Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Western Digital Corp (NASDAQ:WDC) by 8.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 73,563 shares of the data storage provider’s stock after purchasing an additional 5,694 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Western Digital were worth $5,695,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in WDC. Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of Western Digital by 16,520.0% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,662 shares of the data storage provider’s stock worth $129,000 after buying an additional 1,652 shares in the last quarter. NuWave Investment Management LLC increased its holdings in shares of Western Digital by 10,140.0% during the first quarter. NuWave Investment Management LLC now owns 1,536 shares of the data storage provider’s stock worth $140,000 after buying an additional 1,521 shares in the last quarter. Financial Gravity Wealth Inc. acquired a new stake in shares of Western Digital during the first quarter worth approximately $145,000. Assetmark Inc. increased its holdings in shares of Western Digital by 437.9% during the first quarter. Assetmark Inc. now owns 1,673 shares of the data storage provider’s stock worth $154,000 after buying an additional 1,362 shares in the last quarter. Finally, Legacy Financial Advisors Inc. increased its holdings in shares of Western Digital by 32,283.3% during the second quarter. Legacy Financial Advisors Inc. now owns 1,943 shares of the data storage provider’s stock worth $155,000 after buying an additional 1,937 shares in the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

Several research firms have recently weighed in on WDC. Evercore ISI dropped their price objective on shares of Western Digital from $130.00 to $100.00 and set an “outperform” rating for the company in a report on Tuesday, July 17th. Bank of America dropped their price objective on shares of Western Digital from $120.00 to $110.00 and set a “buy” rating for the company in a report on Friday, July 27th. Maxim Group reaffirmed a “buy” rating and set a $126.00 price objective on shares of Western Digital in a report on Friday, July 27th. Barclays lowered their price target on shares of Western Digital from $120.00 to $118.00 and set an “overweight” rating for the company in a report on Friday, April 27th. Finally, Standpoint Research raised shares of Western Digital from a “hold” rating to a “buy” rating in a report on Tuesday, July 10th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and nineteen have given a buy rating to the company’s stock. Western Digital currently has an average rating of “Buy” and a consensus price target of $102.85.

In other Western Digital news, CFO Mark P. Long sold 1,214 shares of Western Digital stock in a transaction on Monday, August 6th. The shares were sold at an average price of $67.65, for a total transaction of $82,127.10. Following the completion of the sale, the chief financial officer now owns 191,154 shares of the company’s stock, valued at approximately $12,931,568.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Charles Ray sold 1,208 shares of Western Digital stock in a transaction on Tuesday, May 22nd. The stock was sold at an average price of $88.53, for a total transaction of $106,944.24. Following the sale, the executive vice president now directly owns 96,634 shares of the company’s stock, valued at approximately $8,555,008.02. The disclosure for this sale can be found here. Insiders have sold a total of 108,164 shares of company stock valued at $8,809,806 in the last ninety days. Company insiders own 0.31% of the company’s stock.

WDC opened at $65.06 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.39 and a quick ratio of 1.73. Western Digital Corp has a 52 week low of $61.54 and a 52 week high of $106.96. The firm has a market cap of $19.39 billion, a price-to-earnings ratio of 4.82, a price-to-earnings-growth ratio of 0.32 and a beta of 0.96.

Western Digital (NASDAQ:WDC) last released its earnings results on Thursday, July 26th. The data storage provider reported $3.61 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.41. Western Digital had a net margin of 3.27% and a return on equity of 36.35%. The firm had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.07 billion. During the same quarter in the previous year, the business earned $2.93 EPS. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. equities analysts expect that Western Digital Corp will post 10.71 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 28th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date is Thursday, September 27th. Western Digital’s dividend payout ratio is presently 14.80%.

Western Digital declared that its Board of Directors has authorized a share repurchase program on Thursday, July 26th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the data storage provider to repurchase up to 22.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Western Digital Company Profile

Western Digital Corporation, together with its subsidiaries, develops, manufactures, and sells data storage devices and solutions worldwide. It offers performance hard disk drives (HDDs) that are used in enterprise servers, data analysis, and other enterprise applications; capacity HDDs and drive configurations for use in data storage systems and tiered storage models; and enterprise solid state drives (SSDs), including NAND-flash SSDs and software solutions that are designed to enhance the performance in various enterprise workload environments.

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Institutional Ownership by Quarter for Western Digital (NASDAQ:WDC)

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