CNB Bank Makes New Investment in Western Digital Corporation $WDC

CNB Bank purchased a new stake in shares of Western Digital Corporation (NASDAQ:WDC) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 577 shares of the data storage provider’s stock, valued at approximately $37,000.

Other hedge funds have also modified their holdings of the company. Parsifal Capital Management LP boosted its position in Western Digital by 32.0% during the first quarter. Parsifal Capital Management LP now owns 897,574 shares of the data storage provider’s stock valued at $36,289,000 after purchasing an additional 217,574 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Western Digital by 52.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 28,838 shares of the data storage provider’s stock worth $1,166,000 after purchasing an additional 9,974 shares in the last quarter. Nordea Investment Management AB lifted its holdings in shares of Western Digital by 9.6% during the 2nd quarter. Nordea Investment Management AB now owns 30,434 shares of the data storage provider’s stock valued at $1,938,000 after buying an additional 2,656 shares during the last quarter. Greenleaf Trust bought a new stake in shares of Western Digital in the 2nd quarter valued at approximately $233,000. Finally, Westfield Capital Management Co. LP acquired a new position in Western Digital in the first quarter worth approximately $35,406,000. 92.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Mizuho lifted their target price on shares of Western Digital from $120.00 to $160.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. Susquehanna lifted their price objective on shares of Western Digital from $40.00 to $62.00 and gave the company a “neutral” rating in a research note on Friday, August 1st. The Goldman Sachs Group upped their price objective on shares of Western Digital from $78.00 to $130.00 and gave the stock a “neutral” rating in a report on Wednesday, October 8th. Rosenblatt Securities raised their target price on Western Digital from $90.00 to $125.00 and gave the company a “buy” rating in a report on Monday, September 29th. Finally, Loop Capital upped their price target on Western Digital from $92.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $109.84.

Western Digital Stock Up 3.0%

WDC stock opened at $129.43 on Friday. The stock has a market capitalization of $44.37 billion, a price-to-earnings ratio of 25.13, a price-to-earnings-growth ratio of 1.05 and a beta of 1.77. The company has a 50-day moving average of $104.16 and a two-hundred day moving average of $73.04. Western Digital Corporation has a 52-week low of $28.83 and a 52-week high of $137.40. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.08 and a quick ratio of 0.84.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Monday, April 7th. The data storage provider reported $1.78 EPS for the quarter. Western Digital had a return on equity of 24.93% and a net margin of 14.13%.The business had revenue of $4.10 billion for the quarter. As a group, equities research analysts anticipate that Western Digital Corporation will post 4.89 EPS for the current year.

Western Digital Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, September 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.3%. Western Digital’s payout ratio is 7.77%.

Insiders Place Their Bets

In related news, insider Vidyadhara K. Gubbi sold 11,343 shares of the company’s stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $90.29, for a total transaction of $1,024,159.47. Following the completion of the transaction, the insider directly owned 151,596 shares in the company, valued at $13,687,602.84. This represents a 6.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Irving Tan sold 8,621 shares of the firm’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $75.90, for a total transaction of $654,333.90. Following the completion of the sale, the chief executive officer owned 594,836 shares in the company, valued at $45,148,052.40. This represents a 1.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 49,730 shares of company stock valued at $3,921,594 over the last ninety days. 0.18% of the stock is owned by insiders.

Western Digital 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.