Western Digital Corporation (NASDAQ:WDC) Stake Lowered by Mn Services Vermogensbeheer B.V.

Mn Services Vermogensbeheer B.V. decreased its position in shares of Western Digital Corporation (NASDAQ:WDC - Free Report) by 7.2% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 117,400 shares of the data storage provider's stock after selling 9,100 shares during the period. Mn Services Vermogensbeheer B.V.'s holdings in Western Digital were worth $4,746,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Exchange Traded Concepts LLC lifted its stake in shares of Western Digital by 34.6% during the 1st quarter. Exchange Traded Concepts LLC now owns 4,564 shares of the data storage provider's stock worth $185,000 after purchasing an additional 1,173 shares during the period. Sound Income Strategies LLC lifted its position in Western Digital by 8.1% during the first quarter. Sound Income Strategies LLC now owns 82,027 shares of the data storage provider's stock worth $3,316,000 after buying an additional 6,153 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in Western Digital by 52.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 28,838 shares of the data storage provider's stock worth $1,166,000 after buying an additional 9,974 shares during the period. Fifth Third Bancorp boosted its stake in Western Digital by 13.0% in the 1st quarter. Fifth Third Bancorp now owns 14,998 shares of the data storage provider's stock worth $606,000 after buying an additional 1,729 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in Western Digital by 18.4% in the 1st quarter. Farther Finance Advisors LLC now owns 3,918 shares of the data storage provider's stock valued at $160,000 after buying an additional 609 shares during the period. Hedge funds and other institutional investors own 92.51% of the company's stock.

Western Digital Stock Up 1.1%

NASDAQ:WDC traded up $0.62 on Wednesday, reaching $59.19. The stock had a trading volume of 6,647,307 shares, compared to its average volume of 6,492,253. The company has a 50-day moving average of $46.69 and a 200 day moving average of $53.50. The company has a current ratio of 1.56, a quick ratio of 1.31 and a debt-to-equity ratio of 0.95. The stock has a market cap of $20.65 billion, a P/E ratio of 11.21 and a beta of 1.49. Western Digital Corporation has a 12-month low of $28.83 and a 12-month high of $81.55.

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

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

Western Digital Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $0.40 annualized dividend and a yield of 0.68%. Western Digital's dividend payout ratio is presently 7.58%.

Insiders Place Their Bets

In other news, SVP Gene M. Zamiska sold 1,729 shares of the business's stock in a transaction that occurred 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 completion of the sale, the senior vice president now directly owns 40,089 shares in the company, valued at approximately $2,200,084.32. The trade was a 4.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Irving Tan sold 11,379 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $48.19, for a total value of $548,354.01. Following the transaction, the chief executive officer now owns 605,481 shares in the company, valued at $29,178,129.39. This trade represents a 1.84% 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 ninety days. Corporate insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on WDC shares. Loop Capital reissued a "buy" rating on shares of Western Digital in a research report on Tuesday, May 6th. Barclays set a $50.00 price target on shares of Western Digital and gave the company an "overweight" rating in a report on Thursday, May 1st. BNP Paribas reiterated an "outperform" rating on shares of Western Digital in a report on Friday, May 16th. Morgan Stanley upped their price target on Western Digital from $70.00 to $78.00 and gave the stock an "overweight" rating in a research note on Tuesday. Finally, Cantor Fitzgerald reduced their price objective on Western Digital from $95.00 to $65.00 and set an "overweight" rating on the stock in a research note on Friday, March 7th. Four equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $63.79.

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.