Cypress Funds LLC boosted its stake in Western Digital Corporation (NASDAQ:WDC) by 48.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 305,250 shares of the data storage provider’s stock after buying an additional 99,250 shares during the period. Western Digital Corporation makes up about 5.3% of Cypress Funds LLC’s holdings, making the stock its 7th largest position. Cypress Funds LLC’s holdings in Western Digital Corporation were worth $27,045,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of WDC. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Western Digital Corporation during the fourth quarter worth about $2,464,000. USA Financial Portformulas Corp bought a new stake in Western Digital Corporation during the fourth quarter worth about $664,000. Kentucky Retirement Systems bought a new stake in Western Digital Corporation during the fourth quarter worth about $1,408,000. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Western Digital Corporation during the fourth quarter worth about $628,000. Finally, Highbridge Capital Management LLC raised its stake in Western Digital Corporation by 230.3% in the fourth quarter. Highbridge Capital Management LLC now owns 4,561 shares of the data storage provider’s stock worth $310,000 after buying an additional 8,061 shares in the last quarter. 82.43% of the stock is currently owned by hedge funds and other institutional investors.
Western Digital Corporation (NASDAQ:WDC) opened at 91.90 on Friday. The firm’s market cap is $26.77 billion. Western Digital Corporation has a 1-year low of $43.09 and a 1-year high of $95.77. The company has a 50 day moving average price of $90.84 and a 200 day moving average price of $83.61.
Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.81 by $0.12. Western Digital Corporation had a negative net margin of 1.32% and a positive return on equity of 16.01%. The company had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.82 billion. During the same period in the prior year, the company earned $0.79 earnings per share. The business’s quarterly revenue was up 38.5% compared to the same quarter last year. On average, equities research analysts forecast that Western Digital Corporation will post $12.29 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend was Wednesday, June 28th. Western Digital Corporation’s payout ratio is presently -202.02%.
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WDC has been the topic of a number of analyst reports. Vetr lowered Western Digital Corporation from a “hold” rating to a “sell” rating and set a $80.38 price target on the stock. in a research report on Tuesday, April 4th. Pacific Crest reaffirmed a “sector perform” rating on shares of Western Digital Corporation in a research report on Thursday, April 6th. Royal Bank Of Canada increased their price target on Western Digital Corporation from $92.00 to $96.00 and gave the company an “outperform” rating in a research report on Monday, April 10th. J P Morgan Chase & Co raised Western Digital Corporation from a “neutral” rating to an “overweight” rating and increased their price target for the company from $88.46 to $116.00 in a research report on Tuesday, April 11th. Finally, Susquehanna Bancshares Inc reaffirmed a “positive” rating and issued a $105.00 price target on shares of Western Digital Corporation in a research report on Wednesday, April 12th. Seven research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and three have given a strong buy rating to the company’s stock. Western Digital Corporation has a consensus rating of “Buy” and a consensus target price of $104.46.
In other Western Digital Corporation news, EVP Michael Charles Ray sold 524 shares of the firm’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $92.30, for a total transaction of $48,365.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Michael D. Cordano sold 4,954 shares of the firm’s stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $94.98, for a total transaction of $470,530.92. Following the transaction, the chief operating officer now owns 66,092 shares of the company’s stock, valued at approximately $6,277,418.16. The disclosure for this sale can be found here. In the last quarter, insiders sold 227,305 shares of company stock valued at $20,209,585. 0.46% of the stock is owned by corporate insiders.
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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