76.00 to $50.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Benchmark raised shares of Western Digital from a "hold" rating to a "buy" rating and set a $55.00 price objective for the company in a report on Thursday, April 10th. Finally, Wedbush reissued an "outperform" rating and issued a $60.00 target price on shares of Western Digital in a 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. According to data from MarketBeat, Western Digital has an average rating of "Moderate Buy" and a consensus target price of $64.95.

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.