Orca Investment Management LLC lowered its position in Western Digital Corp. (NASDAQ:WDC) by 0.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,709 shares of the data storage provider’s stock after selling 416 shares during the period. Western Digital Corp. accounts for approximately 2.8% of Orca Investment Management LLC’s holdings, making the stock its 6th largest position. Orca Investment Management LLC’s holdings in Western Digital Corp. were worth $2,916,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of WDC. Boothbay Fund Management LLC increased its position in Western Digital Corp. by 1.2% in the first quarter. Boothbay Fund Management LLC now owns 5,998 shares of the data storage provider’s stock valued at $283,000 after buying an additional 72 shares during the last quarter. Charter Trust Co. increased its position in Western Digital Corp. by 2.3% in the second quarter. Charter Trust Co. now owns 4,591 shares of the data storage provider’s stock valued at $217,000 after buying an additional 105 shares during the last quarter. Checchi Capital Advisers LLC increased its position in Western Digital Corp. by 5.1% in the second quarter. Checchi Capital Advisers LLC now owns 2,197 shares of the data storage provider’s stock valued at $104,000 after buying an additional 107 shares during the last quarter. Cornerstone Advisors Inc. increased its position in Western Digital Corp. by 5.7% in the second quarter. Cornerstone Advisors Inc. now owns 2,245 shares of the data storage provider’s stock valued at $106,000 after buying an additional 121 shares during the last quarter. Finally, Raymond James Trust N.A. increased its position in Western Digital Corp. by 3.5% in the second quarter. Raymond James Trust N.A. now owns 5,516 shares of the data storage provider’s stock valued at $260,000 after buying an additional 184 shares during the last quarter. 86.86% of the stock is owned by hedge funds and other institutional investors.

Western Digital Corp. (NASDAQ:WDC) traded down 0.38% during midday trading on Tuesday, hitting $54.42. The stock had a trading volume of 3,054,382 shares. Western Digital Corp. has a 12-month low of $34.99 and a 12-month high of $86.39. The firm has a market cap of $15.47 billion, a P/E ratio of 54.42 and a beta of 1.37. The stock has a 50-day moving average price of $47.88 and a 200 day moving average price of $46.26.

Western Digital Corp. (NASDAQ:WDC) last released its quarterly earnings results on Thursday, July 28th. The data storage provider reported $0.79 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.08. Western Digital Corp. had a return on equity of 12.42% and a net margin of 1.98%. The firm had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.44 billion. During the same quarter last year, the company posted $1.51 earnings per share. The business’s revenue was up 9.5% on a year-over-year basis. On average, equities analysts anticipate that Western Digital Corp. will post $4.56 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be given a $0.50 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $2.00 dividend on an annualized basis and a yield of 3.68%. Western Digital Corp.’s payout ratio is currently 158.73%.

Several research analysts have commented on the company. Argus restated a “buy” rating on shares of Western Digital Corp. in a report on Saturday, July 9th. Citigroup Inc. reduced their price objective on Western Digital Corp. from $60.00 to $53.00 and set a “buy” rating on the stock in a report on Friday, May 27th. Cowen and Company restated a “buy” rating on shares of Western Digital Corp. in a report on Sunday, May 29th. Benchmark Co. reduced their price objective on Western Digital Corp. from $94.00 to $84.00 and set a “buy” rating on the stock in a report on Friday, May 27th. Finally, Vetr downgraded Western Digital Corp. from a “strong-buy” rating to a “buy” rating and set a $48.74 price objective on the stock. in a report on Tuesday, May 31st. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $63.12.

About Western Digital Corp.

Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage solutions that enable consumers, businesses, governments and other organizations to create, manage, experience and preserve digital content. The Company’s product portfolio includes hard disk drives (HDDs), solid-state drives, direct attached storage solutions, personal cloud network attached storage solutions, and public and private cloud data center storage solutions.

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