Raymond James Financial Inc. Takes $6.37 Million Position in Western Digital Co. (NASDAQ:WDC)

Raymond James Financial Inc. purchased a new stake in Western Digital Co. (NASDAQ:WDC - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 106,741 shares of the data storage provider's stock, valued at approximately $6,365,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. APG Asset Management N.V. boosted its holdings in Western Digital by 1,015.0% in the fourth quarter. APG Asset Management N.V. now owns 205,479 shares of the data storage provider's stock valued at $11,833,000 after purchasing an additional 187,050 shares in the last quarter. Greenland Capital Management LP acquired a new position in shares of Western Digital in the 4th quarter valued at $5,675,000. FIL Ltd grew its position in shares of Western Digital by 2.4% in the 4th quarter. FIL Ltd now owns 2,202,627 shares of the data storage provider's stock valued at $131,343,000 after buying an additional 50,756 shares during the last quarter. Polymer Capital Management US LLC acquired a new stake in Western Digital during the 4th quarter worth $5,711,000. Finally, Polymer Capital Management HK LTD purchased a new stake in Western Digital in the fourth quarter valued at $2,030,000. Hedge funds and other institutional investors own 92.51% of the company's stock.

Western Digital Trading Up 8.0 %

NASDAQ:WDC traded up $3.24 during trading hours on Wednesday, reaching $43.86. 15,901,295 shares of the company were exchanged, compared to its average volume of 6,320,529. Western Digital Co. has a 52-week low of $28.83 and a 52-week high of $81.55. The stock has a 50 day simple moving average of $40.65 and a 200 day simple moving average of $57.44. The firm has a market cap of $15.26 billion, a price-to-earnings ratio of 10.44 and a beta of 1.39. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.99 and a quick ratio of 1.26.

Western Digital Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.91%. Western Digital's dividend payout ratio (DPR) is presently 47.62%.

Insiders Place Their Bets

In related news, SVP Gene M. Zamiska sold 1,659 shares of Western Digital stock in a transaction on Friday, March 7th. The shares were sold at an average price of $41.36, for a total transaction of $68,616.24. Following the transaction, the senior vice president now owns 43,776 shares in the company, valued at approximately $1,810,575.36. The trade was a 3.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Robert W. Baird cut their target price on Western Digital from $100.00 to $80.00 and set an "outperform" rating on the stock in a research report on Thursday, January 30th. Cantor Fitzgerald cut their target price on shares of Western Digital from $95.00 to $65.00 and set an "overweight" rating on the stock in a report on Friday, March 7th. Summit Insights raised shares of Western Digital from a "hold" rating to a "buy" rating in a research report on Wednesday. Susquehanna dropped their price objective on shares of Western Digital from $72.00 to $40.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Finally, Barclays reduced their price objective on Western Digital from $90.00 to $80.00 and set an "overweight" rating for the company in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $70.39.

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.