Western Digital Corporation $WDC Stake Lifted by Nordea Investment Management AB

Key Points

• Nordea Investment Management AB increased its stake in Western Digital Corporation by 9.6%, acquiring an additional 2,656 shares, bringing the total holdings to 30,434 shares valued at approximately $1.94 million.
• In recent institutional investment activities, Wealth Enhancement Advisory Services LLC raised its stake by 52.9%, while several other funds also increased their positions, resulting in a combined 92.51% institutional ownership of the stock.
• Western Digital plans to distribute a $0.10 quarterly dividend, which provides an annualized yield of 0.3%, demonstrating its commitment to returning value to shareholders.

Nordea Investment Management AB raised its stake in Western Digital Corporation (NASDAQ:WDC - Free Report) by 9.6% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 30,434 shares of the data storage provider's stock after buying an additional 2,656 shares during the quarter. Nordea Investment Management AB's holdings in Western Digital were worth $1,938,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its stake in shares of 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 valued at $1,166,000 after purchasing an additional 9,974 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in shares of Western Digital by 4.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 35,648 shares of the data storage provider's stock worth $1,441,000 after purchasing an additional 1,553 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in shares of Western Digital by 3.3% in the 1st quarter. State of Alaska Department of Revenue now owns 40,752 shares of the data storage provider's stock worth $1,647,000 after purchasing an additional 1,315 shares in the last quarter. Kentucky Retirement Systems lifted its stake in Western Digital by 5.1% during the first quarter. Kentucky Retirement Systems now owns 23,586 shares of the data storage provider's stock valued at $954,000 after purchasing an additional 1,148 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund boosted its holdings in Western Digital by 34.8% during the first quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 10,046 shares of the data storage provider's stock worth $406,000 after buying an additional 2,591 shares in the last quarter. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Western Digital Trading Down 0.8%

Shares of NASDAQ WDC opened at $120.47 on Thursday. The firm has a market capitalization of $41.30 billion, a PE ratio of 23.39, a PEG ratio of 1.02 and a beta of 1.77. Western Digital Corporation has a one year low of $28.83 and a one year high of $137.40. The company has a current ratio of 1.08, a quick ratio of 0.84 and a debt-to-equity ratio of 0.47. The business has a 50-day moving average price of $102.08 and a two-hundred day moving average price of $71.43.

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

Western Digital Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th were paid 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 payout ratio is 7.77%.

Insider Transactions at Western Digital

In other news, insider Vidyadhara K. Gubbi sold 11,343 shares of Western Digital stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $90.29, for a total transaction of $1,024,159.47. Following the completion of the sale, the insider directly owned 151,596 shares in the company, valued at $13,687,602.84. The trade was a 6.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 completion of the transaction, the insider owned 135,351 shares in the company, valued at $10,121,547.78. This represents a 9.41% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 49,730 shares of company stock valued at $3,921,594. 0.18% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on WDC. The Goldman Sachs Group upped their price target on Western Digital from $78.00 to $130.00 and gave the company a "neutral" rating in a report on Wednesday, October 8th. Loop Capital upped their target price on Western Digital from $92.00 to $150.00 and gave the company a "buy" rating in a report on Thursday, October 16th. Bank of America increased their price target on Western Digital from $141.00 to $145.00 and gave the company a "buy" rating in a research report on Tuesday. Mizuho boosted their price objective on Western Digital from $120.00 to $160.00 and gave the stock an "outperform" rating in a report on Friday, October 17th. Finally, Wells Fargo & Company raised their target price on shares of Western Digital from $95.00 to $150.00 and gave the stock an "overweight" rating in a report on Monday, October 13th. One 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 company presently has a consensus rating of "Moderate Buy" and an average price target of $108.85.

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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