Cornerstone Investment Partners LLC grew its holdings in Western Digital Corp (NASDAQ:WDC) by 26.4% during the 3rd quarter, Holdings Channel reports. The firm owned 79,115 shares of the data storage provider’s stock after acquiring an additional 16,522 shares during the quarter. Cornerstone Investment Partners LLC’s holdings in Western Digital were worth $4,631,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of the company. Ruggie Capital Group bought a new stake in shares of Western Digital in the second quarter valued at about $100,000. TRUE Private Wealth Advisors bought a new stake in shares of Western Digital in the third quarter valued at about $107,000. NEXT Financial Group Inc bought a new stake in shares of Western Digital in the third quarter valued at about $109,000. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of Western Digital by 16,520.0% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,662 shares of the data storage provider’s stock valued at $129,000 after buying an additional 1,652 shares during the period. Finally, Financial Gravity Wealth Inc. bought a new stake in shares of Western Digital in the first quarter valued at about $145,000. 83.75% of the stock is currently owned by institutional investors.
In other news, insider Mark P. Long sold 24,938 shares of Western Digital stock in a transaction that occurred 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 completion of the transaction, the insider now owns 215,963 shares in the company, valued at $15,296,659.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark P. Long sold 2,233 shares of Western Digital stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $68.74, for a total transaction of $153,496.42. Following the completion of the transaction, the chief financial officer now owns 191,154 shares of the company’s stock, valued at approximately $13,139,925.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,772 shares of company stock valued at $2,298,763. Corporate insiders own 0.36% of the company’s stock.
Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, July 26th. The data storage provider reported $3.61 EPS for the quarter, topping 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 company’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter last year, the company earned $2.93 earnings per share. Equities research analysts expect that Western Digital Corp will post 10.71 EPS for the current fiscal year.
Western Digital declared that its board has initiated a share repurchase plan on Thursday, July 26th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the data storage provider to reacquire up to 22.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 28th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date of this dividend was Thursday, September 27th. Western Digital’s dividend payout ratio is 14.80%.
WDC has been the subject of several research reports. Longbow Research set a $100.00 target price on shares of Western Digital and gave the company a “buy” rating in a research note on Thursday, September 6th. Mizuho cut shares of Western Digital from a “buy” rating to a “neutral” rating in a research note on Monday, October 1st. TheStreet cut shares of Western Digital from a “b-” rating to a “c+” rating in a research note on Friday, October 12th. BidaskClub cut shares of Western Digital from a “hold” rating to a “sell” rating in a research note on Saturday, July 21st. Finally, Guggenheim reiterated a “buy” rating and issued a $125.00 target price on shares of Western Digital in a research note on Monday, September 17th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and seventeen have given a buy rating to the company. Western Digital currently has a consensus rating of “Hold” and a consensus price target of $100.83.
About Western Digital
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.
Further Reading: Compound Annual Growth Rate (CAGR)
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