RiverPark Advisors LLC boosted its position in shares of Western Digital Corp (NASDAQ:WDC) by 88.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 23,500 shares of the data storage provider’s stock after acquiring an additional 11,000 shares during the quarter. RiverPark Advisors LLC’s holdings in Western Digital were worth $1,869,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Cerebellum GP LLC purchased a new stake in Western Digital during the fourth quarter valued at $121,000. Acadian Asset Management LLC bought a new stake in Western Digital during the fourth quarter valued at about $132,000. Focused Wealth Management Inc bought a new stake in Western Digital during the fourth quarter valued at about $143,000. SeaCrest Wealth Management LLC bought a new stake in Western Digital during the fourth quarter valued at about $149,000. Finally, Icon Wealth Partners LLC bought a new stake in Western Digital during the fourth quarter valued at about $171,000. Institutional investors own 84.97% of the company’s stock.
In other Western Digital news, EVP Michael Charles Ray sold 1,208 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $88.53, for a total transaction of $106,944.24. Following the sale, the executive vice president now directly owns 40,144 shares in the company, valued at $3,553,948.32. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Stephen D. Milligan sold 23,155 shares of the company’s stock in a transaction that occurred on Wednesday, March 7th. The shares were sold at an average price of $94.49, for a total value of $2,187,915.95. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 187,757 shares of company stock worth $16,522,057. Company insiders own 0.31% of the company’s stock.
Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, January 25th. The data storage provider reported $3.95 EPS for the quarter, beating analysts’ consensus estimates of $3.51 by $0.44. Western Digital had a return on equity of 30.78% and a net margin of 1.93%. The company had revenue of $5.34 billion during the quarter, compared to analyst estimates of $5.31 billion. During the same period in the prior year, the company earned $2.30 earnings per share. The firm’s revenue was up 9.2% on a year-over-year basis. equities analysts anticipate that Western Digital Corp will post 12.66 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Friday, March 30th will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, March 29th. This represents a $2.00 dividend on an annualized basis and a yield of 2.01%. Western Digital’s dividend payout ratio (DPR) is presently 165.29%.
Several analysts have issued reports on the company. BidaskClub raised Western Digital from a “buy” rating to a “strong-buy” rating in a report on Saturday. Morgan Stanley lowered Western Digital from an “overweight” rating to an “equal weight” rating and set a $120.00 price target for the company. in a report on Monday, November 27th. Vetr lowered Western Digital from a “buy” rating to a “hold” rating and set a $95.09 price target for the company. in a report on Tuesday, November 21st. UBS Group assumed coverage on Western Digital in a report on Tuesday, March 6th. They set a “hold” rating and a $90.00 price target for the company. Finally, Craig Hallum cut their price target on Western Digital from $142.00 to $110.00 and set a “buy” rating for the company in a report on Friday, January 26th. Twelve research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and three have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $111.62.
About Western Digital
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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