Leonetti & Associates LLC purchased a new position in shares of Western Digital Corporation (NASDAQ:WDC) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 59,950 shares of the data storage provider’s stock, valued at approximately $5,312,000. Western Digital Corporation accounts for approximately 1.5% of Leonetti & Associates LLC’s investment portfolio, making the stock its 18th largest position.
A number of other institutional investors have also made changes to their positions in WDC. Iridian Asset Management LLC CT raised its stake in shares of Western Digital Corporation by 244.0% in the 1st quarter. Iridian Asset Management LLC CT now owns 5,541,511 shares of the data storage provider’s stock valued at $457,341,000 after purchasing an additional 3,930,465 shares in the last quarter. Vanguard Group Inc. raised its stake in Western Digital Corporation by 4.5% during the first quarter. Vanguard Group Inc. now owns 28,741,455 shares of the data storage provider’s stock worth $2,372,032,000 after acquiring an additional 1,250,528 shares during the period. Alliancebernstein L.P. raised its stake in Western Digital Corporation by 179.3% during the first quarter. Alliancebernstein L.P. now owns 1,619,954 shares of the data storage provider’s stock worth $133,695,000 after acquiring an additional 1,040,028 shares during the period. Villere ST Denis J & Co. LLC acquired a new stake in Western Digital Corporation during the first quarter worth about $84,484,000. Finally, UBS Asset Management Americas Inc. raised its stake in Western Digital Corporation by 52.2% during the first quarter. UBS Asset Management Americas Inc. now owns 2,393,005 shares of the data storage provider’s stock worth $197,495,000 after acquiring an additional 821,155 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.
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Western Digital Corporation (WDC) traded down 5.13% during midday trading on Wednesday, reaching $84.23. 4,296,752 shares of the company’s stock traded hands. Western Digital Corporation has a 52-week low of $51.52 and a 52-week high of $95.77. The company has a market cap of $24.60 billion, a P/E ratio of 62.86 and a beta of 1.21. The stock has a 50-day moving average of $86.56 and a 200 day moving average of $85.90.
Western Digital Corporation (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.51 by $0.42. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The business had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same period in the previous year, the business posted $0.79 EPS. The firm’s quarterly revenue was up 38.5% compared to the same quarter last year. On average, analysts anticipate that Western Digital Corporation will post $12.54 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend is Thursday, September 28th. Western Digital Corporation’s payout ratio is 156.25%.
WDC has been the subject of several recent analyst reports. Mizuho restated a “buy” rating on shares of Western Digital Corporation in a research report on Friday, May 19th. Longbow Research reissued a “buy” rating and set a $120.00 target price on shares of Western Digital Corporation in a research note on Friday, June 2nd. Stifel Nicolaus restated a “buy” rating on shares of Western Digital Corporation in a research report on Wednesday, May 24th. Benchmark Co. reiterated a “buy” rating and issued a $135.00 target price on shares of Western Digital Corporation in a research report on Wednesday, May 24th. Finally, Vetr downgraded shares of Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $96.75 target price for the company. in a research report on Tuesday, May 23rd. Seven research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $111.34.
In related news, EVP Srinivasan Sivaram sold 16,049 shares of the company’s stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $85.06, for a total transaction of $1,365,127.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark P. Long sold 17,028 shares of the company’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $93.84, for a total value of $1,597,907.52. Following the transaction, the chief financial officer now owns 53,551 shares of the company’s stock, valued at approximately $5,025,225.84. The disclosure for this sale can be found here. Insiders have sold 133,445 shares of company stock valued at $11,728,114 in the last three months. 0.46% of the stock is owned by insiders.
Western Digital Corporation 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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