Principal Financial Group Inc. boosted its stake in shares of Western Digital Corp. (NASDAQ:WDC) by 2.5% during the third quarter, Holdings Channel reports. The firm owned 440,262 shares of the data storage provider’s stock after buying an additional 10,887 shares during the period. Principal Financial Group Inc. owned 0.15% of Western Digital Corp. worth $25,742,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the stock. American International Group Inc. raised its position in shares of Western Digital Corp. by 8,124.5% in the second quarter. American International Group Inc. now owns 9,620,001 shares of the data storage provider’s stock worth $454,641,000 after buying an additional 9,503,034 shares during the last quarter. Neuberger Berman Group LLC raised its position in shares of Western Digital Corp. by 103.1% in the second quarter. Neuberger Berman Group LLC now owns 3,393,531 shares of the data storage provider’s stock worth $160,379,000 after buying an additional 1,722,928 shares during the last quarter. Appaloosa LP bought a new position in shares of Western Digital Corp. during the second quarter worth $68,527,000. Artemis Investment Management LLP bought a new position in shares of Western Digital Corp. during the second quarter worth $64,444,000. Finally, Miller Howard Investments Inc. NY bought a new position in shares of Western Digital Corp. during the third quarter worth $77,016,000. 86.26% of the stock is owned by institutional investors.
Shares of Western Digital Corp. (NASDAQ:WDC) opened at 73.24 on Thursday. The firm’s market capitalization is $20.91 billion. Western Digital Corp. has a 12-month low of $34.99 and a 12-month high of $73.47. The firm has a 50-day moving average of $68.50 and a 200-day moving average of $56.70.
Western Digital Corp. (NASDAQ:WDC) last announced its quarterly earnings data on Wednesday, October 26th. The data storage provider reported $1.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.13. Western Digital Corp. had a negative net margin of 2.73% and a positive return on equity of 11.74%. The company earned $4.71 billion during the quarter, compared to analysts’ expectations of $4.51 billion. During the same quarter in the prior year, the company earned $1.56 EPS. The firm’s revenue was up 40.3% on a year-over-year basis. Equities analysts anticipate that Western Digital Corp. will post $7.07 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 17th. Stockholders of record on Friday, December 30th were paid a $0.50 dividend. The ex-dividend date was Wednesday, December 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.73%. Western Digital Corp.’s dividend payout ratio (DPR) is -162.60%.
A number of equities analysts recently weighed in on the stock. Citigroup Inc. set a $80.00 target price on shares of Western Digital Corp. and gave the stock a “buy” rating in a research note on Wednesday, November 30th. Brean Capital reissued a “buy” rating on shares of Western Digital Corp. in a research report on Tuesday, December 20th. Jefferies Group reissued a “buy” rating and set a $80.00 price target (up from $75.00) on shares of Western Digital Corp. in a research report on Wednesday, December 7th. Maxim Group boosted their price target on shares of Western Digital Corp. from $88.00 to $93.00 and gave the stock a “buy” rating in a research report on Thursday, October 27th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $66.00 price target on shares of Western Digital Corp. in a research report on Wednesday, December 7th. Eight equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $75.28.
In related news, insider Michael D. Cordano sold 889 shares of the company’s stock in a transaction on Monday, November 7th. The shares were sold at an average price of $56.41, for a total transaction of $50,148.49. Following the completion of the sale, the insider now directly owns 55,772 shares in the company, valued at approximately $3,146,098.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Sanjay Mehrotra sold 100,000 shares of the company’s stock in a transaction on Friday, December 9th. The shares were sold at an average price of $68.08, for a total transaction of $6,808,000.00. Following the sale, the director now owns 104,089 shares of the company’s stock, valued at $7,086,379.12. The disclosure for this sale can be found here. 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).
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