Metropolitan Life Insurance Co. NY lowered its holdings in Western Digital Corp (NASDAQ:WDC) by 6.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 45,294 shares of the data storage provider’s stock after selling 2,988 shares during the quarter. Metropolitan Life Insurance Co. NY’s holdings in Western Digital were worth $3,506,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Financial Gravity Wealth Inc. acquired a new stake in Western Digital during the first quarter valued at $145,000. Signaturefd LLC purchased a new position in Western Digital during the first quarter valued at $178,000. Korea Investment CORP lifted its holdings 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 valued at $15,153,000 after purchasing an additional 37,571 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings 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 valued at $1,097,000 after purchasing an additional 2,968 shares in the last quarter. Finally, Silvant Capital Management LLC purchased a new position in Western Digital during the first quarter valued at $191,000. Hedge funds and other institutional investors own 83.12% of the company’s stock.
Several research firms have issued reports on WDC. Stifel Nicolaus decreased their price objective on shares of Western Digital from $114.00 to $93.00 and set a “buy” rating on the stock in a report on Friday, July 27th. Cross Research downgraded shares of Western Digital from a “buy” rating to a “hold” rating in a report on Friday, July 27th. Maxim Group reaffirmed a “buy” rating and set a $126.00 price objective on shares of Western Digital in a report on Friday, July 27th. Mizuho downgraded shares of Western Digital from a “buy” rating to a “neutral” rating in a report on Monday, October 1st. Finally, BMO Capital Markets decreased their price objective on shares of Western Digital from $90.00 to $74.00 and set a “market perform” rating on the stock in a report on Friday, July 27th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seventeen have given a buy rating to the company. Western Digital has an average rating of “Hold” and an average price target of $100.83.
Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, July 26th. The data storage provider reported $3.61 earnings per share for the quarter, beating analysts’ consensus estimates of $3.20 by $0.41. The firm had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.07 billion. Western Digital had a net margin of 3.27% and a return on equity of 36.35%. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.93 earnings per share. As a group, equities research analysts predict that Western Digital Corp will post 10.71 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Friday, September 28th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date of this dividend is Thursday, September 27th. Western Digital’s dividend payout ratio (DPR) is currently 14.80%.
Western Digital announced that its Board of Directors has authorized a stock repurchase program on Thursday, July 26th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the data storage provider to buy up to 22.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.
In other news, CFO Mark P. Long sold 1,214 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $67.65, for a total transaction of $82,127.10. Following the completion of the sale, the chief financial officer now owns 191,154 shares in the company, valued at approximately $12,931,568.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Charles Ray sold 4,387 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now owns 107,155 shares of the company’s stock, valued at approximately $7,249,035.75. The disclosure for this sale can be found here. Insiders have sold a total of 32,772 shares of company stock valued at $2,298,763 in the last quarter. 0.31% of the stock is currently owned by company insiders.
Western Digital Company 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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