Moors & Cabot Inc. increased its holdings in shares of Western Digital Corporation (NASDAQ:WDC) by 19.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,433 shares of the data storage provider’s stock after acquiring an additional 729 shares during the quarter. Moors & Cabot Inc.’s holdings in Western Digital were worth $385,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in WDC. Schwab Charles Investment Management Inc. increased its holdings in Western Digital by 7.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,065,412 shares of the data storage provider’s stock valued at $94,396,000 after buying an additional 76,581 shares during the period. LMR Partners LLP increased its holdings in Western Digital by 44.7% in the 2nd quarter. LMR Partners LLP now owns 10,323 shares of the data storage provider’s stock valued at $915,000 after buying an additional 3,188 shares during the period. Alps Advisors Inc. increased its holdings in Western Digital by 25.9% in the 2nd quarter. Alps Advisors Inc. now owns 8,880 shares of the data storage provider’s stock valued at $787,000 after buying an additional 1,827 shares during the period. Legal & General Group Plc increased its holdings in Western Digital by 9.4% in the 2nd quarter. Legal & General Group Plc now owns 1,450,391 shares of the data storage provider’s stock valued at $128,523,000 after buying an additional 124,510 shares during the period. Finally, Highstreet Asset Management Inc. increased its holdings in Western Digital by 66.4% in the 2nd quarter. Highstreet Asset Management Inc. now owns 10,198 shares of the data storage provider’s stock valued at $904,000 after buying an additional 4,071 shares during the period. 83.99% of the stock is currently owned by institutional investors and hedge funds.

Shares of Western Digital Corporation (WDC) opened at $81.62 on Friday. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07. Western Digital Corporation has a 1 year low of $66.91 and a 1 year high of $95.77. The company has a market cap of $24,090.00, a P/E ratio of 8.40 and a beta of 1.10.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.01 by $0.55. The firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.13 billion. Western Digital had a net margin of 7.38% and a return on equity of 26.48%. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.18 EPS. analysts predict that Western Digital Corporation will post 12.18 earnings per share for the current year.

Western Digital declared that its board has initiated a share buyback plan on Thursday, November 9th that authorizes the company to buyback $2.10 billion in outstanding shares. This buyback authorization authorizes the data storage provider to buy shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be given a $0.50 dividend. The ex-dividend date is Thursday, December 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.45%. Western Digital’s dividend payout ratio (DPR) is currently 41.75%.

In other news, insider Michael D. Cordano sold 9,404 shares of the business’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $88.71, for a total value of $834,228.84. Following the transaction, the insider now owns 75,385 shares in the company, valued at approximately $6,687,403.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael D. Cordano sold 1,397 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $88.13, for a total transaction of $123,117.61. Following the completion of the transaction, the insider now owns 70,556 shares in the company, valued at approximately $6,218,100.28. The disclosure for this sale can be found here. Insiders sold a total of 24,042 shares of company stock worth $2,116,143 in the last 90 days. Corporate insiders own 0.31% of the company’s stock.

Several research firms have commented on WDC. Evercore ISI reissued a “buy” rating and issued a $130.00 target price on shares of Western Digital in a report on Wednesday. Morgan Stanley raised their target price on shares of Western Digital from $90.00 to $92.00 and gave the company an “equal weight” rating in a report on Wednesday. Benchmark reissued a “buy” rating and issued a $130.00 target price on shares of Western Digital in a report on Wednesday. Citigroup reissued a “buy” rating and issued a $115.00 target price on shares of Western Digital in a report on Wednesday. Finally, Cowen reissued a “buy” rating on shares of Western Digital in a report on Wednesday. Nine research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and three have issued a strong buy rating to the company’s stock. Western Digital has an average rating of “Buy” and a consensus target price of $113.10.

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Western Digital Profile

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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Institutional Ownership by Quarter for Western Digital (NASDAQ:WDC)

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