Coldstream Capital Management Inc. Grows Stock Holdings in Western Digital Corporation $WDC

Coldstream Capital Management Inc. lifted its holdings in shares of Western Digital Corporation (NASDAQ:WDC) by 59.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,352 shares of the data storage provider’s stock after acquiring an additional 2,368 shares during the quarter. Coldstream Capital Management Inc.’s holdings in Western Digital were worth $406,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Private Wealth Management Group LLC grew its stake in shares of Western Digital by 102.5% in the second quarter. Private Wealth Management Group LLC now owns 399 shares of the data storage provider’s stock valued at $26,000 after buying an additional 202 shares in the last quarter. NewSquare Capital LLC boosted its holdings in Western Digital by 86.9% in the 2nd quarter. NewSquare Capital LLC now owns 441 shares of the data storage provider’s stock worth $28,000 after acquiring an additional 205 shares during the period. CNB Bank acquired a new stake in Western Digital in the second quarter valued at approximately $37,000. Tobam acquired a new stake in Western Digital in the second quarter valued at approximately $38,000. Finally, SouthState Corp raised its stake in shares of Western Digital by 422.9% during the second quarter. SouthState Corp now owns 617 shares of the data storage provider’s stock valued at $39,000 after purchasing an additional 499 shares during the period. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Western Digital

In other news, CEO Irving Tan sold 20,000 shares of the stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $150.69, for a total transaction of $3,013,800.00. Following the sale, the chief executive officer directly owned 645,467 shares in the company, valued at approximately $97,265,422.23. This represents 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 the SEC website. Also, Director Kimberly Alexy sold 1,768 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $154.00, for a total value of $272,272.00. Following the completion of the sale, the director directly owned 3,585 shares in the company, valued at approximately $552,090. This trade represents a 33.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 34,911 shares of company stock worth $4,588,187 in the last ninety days. Insiders own 0.18% of the company’s stock.

Western Digital Stock Performance

WDC stock opened at $157.74 on Friday. The stock’s 50 day simple moving average is $135.63 and its 200 day simple moving average is $91.96. Western Digital Corporation has a 12-month low of $28.83 and a 12-month high of $178.45. The firm has a market cap of $53.93 billion, a P/E ratio of 30.63, a P/E/G ratio of 1.14 and a beta of 1.81. 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 (NASDAQ:WDC) last released its quarterly earnings data on Monday, April 7th. The data storage provider reported $1.78 EPS for the quarter. The firm 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%. As a group, equities research analysts predict that Western Digital Corporation will post 4.89 EPS for the current year.

Western Digital Increases Dividend

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

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on WDC shares. Wedbush upped their target price on shares of Western Digital from $90.00 to $135.00 and gave the company an “outperform” rating in a research note on Thursday, October 16th. Rosenblatt Securities upped their price objective on shares of Western Digital from $125.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Loop Capital lifted their target price on Western Digital to $250.00 and gave the stock a “buy” rating in a research report on Monday, November 10th. TD Cowen increased their price target on Western Digital from $90.00 to $200.00 and gave the company a “buy” rating in a report on Friday, October 31st. Finally, Sanford C. Bernstein upgraded Western Digital to a “hold” rating in a research note on Tuesday, September 16th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Western Digital presently has a consensus rating of “Moderate Buy” and an average price target of $162.16.

Western Digital 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.