Western Digital Corporation $WDC Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management Inc sold 18.1% of its shares in Western Digital Corporation, resulting in ownership of 126,323 shares valued at approximately $8.08 million.
• Several other institutional investors modified their positions, with hedge funds now owning 92.51% of the company's stock, indicating strong institutional interest.
• Analyst ratings have improved, with Goldman Sachs raising their price target from $78 to $130 and labeling the stock as 'neutral'; overall, the average price target across analysts is set at $105.65.

TD Asset Management Inc trimmed its holdings in shares of Western Digital Corporation (NASDAQ:WDC - Free Report) by 18.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 126,323 shares of the data storage provider's stock after selling 27,910 shares during the period. TD Asset Management Inc's holdings in Western Digital were worth $8,083,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Zions Bancorporation National Association UT purchased a new stake in shares of Western Digital during the first quarter valued at approximately $29,000. Allworth Financial LP raised its stake in shares of Western Digital by 34.1% during the first quarter. Allworth Financial LP now owns 955 shares of the data storage provider's stock valued at $38,000 after purchasing an additional 243 shares during the period. MorganRosel Wealth Management LLC purchased a new stake in shares of Western Digital during the first quarter valued at approximately $40,000. Whittier Trust Co. of Nevada Inc. raised its stake in shares of Western Digital by 242.2% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,208 shares of the data storage provider's stock valued at $49,000 after purchasing an additional 855 shares during the period. Finally, Brooklyn Investment Group raised its stake in shares of Western Digital by 91.2% during the first quarter. Brooklyn Investment Group now owns 1,279 shares of the data storage provider's stock valued at $52,000 after purchasing an additional 610 shares during the period. Hedge funds and other institutional investors own 92.51% of the company's stock.

Insider Buying and Selling at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 3,160 shares of Western Digital stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $75.68, for a total value of $239,148.80. Following the completion of the transaction, the senior vice president owned 31,560 shares of the company's stock, valued at $2,388,460.80. The trade was a 9.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Irving Tan sold 8,621 shares of Western Digital stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $75.90, for a total transaction of $654,333.90. Following the completion of the transaction, the chief executive officer directly owned 594,836 shares of the company's stock, valued at approximately $45,148,052.40. This represents a 1.43% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 49,730 shares of company stock worth $3,921,594. Company insiders own 0.18% of the company's stock.

Analyst Ratings Changes

WDC has been the topic of a number of analyst reports. The Goldman Sachs Group lifted their price objective on shares of Western Digital from $78.00 to $130.00 and gave the company a "neutral" rating in a research note on Wednesday, October 8th. Wedbush lifted their price objective on shares of Western Digital from $90.00 to $135.00 and gave the company an "outperform" rating in a research note on Thursday. Weiss Ratings reiterated a "hold (c)" rating on shares of Western Digital in a research note on Wednesday, October 8th. Benchmark lifted their price target on shares of Western Digital from $85.00 to $115.00 and gave the stock a "buy" rating in a research note on Monday, September 15th. Finally, Rosenblatt Securities lifted their price target on shares of Western Digital from $90.00 to $125.00 and gave the stock a "buy" rating in a research note on Monday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $105.65.

Western Digital Stock Performance

Western Digital stock opened at $126.20 on Monday. The company has a market cap of $43.26 billion, a PE ratio of 24.50, a P/E/G ratio of 1.06 and a beta of 1.77. The company has a fifty day moving average price of $99.35 and a two-hundred day moving average price of $70.10. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.08 and a quick ratio of 0.84. Western Digital Corporation has a 12 month low of $28.83 and a 12 month high of $137.40.

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

Western Digital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Thursday, September 4th. Western Digital's payout ratio is currently 7.77%.

About Western Digital

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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