Western Digital Corp (WDC) Stake Decreased by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio lessened its holdings in shares of Western Digital Corp (NASDAQ:WDC) by 3.8% during the 2nd quarter, HoldingsChannel reports. The firm owned 136,975 shares of the data storage provider’s stock after selling 5,471 shares during the period. Public Employees Retirement System of Ohio’s holdings in Western Digital were worth $10,603,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. BlackRock Inc. lifted its stake in Western Digital by 9.2% in the 2nd quarter. BlackRock Inc. now owns 21,040,844 shares of the data storage provider’s stock valued at $1,628,774,000 after acquiring an additional 1,772,435 shares in the last quarter. Morgan Stanley lifted its stake in Western Digital by 60.5% in the 2nd quarter. Morgan Stanley now owns 2,060,384 shares of the data storage provider’s stock valued at $159,493,000 after acquiring an additional 776,556 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD lifted its stake in Western Digital by 3,351.1% in the 2nd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 710,787 shares of the data storage provider’s stock valued at $55,022,000 after acquiring an additional 690,191 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its stake in Western Digital by 366.4% in the 2nd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 824,100 shares of the data storage provider’s stock valued at $63,794,000 after acquiring an additional 647,400 shares in the last quarter. Finally, Summit Trail Advisors LLC lifted its stake in Western Digital by 6,026.3% in the 1st quarter. Summit Trail Advisors LLC now owns 633,763 shares of the data storage provider’s stock valued at $634,000 after acquiring an additional 623,418 shares in the last quarter. Institutional investors and hedge funds own 83.05% of the company’s stock.

Several research firms have commented on WDC. Royal Bank of Canada cut their target price on Western Digital to $95.00 and set an “in-line” rating on the stock in a research note on Friday, July 27th. Cowen cut Western Digital from an “outperform” rating to a “market perform” rating and set a $70.00 target price on the stock. in a research note on Wednesday, August 15th. BMO Capital Markets cut their target price on Western Digital from $90.00 to $74.00 and set a “market perform” rating on the stock in a research note on Friday, July 27th. Maxim Group restated a “buy” rating and issued a $126.00 target price on shares of Western Digital in a research note on Friday, July 27th. Finally, Morgan Stanley cut their target price on Western Digital from $97.00 to $96.00 and set an “equal weight” rating on the stock in a research note on Friday, July 27th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eighteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $99.76.

WDC opened at $59.68 on Wednesday. The firm has a market capitalization of $17.69 billion, a P/E ratio of 4.42, a PEG ratio of 0.30 and a beta of 0.90. Western Digital Corp has a 1 year low of $53.61 and a 1 year high of $106.96. The company has a quick ratio of 1.73, a current ratio of 2.39 and a debt-to-equity ratio of 0.95.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Thursday, July 26th. The data storage provider reported $3.61 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.20 by $0.41. The business had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.07 billion. Western Digital had a return on equity of 36.35% and a net margin of 3.27%. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.93 EPS. research analysts expect that Western Digital Corp will post 10.71 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Friday, September 28th will be paid a $0.50 dividend. The ex-dividend date is Thursday, September 27th. This represents a $2.00 annualized dividend and a yield of 3.35%. Western Digital’s dividend payout ratio (DPR) is presently 14.80%.

Western Digital announced that its board has authorized a share repurchase plan on Thursday, July 26th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the data storage provider to repurchase up to 22.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

In related news, EVP Michael Charles Ray sold 4,387 shares of the business’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $67.65, for a total value of $296,780.55. Following the completion of the sale, the executive vice president now directly owns 107,155 shares in the company, valued at approximately $7,249,035.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark P. Long sold 24,938 shares of the company’s stock in a transaction on Monday, July 30th. The shares were sold at an average price of $70.83, for a total value of $1,766,358.54. Following the sale, the insider now owns 215,963 shares of the company’s stock, valued at $15,296,659.29. The disclosure for this sale can be found here. Insiders sold a total of 32,772 shares of company stock valued at $2,298,763 over the last 90 days. 0.31% of the stock is currently owned by corporate 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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Institutional Ownership by Quarter for Western Digital (NASDAQ:WDC)

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