State of Tennessee Treasury Department Increases Holdings in Western Digital Corp (WDC)
State of Tennessee Treasury Department increased its holdings in shares of Western Digital Corp (NASDAQ:WDC) by 125.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 709,289 shares of the data storage provider’s stock after buying an additional 394,704 shares during the period. State of Tennessee Treasury Department owned about 0.24% of Western Digital worth $56,410,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of the stock. Alpha Cubed Investments LLC raised its holdings in Western Digital by 5.4% during the 4th quarter. Alpha Cubed Investments LLC now owns 265,398 shares of the data storage provider’s stock worth $21,107,000 after purchasing an additional 13,654 shares during the last quarter. Norinchukin Bank The increased its stake in shares of Western Digital by 7.7% in the 4th quarter. Norinchukin Bank The now owns 24,190 shares of the data storage provider’s stock valued at $1,924,000 after acquiring an additional 1,732 shares in the last quarter. ARP Americas LP increased its stake in shares of Western Digital by 284.4% in the 4th quarter. ARP Americas LP now owns 35,468 shares of the data storage provider’s stock valued at $2,821,000 after acquiring an additional 26,241 shares in the last quarter. American International Group Inc. increased its stake in shares of Western Digital by 10.5% in the 4th quarter. American International Group Inc. now owns 132,845 shares of the data storage provider’s stock valued at $10,565,000 after acquiring an additional 12,640 shares in the last quarter. Finally, Centaurus Financial Inc. bought a new stake in shares of Western Digital in the 4th quarter valued at $942,000. Institutional investors and hedge funds own 84.97% of the company’s stock.
Several analysts have recently weighed in on WDC shares. Royal Bank of Canada reiterated a “buy” rating on shares of Western Digital in a research note on Friday, December 22nd. Evercore ISI reissued a “buy” rating and issued a $130.00 price target on shares of Western Digital in a research report on Wednesday, December 13th. Benchmark reissued a “buy” rating and issued a $130.00 price target on shares of Western Digital in a research report on Wednesday, December 13th. Citigroup reissued a “buy” rating and issued a $115.00 price target on shares of Western Digital in a research report on Wednesday, December 13th. Finally, Cowen reaffirmed a “buy” rating on shares of Western Digital in a report on Wednesday, December 13th. Twelve research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and three have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $111.62.
Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Thursday, January 25th. The data storage provider reported $3.95 earnings per share for the quarter, beating analysts’ consensus estimates of $3.51 by $0.44. The firm had revenue of $5.34 billion during the quarter, compared to analyst estimates of $5.31 billion. Western Digital had a return on equity of 30.78% and a net margin of 1.93%. The business’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.30 earnings per share. sell-side analysts forecast that Western Digital Corp will post 12.66 EPS for the current year.
The firm also recently announced 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. The ex-dividend date is Thursday, March 29th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.96%. Western Digital’s dividend payout ratio is presently 30.67%.
In related news, CEO Stephen D. Milligan sold 16,511 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $84.00, for a total transaction of $1,386,924.00. Following the sale, the chief executive officer now directly owns 156,882 shares of the company’s stock, valued at $13,178,088. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark P. Long sold 7,026 shares of the stock in a transaction on Friday, March 9th. The shares were sold at an average price of $98.64, for a total value of $693,044.64. Following the sale, the chief financial officer now directly owns 211,817 shares in the company, valued at $20,893,628.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 261,105 shares of company stock valued at $23,899,380. 0.31% of the stock is owned by corporate insiders.
About Western Digital
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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