Pictet Asset Management Ltd. reduced its holdings in Western Digital Corp (NASDAQ:WDC) by 1.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 146,157 shares of the data storage provider’s stock after selling 1,600 shares during the quarter. Pictet Asset Management Ltd.’s holdings in Western Digital were worth $8,717,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of WDC. Amundi Pioneer Asset Management Inc. grew its stake in Western Digital by 8.5% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 291,747 shares of the data storage provider’s stock valued at $14,022,000 after acquiring an additional 22,751 shares during the period. AE Wealth Management LLC grew its stake in Western Digital by 79.6% in the second quarter. AE Wealth Management LLC now owns 8,123 shares of the data storage provider’s stock valued at $386,000 after acquiring an additional 3,599 shares during the period. BB&T Corp grew its stake in Western Digital by 51.0% in the second quarter. BB&T Corp now owns 9,277 shares of the data storage provider’s stock valued at $441,000 after acquiring an additional 3,135 shares during the period. Artemis Investment Management LLP grew its stake in Western Digital by 8.8% in the second quarter. Artemis Investment Management LLP now owns 571,939 shares of the data storage provider’s stock valued at $27,127,000 after acquiring an additional 46,211 shares during the period. Finally, Manning & Napier Group LLC grew its stake in Western Digital by 22.2% in the second quarter. Manning & Napier Group LLC now owns 129,756 shares of the data storage provider’s stock valued at $6,169,000 after acquiring an additional 23,598 shares during the period. Institutional investors and hedge funds own 84.44% of the company’s stock.
WDC has been the subject of a number of research reports. Maxim Group set a $126.00 price objective on Western Digital and gave the company a “buy” rating in a research note on Friday, September 6th. Loop Capital raised Western Digital from a “hold” rating to a “buy” rating and lifted their target price for the company from $50.00 to $75.00 in a research report on Monday, October 14th. BidaskClub cut Western Digital from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 21st. Barclays started coverage on Western Digital in a research report on Wednesday, August 7th. They set an “equal weight” rating and a $53.00 target price on the stock. Finally, ValuEngine cut Western Digital from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $62.40.
Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Wednesday, October 30th. The data storage provider reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.41. Western Digital had a positive return on equity of 3.28% and a negative net margin of 9.89%. The business had revenue of $4.04 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter in the previous year, the firm earned $3.04 earnings per share. The business’s revenue was down 19.6% on a year-over-year basis. As a group, equities research analysts expect that Western Digital Corp will post 1.6 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 21st. Shareholders of record on Friday, January 3rd will be given a $0.50 dividend. The ex-dividend date is Thursday, January 2nd. This represents a $2.00 annualized dividend and a yield of 4.12%. Western Digital’s dividend payout ratio is currently 52.49%.
In other Western Digital news, EVP Michael Charles Ray sold 87,053 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $59.96, for a total value of $5,219,697.88. Following the transaction, the executive vice president now owns 112,480 shares of the company’s stock, valued at $6,744,300.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Michael D. Cordano sold 5,625 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $55.01, for a total value of $309,431.25. Following the completion of the transaction, the chief operating officer now directly owns 281,344 shares in the company, valued at approximately $15,476,733.44. The disclosure for this sale can be found here. In the last three months, insiders sold 100,428 shares of company stock worth $5,948,202. Insiders own 0.44% of the company’s stock.
About Western Digital
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.
Further Reading: Discover Your Risk Tolerance
Want to see what other hedge funds are holding WDC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Western Digital Corp (NASDAQ:WDC).
Receive News & Ratings for Western Digital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Digital and related companies with MarketBeat.com's FREE daily email newsletter.