Winslow Evans & Crocker Inc. decreased its holdings in shares of Western Digital Corp (NASDAQ:WDC) by 3.4% during the second quarter, Holdings Channel.com reports. The firm owned 7,100 shares of the data storage provider’s stock after selling 250 shares during the period. Winslow Evans & Crocker Inc.’s holdings in Western Digital were worth $338,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in WDC. First Interstate Bank raised its stake in shares of Western Digital by 159.2% in the first quarter. First Interstate Bank now owns 578 shares of the data storage provider’s stock valued at $28,000 after acquiring an additional 355 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its stake in shares of Western Digital by 57.0% in the first quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 650 shares of the data storage provider’s stock valued at $31,000 after acquiring an additional 236 shares during the period. Global Retirement Partners LLC raised its stake in shares of Western Digital by 66.1% in the first quarter. Global Retirement Partners LLC now owns 746 shares of the data storage provider’s stock valued at $36,000 after acquiring an additional 297 shares during the period. Investors Research Corp purchased a new stake in shares of Western Digital in the first quarter valued at $36,000. Finally, Institutional & Family Asset Management LLC raised its stake in shares of Western Digital by 167.6% in the first quarter. Institutional & Family Asset Management LLC now owns 784 shares of the data storage provider’s stock valued at $38,000 after acquiring an additional 491 shares during the period. 88.16% of the stock is currently owned by institutional investors.
WDC has been the topic of several recent analyst reports. Goldman Sachs Group set a $54.00 target price on shares of Western Digital and gave the company a “hold” rating in a research note on Sunday, July 21st. Cascend Securities reissued a “buy” rating and issued a $68.00 target price (up previously from $58.00) on shares of Western Digital in a research note on Monday. Bank of America reissued a “buy” rating and issued a $60.00 target price (up previously from $55.00) on shares of Western Digital in a research note on Wednesday, April 24th. Craig Hallum raised shares of Western Digital from a “hold” rating to a “buy” rating and increased their target price for the company from $49.00 to $54.00 in a research note on Wednesday, June 26th. Finally, Royal Bank of Canada increased their target price on shares of Western Digital from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, April 9th. They noted that the move was a valuation call. Five investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $57.42.
Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Monday, April 29th. The data storage provider reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.29). Western Digital had a net margin of 1.10% and a return on equity of 19.87%. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.68 billion. During the same quarter in the prior year, the business posted $3.63 earnings per share. The firm’s quarterly revenue was down 26.7% on a year-over-year basis. As a group, analysts forecast that Western Digital Corp will post 4.01 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date of this dividend was Thursday, June 27th. Western Digital’s dividend payout ratio is currently 14.80%.
Western Digital Company 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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