Western Digital Corporation $WDC Shares Bought by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS increased its stake in Western Digital Corporation by 1.7%, acquiring an additional 2,200 shares and totaling 128,423 shares worth approximately $8.2 million.
• Institutional investors now own 92.51% of Western Digital’s stock, with significant increases from firms like Alyeska Investment Group and Deutsche Bank, enhancing their holdings by over 100%.
• Western Digital's stock received several price target upgrades from analysts, with Barclays raising their target to $105 and Rosenblatt Securities to $125, while the average target price is currently $94.63.

KLP Kapitalforvaltning AS grew its position in shares of Western Digital Corporation (NASDAQ:WDC - Free Report) by 1.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 128,423 shares of the data storage provider's stock after acquiring an additional 2,200 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Western Digital were worth $8,218,000 as of its most recent filing with the SEC.

Several other institutional investors have also bought and sold shares of WDC. Alyeska Investment Group L.P. lifted its holdings in Western Digital by 130.0% in the first quarter. Alyeska Investment Group L.P. now owns 5,029,359 shares of the data storage provider's stock worth $203,337,000 after purchasing an additional 2,842,822 shares during the period. Deutsche Bank AG lifted its holdings in Western Digital by 107.1% in the first quarter. Deutsche Bank AG now owns 3,369,331 shares of the data storage provider's stock worth $136,222,000 after purchasing an additional 1,742,481 shares during the period. Canada Pension Plan Investment Board acquired a new stake in Western Digital in the first quarter worth about $50,897,000. Westfield Capital Management Co. LP acquired a new stake in Western Digital in the first quarter worth about $35,406,000. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new stake in Western Digital in the first quarter worth about $22,849,000. Institutional investors and hedge funds own 92.51% of the company's stock.

Insider Transactions at Western Digital

In related news, insider Cynthia L. Tregillis sold 14,067 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $74.78, for a total value of $1,051,930.26. Following the transaction, the insider owned 135,351 shares in the company, valued at approximately $10,121,547.78. This represents a 9.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Irving Tan sold 8,621 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $75.90, for a total value of $654,333.90. Following the completion of the transaction, the chief executive officer owned 594,836 shares in the company, valued at $45,148,052.40. This represents a 1.43% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 49,730 shares of company stock worth $3,921,594. Corporate insiders own 0.30% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on WDC shares. TD Cowen upped their price objective on shares of Western Digital from $58.00 to $90.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Barclays upped their price target on shares of Western Digital from $80.00 to $105.00 and gave the company an "overweight" rating in a report on Thursday, September 11th. Rosenblatt Securities upped their price target on shares of Western Digital from $90.00 to $125.00 and gave the company a "buy" rating in a report on Monday, September 29th. UBS Group upped their price target on shares of Western Digital from $45.00 to $75.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Finally, Bank of America upped their price target on shares of Western Digital from $123.00 to $141.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Seventeen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $94.63.

Western Digital Stock Performance

Shares of WDC opened at $119.70 on Friday. The company's 50 day moving average price is $94.01 and its 200 day moving average price is $66.42. Western Digital Corporation has a 52 week low of $28.83 and a 52 week high of $137.40. The company has a market capitalization of $41.03 billion, a PE ratio of 23.24, a PEG ratio of 1.02 and a beta of 1.77. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.84 and a current ratio of 1.08.

Western Digital (NASDAQ:WDC - Get Free Report) last announced its quarterly earnings data on Monday, April 7th. The data storage provider reported $1.78 EPS for the quarter. Western Digital had a net margin of 14.13% and a return on equity of 24.93%. The firm had revenue of $4.10 billion for the quarter. Research analysts expect that Western Digital Corporation will post 4.89 EPS for the current fiscal year.

Western Digital Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, September 4th were issued a $0.10 dividend. The ex-dividend date was Thursday, September 4th. This represents a $0.40 dividend on an annualized basis and a yield of 0.3%. Western Digital's dividend payout ratio is currently 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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