Pitcairn Co. trimmed its position in shares of Western Digital Corporation (NASDAQ:WDC) by 68.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,941 shares of the data storage provider’s stock after selling 6,427 shares during the quarter. Pitcairn Co.’s holdings in Western Digital Corporation were worth $254,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in WDC. Capital World Investors bought a new position in shares of Western Digital Corporation during the second quarter worth $1,019,202,000. Vanguard Group Inc. boosted its position in shares of 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 in the last quarter. Janus Henderson Group PLC boosted its position in shares of Western Digital Corporation by 140.4% during the second quarter. Janus Henderson Group PLC now owns 1,994,833 shares of the data storage provider’s stock worth $176,746,000 after purchasing an additional 1,164,954 shares in the last quarter. Schroder Investment Management Group boosted its position in shares of Western Digital Corporation by 24,087.4% during the second quarter. Schroder Investment Management Group now owns 902,431 shares of the data storage provider’s stock worth $82,709,000 after purchasing an additional 898,700 shares in the last quarter. Finally, Discovery Capital Management LLC CT boosted its position in shares of Western Digital Corporation by 98.9% during the second quarter. Discovery Capital Management LLC CT now owns 1,576,089 shares of the data storage provider’s stock worth $139,641,000 after purchasing an additional 783,589 shares in the last quarter. 82.03% of the stock is currently owned by institutional investors.

A number of brokerages have recently weighed in on WDC. Summit Redstone reissued a “buy” rating on shares of Western Digital Corporation in a research report on Saturday, July 22nd. Loop Capital began coverage on shares of Western Digital Corporation in a research report on Monday, July 24th. They set a “buy” rating and a $140.00 price target on the stock. Mizuho reissued a “buy” rating and set a $105.00 price target on shares of Western Digital Corporation in a research report on Monday, July 17th. Cowen and Company reissued an “outperform” rating and set a $117.00 price target on shares of Western Digital Corporation in a research report on Tuesday, July 25th. Finally, Vetr raised shares of Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $104.96 price target on the stock in a research report on Wednesday, July 26th. Nine investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and three have assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $113.95.

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Shares of Western Digital Corporation (WDC) traded up $1.29 on Friday, reaching $88.92. 3,226,400 shares of the company were exchanged, compared to its average volume of 3,705,463. Western Digital Corporation has a twelve month low of $56.26 and a twelve month high of $95.77. The firm has a market cap of $26,301.38, a price-to-earnings ratio of 8.93 and a beta of 1.17. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.13 and a current ratio of 2.64.

Western Digital Corporation (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 EPS for the quarter, beating the Zacks’ consensus estimate of $3.01 by $0.55. Western Digital Corporation had a net margin of 7.38% and a return on equity of 26.48%. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.13 billion. During the same quarter in the prior year, the business earned $1.18 EPS. Western Digital Corporation’s quarterly revenue was up 9.9% on a year-over-year basis. analysts anticipate that Western Digital Corporation will post 11.93 earnings per share for the current year.

Western Digital Corporation declared that its Board of Directors has approved a share buyback plan on Thursday, November 9th that authorizes the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be paid a $0.50 dividend. The ex-dividend date is Thursday, December 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.25%. Western Digital Corporation’s dividend payout ratio (DPR) is currently 41.75%.

In related news, insider Michael D. Cordano sold 3,670 shares of the company’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $82.55, for a total value of $302,958.50. Following the transaction, the insider now owns 79,881 shares in the company, valued at approximately $6,594,176.55. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Kathleen A. Cote sold 2,000 shares of the company’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $90.63, for a total transaction of $181,260.00. Following the completion of the transaction, the director now owns 16,421 shares in the company, valued at approximately $1,488,235.23. The disclosure for this sale can be found here. In the last quarter, insiders sold 49,556 shares of company stock worth $4,207,730. 0.31% of the stock is owned by company insiders.

Western Digital Corporation 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 Corporation (NASDAQ:WDC)

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