UBS Asset Management Americas Inc. raised its stake in shares of Western Digital Corp (NASDAQ:WDC) by 20.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,070,049 shares of the data storage provider’s stock after buying an additional 526,741 shares during the period. UBS Asset Management Americas Inc. owned approximately 1.03% of Western Digital worth $244,161,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the business. Cerebellum GP LLC acquired a new position in shares of Western Digital in the 4th quarter worth approximately $121,000. Acadian Asset Management LLC acquired a new position in shares of Western Digital in the 4th quarter worth approximately $132,000. SeaCrest Wealth Management LLC acquired a new position in shares of Western Digital in the 4th quarter worth approximately $149,000. Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Western Digital by 80.6% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,240 shares of the data storage provider’s stock worth $178,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Adviser Investments LLC acquired a new position in shares of Western Digital in the 3rd quarter worth approximately $204,000. 83.70% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Western Digital Corp (NASDAQ:WDC) opened at $84.91 on Friday. The company has a current ratio of 2.55, a quick ratio of 2.03 and a debt-to-equity ratio of 1.04. The company has a market cap of $25,380.00, a P/E ratio of 13.02, a P/E/G ratio of 0.35 and a beta of 1.13. Western Digital Corp has a fifty-two week low of $71.38 and a fifty-two week high of $95.77.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Friday, March 30th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is Thursday, March 29th. Western Digital’s dividend payout ratio is currently 30.67%.
Western Digital announced that its board has initiated a share buyback plan on Thursday, November 9th that allows the company to repurchase $2.10 billion in shares. This repurchase authorization allows the data storage provider to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
WDC has been the topic of several recent research reports. Citigroup lifted their price objective on shares of Western Digital from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, October 27th. Zacks Investment Research raised shares of Western Digital from a “sell” rating to a “hold” rating in a research report on Tuesday, October 24th. Cowen set a $117.00 target price on shares of Western Digital and gave the stock an “outperform” rating in a research report on Tuesday, January 23rd. Vetr downgraded shares of Western Digital from a “strong-buy” rating to a “buy” rating and set a $97.62 target price on the stock. in a research report on Monday, November 13th. Finally, Maxim Group reissued a “buy” rating and issued a $124.00 target price on shares of Western Digital in a research report on Friday, October 27th. Thirteen research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $111.78.
In other Western Digital news, insider Michael D. Cordano sold 1,401 shares of Western Digital stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $85.00, for a total value of $119,085.00. Following the completion of the sale, the insider now directly owns 70,560 shares in the company, valued at $5,997,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Stephen D. Milligan sold 90,755 shares of Western Digital stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $88.12, for a total transaction of $7,997,330.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 152,529 shares of company stock valued at $13,285,093. 0.31% of the stock is currently owned by corporate insiders.
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Western Digital 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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