Rheos Capital Works Inc. Takes $11.52 Million Position in Western Digital Corporation $WDC

Key Points

• Rheos Capital Works Inc. has invested approximately $11.52 million in Western Digital Corporation, acquiring 180,000 shares during the 2nd quarter, representing about 0.05% ownership.
• A significant number of institutional investors, including Zions Bancorporation and Allworth Financial, have also increased their stakes in Western Digital, contributing to institutional ownership reaching 92.51% of the company's stock.
• Analysts have varied target price upgrades for Western Digital, with Citigroup raising its target from $110 to $135, and the stock currently holds a consensus rating of "Moderate Buy" with an average target price of $98.84.

Rheos Capital Works Inc. purchased a new position in shares of Western Digital Corporation (NASDAQ:WDC - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 180,000 shares of the data storage provider's stock, valued at approximately $11,518,000. Rheos Capital Works Inc. owned approximately 0.05% of Western Digital as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of WDC. Zions Bancorporation National Association UT acquired a new position in shares of Western Digital during the first quarter worth $29,000. Allworth Financial LP increased its stake in Western Digital by 34.1% during the 1st quarter. Allworth Financial LP now owns 955 shares of the data storage provider's stock worth $38,000 after buying an additional 243 shares during the period. MorganRosel Wealth Management LLC acquired a new position in Western Digital in the 1st quarter worth $40,000. Whittier Trust Co. of Nevada Inc. lifted its holdings in Western Digital by 242.2% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,208 shares of the data storage provider's stock worth $49,000 after buying an additional 855 shares in the last quarter. Finally, Brooklyn Investment Group boosted its position in Western Digital by 91.2% in the 1st quarter. Brooklyn Investment Group now owns 1,279 shares of the data storage provider's stock valued at $52,000 after buying an additional 610 shares during the last quarter. Hedge funds and other institutional investors own 92.51% of the company's stock.

Insider Buying and Selling

In related news, insider Vidyadhara K. Gubbi sold 11,343 shares of the stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $90.29, for a total value of $1,024,159.47. Following the sale, the insider owned 151,596 shares of the company's stock, valued at $13,687,602.84. This trade represents a 6.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Gene M. Zamiska sold 353 shares of Western Digital stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $80.90, for a total transaction of $28,557.70. Following the completion of the sale, the senior vice president owned 27,425 shares in the company, valued at approximately $2,218,682.50. This represents a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 49,730 shares of company stock valued at $3,921,594 over the last three months. Corporate insiders own 0.18% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on WDC. Citigroup lifted their target price on Western Digital from $110.00 to $135.00 and gave the stock a "buy" rating in a research report on Monday. Susquehanna raised their price objective on Western Digital from $40.00 to $62.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Barclays upped their target price on Western Digital from $80.00 to $105.00 and gave the company an "overweight" rating in a research report on Thursday, September 11th. Sanford C. Bernstein raised shares of Western Digital to a "hold" rating in a research report on Tuesday, September 16th. Finally, UBS Group lifted their price target on shares of Western Digital from $45.00 to $75.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. One equities research 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 stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $98.84.

Western Digital Price Performance

Shares of NASDAQ:WDC opened at $113.13 on Wednesday. The company has a market cap of $38.78 billion, a PE ratio of 21.97, a P/E/G ratio of 1.00 and a beta of 1.77. Western Digital Corporation has a fifty-two week low of $28.83 and a fifty-two week high of $137.40. The firm has a 50-day simple moving average of $96.36 and a 200 day simple moving average of $68.12. 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 earnings results on Monday, April 7th. The data storage provider reported $1.78 EPS for the quarter. The company had revenue of $4.10 billion during the quarter. Western Digital had a return on equity of 24.93% and a net margin of 14.13%. On average, sell-side analysts anticipate that Western Digital Corporation will post 4.89 EPS for the current year.

Western Digital Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, September 4th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Thursday, September 4th. Western Digital's dividend payout ratio is presently 7.77%.

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.

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