Sora Investors LLC increased its stake in Western Digital Co. (NASDAQ:WDC - Free Report) by 11.3% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 445,255 shares of the data storage provider's stock after buying an additional 45,255 shares during the quarter. Western Digital accounts for approximately 2.9% of Sora Investors LLC's portfolio, making the stock its 9th largest holding. Sora Investors LLC owned 0.13% of Western Digital worth $26,551,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in WDC. Sierra Ocean LLC purchased a new stake in Western Digital during the fourth quarter valued at about $29,000. Comprehensive Financial Planning Inc. PA purchased a new stake in Western Digital during the fourth quarter valued at about $30,000. OFI Invest Asset Management purchased a new stake in Western Digital during the fourth quarter valued at about $36,000. S.A. Mason LLC purchased a new stake in Western Digital during the fourth quarter valued at about $45,000. Finally, GeoWealth Management LLC lifted its holdings in Western Digital by 91.6% during the fourth quarter. GeoWealth Management LLC now owns 1,044 shares of the data storage provider's stock valued at $62,000 after purchasing an additional 499 shares during the last quarter. 92.51% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research firms have commented on WDC. The Goldman Sachs Group upped their price objective on shares of Western Digital from $70.00 to $80.00 and gave the company a "neutral" rating in a report on Friday, January 31st. Mizuho dropped their price objective on shares of Western Digital from $82.00 to $68.00 and set an "outperform" rating on the stock in a report on Thursday, April 10th. Wedbush reiterated an "outperform" rating and set a $60.00 price target on shares of Western Digital in a research report on Thursday, May 1st. Loop Capital reiterated a "buy" rating on shares of Western Digital in a research report on Tuesday, May 6th. Finally, Morgan Stanley upped their price target on Western Digital from $46.00 to $54.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Four equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $64.15.
Get Our Latest Stock Report on WDC
Insiders Place Their Bets
In other news, SVP Gene M. Zamiska sold 1,659 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $41.36, for a total transaction of $68,616.24. Following the completion of the sale, the senior vice president now owns 43,776 shares of the company's stock, valued at approximately $1,810,575.36. This represents a 3.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Irving Tan sold 11,379 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 605,481 shares of the company's stock, valued at approximately $29,178,129.39. This trade represents a 1.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,494 shares of company stock valued at $636,747 over the last quarter. 0.30% of the stock is owned by corporate insiders.
Western Digital Stock Up 1.1%
WDC stock opened at $49.75 on Friday. The company has a current ratio of 1.99, a quick ratio of 1.26 and a debt-to-equity ratio of 0.60. The company's 50 day moving average is $40.65 and its 200 day moving average is $55.80. The stock has a market cap of $17.36 billion, a price-to-earnings ratio of 11.85 and a beta of 1.42. Western Digital Co. has a 1-year low of $28.83 and a 1-year high of $81.55.
Western Digital (NASDAQ:WDC - Get Free Report) last issued its earnings results on Wednesday, April 30th. The data storage provider reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.30. The business had revenue of ($1,465.00) million during the quarter, compared to analyst estimates of $2.70 billion. Western Digital had a return on equity of 15.68% and a net margin of 9.95%. Western Digital's revenue for the quarter was down 33.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.63 earnings per share. Sell-side analysts predict that Western Digital Co. will post 4.89 EPS for the current fiscal year.
Western Digital Cuts Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.80%. The ex-dividend date of this dividend is Wednesday, June 4th. Western Digital's dividend payout ratio is currently 7.58%.
Western Digital announced that its board has authorized a share repurchase plan on Tuesday, May 13th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the data storage provider to reacquire up to 11.7% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's board believes its stock is undervalued.
Western Digital 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.
Further Reading
Want to see what other hedge funds are holding WDC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Western Digital Co. (NASDAQ:WDC - Free Report).
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