Sphera Management Technology Funds Ltd acquired a new position in Western Digital Co. (NASDAQ:WDC - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 12,000 shares of the data storage provider's stock, valued at approximately $716,000.
Several other hedge funds have also recently bought and sold shares of the business. Twinbeech Capital LP purchased a new stake in shares of Western Digital during the 4th quarter worth about $22,658,000. Teza Capital Management LLC raised its stake in shares of Western Digital by 55.9% during the 4th quarter. Teza Capital Management LLC now owns 18,604 shares of the data storage provider's stock worth $1,109,000 after purchasing an additional 6,673 shares in the last quarter. Toronto Dominion Bank raised its stake in shares of Western Digital by 9.2% during the 4th quarter. Toronto Dominion Bank now owns 131,691 shares of the data storage provider's stock worth $7,853,000 after purchasing an additional 11,052 shares in the last quarter. Sachem Head Capital Management LP raised its stake in shares of Western Digital by 46.2% during the 4th quarter. Sachem Head Capital Management LP now owns 2,967,900 shares of the data storage provider's stock worth $176,976,000 after purchasing an additional 937,900 shares in the last quarter. Finally, Sender Co & Partners Inc. raised its stake in shares of Western Digital by 49.6% during the 4th quarter. Sender Co & Partners Inc. now owns 30,606 shares of the data storage provider's stock worth $1,825,000 after purchasing an additional 10,153 shares in the last quarter. 92.51% of the stock is owned by hedge funds and other institutional investors.
Western Digital Stock Performance
Shares of NASDAQ:WDC traded down $1.14 during trading on Wednesday, hitting $49.49. 7,278,781 shares of the stock were exchanged, compared to its average volume of 6,392,469. Western Digital Co. has a 1-year low of $28.83 and a 1-year high of $81.55. The company has a market capitalization of $17.27 billion, a price-to-earnings ratio of 11.78 and a beta of 1.42. The company's fifty day simple moving average is $41.24 and its 200-day simple moving average is $55.34. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.26 and a current ratio of 1.99.
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, topping the consensus estimate of $1.06 by $0.30. Western Digital had a return on equity of 15.68% and a net margin of 9.95%. The company had revenue of ($1,465.00) million for the quarter, compared to analyst estimates of $2.70 billion. During the same quarter last year, the firm earned $0.63 EPS. Western Digital's revenue for the quarter was down 33.6% compared to the same quarter last year. Sell-side analysts expect that Western Digital Co. will post 4.89 EPS for the current fiscal year.
Western Digital Cuts Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.81%. The ex-dividend date is Wednesday, June 4th. Western Digital's payout ratio is presently 7.58%.
Western Digital announced that its Board of Directors has approved a stock buyback plan on Tuesday, May 13th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to reacquire up to 11.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on the company. Benchmark raised Western Digital from a "hold" rating to a "buy" rating and set a $55.00 price target for the company in a research note on Thursday, April 10th. The Goldman Sachs Group increased their price objective on Western Digital from $70.00 to $80.00 and gave the company a "neutral" rating in a report on Friday, January 31st. UBS Group increased their price objective on Western Digital from $40.00 to $45.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Cantor Fitzgerald lowered their price objective on Western Digital from $95.00 to $65.00 and set an "overweight" rating on the stock in a report on Friday, March 7th. Finally, Robert W. Baird lowered their price objective on Western Digital from $100.00 to $80.00 and set an "outperform" rating on the stock in a report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $64.15.
Read Our Latest Stock Report on WDC
Insider Transactions at Western Digital
In related news, SVP Gene M. Zamiska sold 1,659 shares of the business's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $41.36, for a total value of $68,616.24. Following the sale, the senior vice president now owns 43,776 shares of the company's stock, valued at $1,810,575.36. The trade was a 3.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Irving Tan sold 11,379 shares of the business's stock in a transaction on 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 now directly owns 605,481 shares in the company, valued at approximately $29,178,129.39. This represents a 1.84% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,494 shares of company stock valued at $636,747. 0.30% of the stock is owned by corporate insiders.
Western Digital Company Profile
(
Free Report)
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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