Alteri Wealth LLC Acquires 3,594 Shares of Western Digital Corporation $WDC

Alteri Wealth LLC increased its stake in shares of Western Digital Corporation (NASDAQ:WDC) by 48.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,060 shares of the data storage provider’s stock after acquiring an additional 3,594 shares during the quarter. Alteri Wealth LLC’s holdings in Western Digital were worth $708,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Alyeska Investment Group L.P. increased its holdings in shares of Western Digital by 130.0% during the 1st quarter. Alyeska Investment Group L.P. now owns 5,029,359 shares of the data storage provider’s stock worth $203,337,000 after purchasing an additional 2,842,822 shares during the period. Deutsche Bank AG lifted its stake in shares of Western Digital by 107.1% in the first quarter. Deutsche Bank AG now owns 3,369,331 shares of the data storage provider’s stock valued at $136,222,000 after buying an additional 1,742,481 shares during the period. Canada Pension Plan Investment Board acquired a new stake in Western Digital during the first quarter worth about $50,897,000. Westfield Capital Management Co. LP acquired a new stake in Western Digital during the first quarter worth about $35,406,000. Finally, Caisse DE Depot ET Placement DU Quebec bought a new position in Western Digital during the first quarter valued at about $22,849,000. 92.51% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Irving Tan sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $150.69, for a total value of $3,013,800.00. Following the completion of the transaction, the chief executive officer directly owned 645,467 shares in the company, valued at approximately $97,265,422.23. The trade was a 3.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Cynthia L. Tregillis sold 14,067 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $74.78, for a total transaction of $1,051,930.26. Following the completion of the sale, the insider directly owned 135,351 shares in the company, valued at $10,121,547.78. This represents a 9.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 51,565 shares of company stock worth $5,558,681. Company insiders own 0.18% of the company’s stock.

Western Digital Trading Down 5.9%

NASDAQ:WDC opened at $152.86 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 0.84 and a debt-to-equity ratio of 0.47. Western Digital Corporation has a 1-year low of $28.83 and a 1-year high of $178.45. The firm has a market capitalization of $52.26 billion, a price-to-earnings ratio of 29.68, a PEG ratio of 1.14 and a beta of 1.81. The business’s 50-day moving average price is $128.54 and its two-hundred day moving average price is $87.39.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Monday, April 7th. The data storage provider reported $1.78 EPS for the quarter. The business had revenue of $4.10 billion during the quarter. Western Digital had a net margin of 14.13% and a return on equity of 24.93%. On average, equities analysts expect that Western Digital Corporation will post 4.89 earnings per share for the current year.

Western Digital Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 18th. Stockholders of record on Thursday, December 4th will be given a dividend of $0.125 per share. This is an increase from Western Digital’s previous quarterly dividend of $0.10. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Thursday, December 4th. Western Digital’s payout ratio is 7.28%.

Analysts Set New Price Targets

WDC has been the subject of a number of recent research reports. Robert W. Baird set a $180.00 target price on Western Digital in a report on Friday, October 31st. Wells Fargo & Company upped their price target on Western Digital from $150.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, October 31st. Zacks Research upgraded Western Digital from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 13th. Benchmark lifted their price objective on Western Digital from $115.00 to $163.00 and gave the company a “buy” rating in a report on Friday, October 31st. Finally, Citigroup upped their target price on shares of Western Digital from $135.00 to $180.00 and gave the stock a “buy” rating in a report on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $160.74.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.