Metropolitan Life Insurance Co. NY cut its stake in shares of Western Digital Corp (NASDAQ:WDC) by 6.2% in the second quarter, HoldingsChannel reports. The institutional investor owned 45,294 shares of the data storage provider’s stock after selling 2,988 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in Western Digital were worth $3,506,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in WDC. Financial Gravity Wealth Inc. purchased a new stake in Western Digital during the first quarter worth approximately $145,000. Signaturefd LLC purchased a new stake in Western Digital during the first quarter worth approximately $178,000. Korea Investment CORP lifted its stake in Western Digital by 29.7% during the first quarter. Korea Investment CORP now owns 164,220 shares of the data storage provider’s stock worth $15,153,000 after purchasing an additional 37,571 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in Western Digital by 33.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 11,894 shares of the data storage provider’s stock worth $1,097,000 after purchasing an additional 2,968 shares during the last quarter. Finally, Silvant Capital Management LLC purchased a new stake in Western Digital during the first quarter worth approximately $191,000. 83.12% of the stock is owned by institutional investors and hedge funds.
In related news, EVP Michael Charles Ray sold 4,387 shares of the company’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $67.65, for a total transaction of $296,780.55. Following the transaction, the executive vice president now owns 107,155 shares of the company’s stock, valued at $7,249,035.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark P. Long sold 24,938 shares of the company’s stock in a transaction on Monday, July 30th. The stock was sold at an average price of $70.83, for a total value of $1,766,358.54. Following the transaction, the insider now directly owns 215,963 shares in the company, valued at approximately $15,296,659.29. The disclosure for this sale can be found here. Insiders have sold 32,772 shares of company stock valued at $2,298,763 in the last 90 days. Company insiders own 0.31% of the company’s stock.
WDC has been the subject of a number of research reports. TheStreet upgraded Western Digital from a “c+” rating to a “b” rating in a research note on Thursday, July 26th. Standpoint Research upgraded Western Digital from a “hold” rating to a “buy” rating in a research note on Tuesday, July 10th. Mizuho reiterated a “buy” rating on shares of Western Digital in a research note on Friday, July 27th. Bank of America reduced their price objective on Western Digital from $120.00 to $110.00 and set a “buy” rating for the company in a research note on Friday, July 27th. Finally, Stifel Nicolaus reduced their price objective on Western Digital from $114.00 to $93.00 and set a “buy” rating for the company in a research note on Friday, July 27th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eighteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $100.56.
Western Digital stock opened at $56.96 on Friday. Western Digital Corp has a 12 month low of $53.61 and a 12 month high of $106.96. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.39 and a quick ratio of 1.73. The company has a market cap of $16.48 billion, a PE ratio of 4.14, a P/E/G ratio of 0.28 and a beta of 0.89.
Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Thursday, July 26th. The data storage provider reported $3.61 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.20 by $0.41. Western Digital had a return on equity of 36.35% and a net margin of 3.27%. The business had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.07 billion. During the same quarter in the prior year, the business earned $2.93 earnings per share. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. sell-side analysts anticipate that Western Digital Corp will post 10.71 EPS for the current fiscal year.
Western Digital declared that its Board of Directors has authorized a share buyback program on Thursday, July 26th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the data storage provider to buy up to 22.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Friday, September 28th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.51%. The ex-dividend date of this dividend is Thursday, September 27th. Western Digital’s dividend payout ratio (DPR) is presently 14.80%.
Western Digital Profile
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.
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