Cornerstone Investment Partners LLC cut its holdings in shares of Western Digital Corp (NASDAQ:WDC) by 36.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,097 shares of the data storage provider’s stock after selling 29,018 shares during the period. Cornerstone Investment Partners LLC’s holdings in Western Digital were worth $1,852,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in WDC. Brown Advisory Inc. grew its position in Western Digital by 77.6% during the 2nd quarter. Brown Advisory Inc. now owns 4,922 shares of the data storage provider’s stock worth $381,000 after acquiring an additional 2,150 shares during the last quarter. FMR LLC grew its position in Western Digital by 0.8% during the 2nd quarter. FMR LLC now owns 1,093,275 shares of the data storage provider’s stock worth $84,630,000 after acquiring an additional 8,946 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its position in Western Digital by 36.6% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 16,247 shares of the data storage provider’s stock worth $1,258,000 after acquiring an additional 4,353 shares during the last quarter. BB&T Securities LLC grew its position in Western Digital by 65.0% during the 2nd quarter. BB&T Securities LLC now owns 31,350 shares of the data storage provider’s stock worth $2,426,000 after acquiring an additional 12,347 shares during the last quarter. Finally, Voya Investment Management LLC grew its position in Western Digital by 17.4% during the 2nd quarter. Voya Investment Management LLC now owns 272,890 shares of the data storage provider’s stock worth $21,125,000 after acquiring an additional 40,445 shares during the last quarter. Institutional investors and hedge funds own 83.61% of the company’s stock.
A number of research analysts have commented on the company. Loop Capital decreased their price objective on Western Digital to $80.00 and set an “average” rating on the stock in a research report on Friday, October 26th. Benchmark decreased their price objective on Western Digital from $120.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, September 21st. Guggenheim reiterated a “buy” rating and issued a $125.00 price objective on shares of Western Digital in a research report on Monday, September 17th. Citigroup decreased their price objective on Western Digital from $106.00 to $75.00 and set a “buy” rating on the stock in a research report on Monday, October 29th. Finally, Robert W. Baird reiterated a “buy” rating and issued a $55.00 price objective on shares of Western Digital in a research report on Friday, November 9th. Two equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $79.68.
Shares of WDC stock traded up $0.45 during trading hours on Friday, reaching $40.26. The company had a trading volume of 197,309 shares, compared to its average volume of 6,082,360. The company has a quick ratio of 1.70, a current ratio of 2.41 and a debt-to-equity ratio of 0.96. The company has a market cap of $11.52 billion, a P/E ratio of 2.95, a price-to-earnings-growth ratio of 0.35 and a beta of 1.22. Western Digital Corp has a 1-year low of $33.83 and a 1-year high of $106.96.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, October 25th. The data storage provider reported $2.78 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.70 by $0.08. The business had revenue of $5.03 billion for the quarter, compared to the consensus estimate of $5.14 billion. Western Digital had a return on equity of 35.37% and a net margin of 2.46%. Research analysts anticipate that Western Digital Corp will post 5.94 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 14th. Investors of record on Friday, December 28th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.97%. The ex-dividend date is Thursday, December 27th. Western Digital’s payout ratio is presently 14.80%.
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About Western Digital
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.
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