New York Life Investment Management LLC Raises Stock Holdings in Western Digital Co. (NASDAQ:WDC)

New York Life Investment Management LLC increased its stake in shares of Western Digital Co. (NASDAQ:WDC) by 6.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,854 shares of the data storage provider’s stock after purchasing an additional 3,088 shares during the quarter. New York Life Investment Management LLC’s holdings in Western Digital were worth $3,092,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. State Street Corp lifted its stake in shares of Western Digital by 3.2% during the 3rd quarter. State Street Corp now owns 13,572,686 shares of the data storage provider’s stock worth $926,879,000 after purchasing an additional 423,651 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Western Digital by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 7,921,608 shares of the data storage provider’s stock worth $539,355,000 after purchasing an additional 76,781 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Western Digital by 24.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,711,428 shares of the data storage provider’s stock worth $253,453,000 after purchasing an additional 732,344 shares during the last quarter. Maple Rock Capital Partners Inc. lifted its stake in shares of Western Digital by 13.2% during the 3rd quarter. Maple Rock Capital Partners Inc. now owns 3,287,400 shares of the data storage provider’s stock worth $224,497,000 after purchasing an additional 383,390 shares during the last quarter. Finally, Holocene Advisors LP increased its position in Western Digital by 25.7% during the 3rd quarter. Holocene Advisors LP now owns 3,192,762 shares of the data storage provider’s stock valued at $218,034,000 after buying an additional 651,847 shares in the last quarter. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on WDC. The Goldman Sachs Group upped their target price on Western Digital from $70.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. Wedbush reaffirmed an “outperform” rating and set a $95.00 target price on shares of Western Digital in a research report on Monday, February 10th. Mizuho reduced their target price on Western Digital from $90.00 to $82.00 and set an “outperform” rating on the stock in a research report on Friday, January 3rd. Benchmark lowered Western Digital from a “buy” rating to a “hold” rating and set a $70.00 target price on the stock. in a research report on Thursday, December 19th. Finally, UBS Group upped their target price on Western Digital from $70.00 to $74.00 and gave the company a “neutral” rating in a research report on Wednesday, February 12th. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, Western Digital presently has a consensus rating of “Moderate Buy” and an average price target of $83.05.

Western Digital Stock Performance

Shares of WDC stock opened at $48.93 on Friday. The company has a market capitalization of $17.02 billion, a P/E ratio of 11.65 and a beta of 1.44. The business’s 50 day moving average is $63.42 and its two-hundred day moving average is $65.23. The company has a current ratio of 1.99, a quick ratio of 1.26 and a debt-to-equity ratio of 0.60. Western Digital Co. has a 12-month low of $39.58 and a 12-month high of $61.16.

Western Digital (NASDAQ:WDC) last released its earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share for the quarter, missing the consensus estimate of $1.91 by ($0.36). Western Digital had a net margin of 9.95% and a return on equity of 15.68%. Analysts expect that Western Digital Co. will post 4.89 EPS for the current fiscal year.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.