Manning & Napier Advisors LLC raised its stake in Western Digital Corporation (NASDAQ:WDC) by 419.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 57,363 shares of the data storage provider’s stock after buying an additional 46,313 shares during the period. Manning & Napier Advisors LLC’s holdings in Western Digital Corporation were worth $5,081,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in Western Digital Corporation by 4.5% in the first quarter. Vanguard Group Inc. now owns 28,741,455 shares of the data storage provider’s stock valued at $2,372,032,000 after buying an additional 1,250,528 shares in the last quarter. Iridian Asset Management LLC CT raised its stake in Western Digital Corporation by 244.0% in the first quarter. Iridian Asset Management LLC CT now owns 5,541,511 shares of the data storage provider’s stock valued at $457,341,000 after buying an additional 3,930,465 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Western Digital Corporation by 10.4% in the first quarter. Ameriprise Financial Inc. now owns 4,038,573 shares of the data storage provider’s stock valued at $333,102,000 after buying an additional 380,404 shares in the last quarter. Geode Capital Management LLC raised its stake in Western Digital Corporation by 9.6% in the first quarter. Geode Capital Management LLC now owns 3,031,364 shares of the data storage provider’s stock valued at $249,848,000 after buying an additional 264,706 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Western Digital Corporation by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,978,975 shares of the data storage provider’s stock valued at $245,876,000 after buying an additional 7,910 shares in the last quarter. Institutional investors own 81.91% of the company’s stock.
Shares of Western Digital Corporation (WDC) traded up 0.87% during trading on Friday, hitting $83.20. The stock had a trading volume of 3,002,888 shares. Western Digital Corporation has a 12-month low of $45.25 and a 12-month high of $95.77. The stock has a 50-day moving average of $87.67 and a 200 day moving average of $84.55. The firm has a market cap of $24.29 billion, a price-to-earnings ratio of 62.09 and a beta of 1.22.
Western Digital Corporation (NASDAQ:WDC) last posted its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.51 by $0.42. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same quarter last year, the firm earned $0.79 earnings per share. The company’s revenue for the quarter was up 38.5% compared to the same quarter last year. On average, analysts predict that Western Digital Corporation will post $12.54 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be paid a $0.50 dividend. The ex-dividend date is Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.40%. Western Digital Corporation’s dividend payout ratio (DPR) is currently 156.25%.
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Several equities research analysts have commented on WDC shares. Royal Bank Of Canada restated a “buy” rating on shares of Western Digital Corporation in a research report on Monday, June 12th. BidaskClub upgraded Western Digital Corporation from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, June 28th. Vetr upgraded Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $97.97 target price on the stock in a research report on Monday, May 22nd. Barclays PLC increased their target price on Western Digital Corporation to $131.00 and gave the company an “overweight” rating in a research report on Friday, July 28th. Finally, Benchmark Co. reiterated a “buy” rating and set a $135.00 target price on shares of Western Digital Corporation in a research report on Wednesday, May 24th. Eight equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Western Digital Corporation presently has an average rating of “Buy” and an average target price of $104.66.
In related news, EVP Srinivasan Sivaram sold 16,049 shares of the stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $85.06, for a total value of $1,365,127.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark P. Long sold 1,517 shares of the stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $80.97, for a total value of $122,831.49. Following the completion of the transaction, the chief financial officer now directly owns 88,207 shares of the company’s stock, valued at approximately $7,142,120.79. The disclosure for this sale can be found here. In the last quarter, insiders sold 123,644 shares of company stock valued at $10,946,300. Insiders own 0.46% of the company’s stock.
Western Digital Corporation Company 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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