Palo Capital Inc. trimmed its position in Western Digital Corp (NASDAQ:WDC) by 19.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 12,015 shares of the data storage provider’s stock after selling 2,844 shares during the period. Palo Capital Inc.’s holdings in Western Digital were worth $956,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Swiss National Bank increased its stake in Western Digital by 2.1% during the 3rd quarter. Swiss National Bank now owns 1,073,763 shares of the data storage provider’s stock worth $92,773,000 after purchasing an additional 21,900 shares in the last quarter. 1st Global Advisors Inc. bought a new stake in Western Digital during the 2nd quarter worth approximately $1,148,000. Iridian Asset Management LLC CT increased its stake in Western Digital by 4.9% during the 3rd quarter. Iridian Asset Management LLC CT now owns 5,920,657 shares of the data storage provider’s stock worth $511,545,000 after purchasing an additional 278,951 shares in the last quarter. First Republic Investment Management Inc. increased its stake in Western Digital by 2.9% during the 3rd quarter. First Republic Investment Management Inc. now owns 116,791 shares of the data storage provider’s stock worth $10,091,000 after purchasing an additional 3,280 shares in the last quarter. Finally, QUANTRES ASSET MANAGEMENT Ltd increased its stake in Western Digital by 102.3% during the 4th quarter. QUANTRES ASSET MANAGEMENT Ltd now owns 8,900 shares of the data storage provider’s stock worth $708,000 after purchasing an additional 4,500 shares in the last quarter. Institutional investors and hedge funds own 84.27% of the company’s stock.

In other Western Digital news, insider Michael D. Cordano sold 1,397 shares of the firm’s stock in a transaction 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 sale, the insider now owns 70,556 shares of the company’s stock, valued at approximately $6,218,100.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kathleen A. Cote sold 2,000 shares of the firm’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $90.63, for a total value of $181,260.00. Following the sale, the director now directly owns 16,421 shares of the company’s stock, valued at approximately $1,488,235.23. The disclosure for this sale can be found here. Insiders sold 16,039 shares of company stock valued at $1,400,999 over the last three months. 0.31% of the stock is owned by company insiders.

A number of research firms recently issued reports on WDC. BidaskClub raised Western Digital from a “sell” rating to a “hold” rating in a research note on Wednesday, December 13th. UBS Group increased their target price on Western Digital from $93.00 to $97.00 and gave the stock a “neutral” rating in a research note on Friday, October 27th. Benchmark reaffirmed a “buy” rating and set a $130.00 price target on shares of Western Digital in a research note on Tuesday, December 26th. Royal Bank of Canada reaffirmed a “buy” rating on shares of Western Digital in a research note on Friday, December 22nd. Finally, Deutsche Bank cut shares of Western Digital from a “buy” rating to a “hold” rating and decreased their price target for the stock from $105.00 to $80.00 in a research note on Wednesday, October 4th. Eleven analysts have rated the stock with a hold rating, twenty-three have given a buy rating and three have assigned a strong buy rating to the company’s stock. Western Digital currently has an average rating of “Buy” and a consensus target price of $111.39.

Western Digital Corp (NASDAQ:WDC) opened at $86.24 on Tuesday. Western Digital Corp has a 52 week low of $71.10 and a 52 week high of $95.77. The company has a quick ratio of 2.13, a current ratio of 2.64 and a debt-to-equity ratio of 1.07. The firm has a market cap of $25,460.00, a price-to-earnings ratio of 18.00, a P/E/G ratio of 0.28 and a beta of 1.12.

Western Digital (NASDAQ:WDC) last released its earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, beating the consensus estimate of $3.01 by $0.55. Western Digital had a net margin of 7.38% and a return on equity of 26.48%. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.13 billion. During the same period last year, the business earned $1.18 earnings per share. The firm’s revenue was up 9.9% on a year-over-year basis. research analysts anticipate that Western Digital Corp will post 12.21 EPS for the current fiscal year.

Western Digital announced that its Board of Directors has initiated a stock repurchase plan on Thursday, November 9th that allows the company to buyback $2.10 billion in shares. This buyback authorization allows the data storage provider to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Friday, December 29th were paid a $0.50 dividend. The ex-dividend date was Thursday, December 28th. This represents a $2.00 annualized dividend and a dividend yield of 2.32%. Western Digital’s dividend payout ratio is presently 41.75%.

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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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