Pictet Asset Management Ltd. trimmed its position in Western Digital Corp (NASDAQ:WDC) by 3.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 156,357 shares of the data storage provider’s stock after selling 5,100 shares during the quarter. Pictet Asset Management Ltd. owned approximately 0.05% of Western Digital worth $9,153,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Ruggie Capital Group acquired a new position in shares of Western Digital during the 2nd quarter worth about $100,000. TRUE Private Wealth Advisors acquired a new position in shares of Western Digital during the 3rd quarter worth about $107,000. NEXT Financial Group Inc acquired a new position in shares of Western Digital during the 3rd quarter worth about $109,000. Migdal Insurance & Financial Holdings Ltd. grew its position in shares of Western Digital by 16,520.0% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,662 shares of the data storage provider’s stock worth $129,000 after buying an additional 1,652 shares during the period. Finally, Qube Research & Technologies Ltd grew its position in shares of Western Digital by 536.5% during the 2nd quarter. Qube Research & Technologies Ltd now owns 2,247 shares of the data storage provider’s stock worth $174,000 after buying an additional 1,894 shares during the period. Hedge funds and other institutional investors own 83.64% of the company’s stock.
WDC has been the subject of several analyst reports. Loop Capital decreased their target price on Western Digital to $80.00 and set an “average” rating for the company in a research report on Friday, October 26th. Benchmark cut their price objective on Western Digital from $120.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, September 21st. Guggenheim reiterated a “buy” rating and set a $125.00 price objective on shares of Western Digital in a report on Monday, September 17th. Longbow Research set a $100.00 price objective on Western Digital and gave the company a “buy” rating in a report on Thursday, September 6th. Finally, Citigroup cut their price objective on Western Digital from $106.00 to $75.00 and set a “buy” rating on the stock in a report on Monday, October 29th. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and thirteen have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $79.80.
NASDAQ WDC opened at $42.03 on Friday. The company has a market capitalization of $12.46 billion, a price-to-earnings ratio of 3.11, a PEG ratio of 0.37 and a beta of 1.15. The company has a current ratio of 2.41, a quick ratio of 1.70 and a debt-to-equity ratio of 0.96. Western Digital Corp has a 52 week low of $40.58 and a 52 week high of $106.96.
Western Digital (NASDAQ:WDC) last released its earnings results on Thursday, October 25th. The data storage provider reported $2.78 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.70 by $0.08. The firm had revenue of $5.03 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Western Digital had a return on equity of 35.37% and a net margin of 2.46%. As a group, equities analysts expect that Western Digital Corp will post 6.19 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, January 14th. Shareholders of record on Friday, December 28th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.76%. The ex-dividend date is Thursday, December 27th. Western Digital’s payout ratio is 14.80%.
In other Western Digital news, Director Matthew E. Massengill sold 1,681 shares of the business’s stock in a transaction that occurred on Monday, November 5th. The stock was sold at an average price of $47.68, for a total value of $80,150.08. Following the sale, the director now owns 17,848 shares in the company, valued at approximately $850,992.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.36% of the company’s stock.
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Western Digital Profile
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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