ProVise Management Group LLC Cuts Stake in Western Digital Corporation (WDC)
ProVise Management Group LLC lessened its holdings in Western Digital Corporation (NASDAQ:WDC) by 48.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,453 shares of the data storage provider’s stock after selling 11,928 shares during the period. ProVise Management Group LLC’s holdings in Western Digital Corporation were worth $1,076,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of WDC. Capital World Investors purchased a new stake in Western Digital Corporation during the 2nd quarter worth $1,019,202,000. Vanguard Group Inc. grew its holdings in Western Digital Corporation by 4.2% during the 2nd quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock worth $2,652,936,000 after acquiring an additional 1,201,394 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Western Digital Corporation by 140.4% during the 2nd quarter. Janus Henderson Group PLC now owns 1,994,833 shares of the data storage provider’s stock worth $176,746,000 after acquiring an additional 1,164,954 shares in the last quarter. Schroder Investment Management Group grew its holdings in Western Digital Corporation by 24,087.4% during the 2nd quarter. Schroder Investment Management Group now owns 902,431 shares of the data storage provider’s stock worth $82,709,000 after acquiring an additional 898,700 shares in the last quarter. Finally, Discovery Capital Management LLC CT grew its holdings in Western Digital Corporation by 98.9% during the 2nd quarter. Discovery Capital Management LLC CT now owns 1,576,089 shares of the data storage provider’s stock worth $139,641,000 after acquiring an additional 783,589 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.
Shares of Western Digital Corporation (WDC) traded down $0.42 during mid-day trading on Tuesday, hitting $90.88. 2,665,900 shares of the stock were exchanged, compared to its average volume of 4,120,417. Western Digital Corporation has a 52 week low of $60.30 and a 52 week high of $95.77. The firm has a market cap of $27,510.00, a PE ratio of 9.17 and a beta of 1.17. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07.
Western Digital Corporation (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.01 by $0.55. Western Digital Corporation had a net margin of 7.38% and a return on equity of 26.48%. The company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.13 billion. During the same quarter in the prior year, the company posted $1.18 EPS. The business’s revenue was up 9.9% on a year-over-year basis. research analysts forecast that Western Digital Corporation will post 12.01 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date is Thursday, December 28th. Western Digital Corporation’s dividend payout ratio is 41.75%.
Western Digital Corporation announced that its Board of Directors has authorized a share repurchase plan on Thursday, November 9th that permits the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization permits the data storage provider to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
In other Western Digital Corporation news, insider Michael D. Cordano sold 9,404 shares of the stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $88.71, for a total transaction of $834,228.84. Following the sale, the insider now owns 75,385 shares of the company’s stock, valued at approximately $6,687,403.35. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Mark P. Long sold 4,467 shares of the company’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $88.13, for a total transaction of $393,676.71. Following the transaction, the chief financial officer now owns 88,384 shares in the company, valued at $7,789,281.92. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,005 shares of company stock valued at $2,377,095. Corporate insiders own 0.31% of the company’s stock.
Several research analysts have recently commented on the stock. Loop Capital assumed coverage on shares of Western Digital Corporation in a report on Monday, July 24th. They issued a “buy” rating and a $140.00 price target for the company. Cowen and Company reaffirmed an “outperform” rating and issued a $117.00 price target on shares of Western Digital Corporation in a report on Tuesday, July 25th. Vetr raised shares of Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $104.96 price target for the company in a report on Wednesday, July 26th. BidaskClub lowered shares of Western Digital Corporation from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Finally, BTIG Research set a $120.00 price target on shares of Western Digital Corporation and gave the company a “buy” rating in a report on Friday, July 28th. Eight analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $114.59.
Western Digital Corporation Company Profile
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).
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