Palladium Partners LLC Lowers Position in Western Digital Corp (WDC)

Palladium Partners LLC decreased its stake in shares of Western Digital Corp (NASDAQ:WDC) by 1.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,780 shares of the data storage provider’s stock after selling 217 shares during the period. Palladium Partners LLC’s holdings in Western Digital Corp were worth $1,054,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of WDC. Zweig DiMenna Associates LLC purchased a new position in Western Digital Corp during the third quarter valued at about $11,109,000. South Dakota Investment Council raised its position in Western Digital Corp by 18.1% in the third quarter. South Dakota Investment Council now owns 360,580 shares of the data storage provider’s stock valued at $21,083,000 after buying an additional 55,190 shares in the last quarter. A.R. Schmeidler & Co. Inc. purchased a new position in Western Digital Corp during the third quarter valued at about $20,594,000. Los Angeles Capital Management & Equity Research Inc. raised its position in Western Digital Corp by 926.9% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 1,185,315 shares of the data storage provider’s stock valued at $69,305,000 after buying an additional 1,069,889 shares in the last quarter. Finally, ARGI Investment Services LLC purchased a new position in Western Digital Corp during the third quarter valued at about $1,220,000. 88.22% of the stock is currently owned by institutional investors.

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

Western Digital Corp (NASDAQ:WDC) traded up 0.83% during trading on Friday, reaching $90.01. 2,939,704 shares of the company’s stock traded hands. The firm has a 50 day moving average of $86.94 and a 200 day moving average of $75.72. The firm’s market capitalization is $26.21 billion. Western Digital Corp has a 1-year low of $41.64 and a 1-year high of $91.00.

Western Digital Corp (NASDAQ:WDC) last posted its earnings results on Thursday, April 27th. The data storage provider reported $2.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.85 by $0.22. Western Digital Corp had a negative net margin of 2.56% and a positive return on equity of 13.38%. The firm had revenue of $4.65 billion during the quarter, compared to the consensus estimate of $4.57 billion. During the same period last year, the firm posted $1.21 EPS. The firm’s revenue for the quarter was up 64.7% on a year-over-year basis. Equities analysts forecast that Western Digital Corp will post $8.89 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 17th. Shareholders of record on Friday, June 30th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $2.00 annualized dividend and a yield of 2.22%. Western Digital Corp’s dividend payout ratio (DPR) is currently -133.33%.

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Several equities analysts have issued reports on the stock. Vetr lowered shares of Western Digital Corp from a “hold” rating to a “sell” rating and set a $80.38 price target on the stock. in a report on Monday, April 10th. BMO Capital Markets reaffirmed a “buy” rating and issued a $104.00 price target on shares of Western Digital Corp in a report on Thursday, April 27th. Susquehanna Bancshares Inc reaffirmed a “positive” rating and issued a $140.00 price target on shares of Western Digital Corp in a report on Wednesday, May 17th. Maxim Group lifted their price target on shares of Western Digital Corp from $104.00 to $108.00 and gave the stock a “buy” rating in a report on Friday, April 28th. Finally, Benchmark Co. reaffirmed a “buy” rating and issued a $135.00 price target on shares of Western Digital Corp in a report on Wednesday. Six analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the stock. Western Digital Corp presently has a consensus rating of “Buy” and a consensus price target of $94.39.

In other Western Digital Corp news, EVP Manish H. Bhatia sold 34,734 shares of the firm’s stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $75.18, for a total transaction of $2,611,302.12. Following the completion of the transaction, the executive vice president now directly owns 81,948 shares in the company, valued at approximately $6,160,850.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael D. Cordano sold 4,959 shares of the firm’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $90.34, for a total transaction of $447,996.06. Following the transaction, the insider now owns 60,830 shares of the company’s stock, valued at $5,495,382.20. The disclosure for this sale can be found here. Insiders have sold a total of 210,714 shares of company stock valued at $17,991,280 over the last 90 days. 0.46% of the stock is currently owned by insiders.

About Western Digital Corp

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).

12 Month Chart for NASDAQ:WDC

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