Cibc World Markets Corp Raises Position in Western Digital Corporation (WDC)
Cibc World Markets Corp increased its position in shares of Western Digital Corporation (NASDAQ:WDC) by 628.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 230,077 shares of the data storage provider’s stock after purchasing an additional 198,504 shares during the quarter. Cibc World Markets Corp owned 0.08% of Western Digital Corporation worth $20,385,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Western Digital Corporation by 4.2% during the second quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock worth $2,652,936,000 after purchasing an additional 1,201,394 shares during the last quarter. Iridian Asset Management LLC CT raised its holdings in Western Digital Corporation by 1.8% during the second quarter. Iridian Asset Management LLC CT now owns 5,641,706 shares of the data storage provider’s stock worth $499,855,000 after purchasing an additional 100,195 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in Western Digital Corporation by 10.0% during the second quarter. Ameriprise Financial Inc. now owns 4,443,866 shares of the data storage provider’s stock worth $393,778,000 after purchasing an additional 405,293 shares during the last quarter. Northern Trust Corp raised its holdings in Western Digital Corporation by 0.5% during the second quarter. Northern Trust Corp now owns 3,191,625 shares of the data storage provider’s stock worth $282,778,000 after purchasing an additional 16,436 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Western Digital Corporation by 9.6% during the first quarter. Geode Capital Management LLC now owns 3,031,364 shares of the data storage provider’s stock worth $249,848,000 after purchasing an additional 264,706 shares during the last quarter. 82.42% of the stock is owned by hedge funds and other institutional investors.
WDC has been the subject of a number of analyst reports. BidaskClub cut Western Digital Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 12th. Jefferies Group LLC reissued a “hold” rating and issued a $90.00 price target on shares of Western Digital Corporation in a report on Wednesday, June 28th. Vetr raised Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $101.80 price target for the company in a report on Monday, June 12th. Summit Redstone reissued a “buy” rating on shares of Western Digital Corporation in a report on Saturday, July 22nd. Finally, Longbow Research reissued a “buy” rating and issued a $120.00 price target on shares of Western Digital Corporation in a report on Thursday, September 14th. Eight research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $111.34.
Western Digital Corporation (WDC) traded up 1.16% on Friday, hitting $86.48. The company had a trading volume of 3,152,283 shares. Western Digital Corporation has a 12-month low of $52.10 and a 12-month high of $95.77. The firm’s 50 day moving average price is $86.12 and its 200 day moving average price is $86.39. The stock has a market cap of $25.50 billion, a P/E ratio of 64.54 and a beta of 1.21.
Western Digital Corporation (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.51 by $0.42. The company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.82 billion. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The firm’s revenue was up 38.5% compared to the same quarter last year. During the same period last year, the business posted $0.79 earnings per share. Equities analysts predict that Western Digital Corporation will post $12.50 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.31%. The ex-dividend date is Thursday, September 28th. Western Digital Corporation’s dividend payout ratio is currently 156.25%.
In related news, EVP Jacqueline Demaria sold 14,358 shares of Western Digital Corporation stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $84.53, for a total transaction of $1,213,681.74. Following the sale, the executive vice president now directly owns 75,772 shares of the company’s stock, valued at $6,405,007.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Manish H. Bhatia sold 2,762 shares of Western Digital Corporation stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $84.79, for a total value of $234,189.98. Following the sale, the executive vice president now directly owns 75,467 shares in the company, valued at $6,398,846.93. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 144,295 shares of company stock worth $12,689,056. 0.46% of the stock is currently owned by company insiders.
About Western Digital Corporation
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).
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