AlphaCore Capital LLC Acquires Shares of 2,591 Western Digital Corporation $WDC

AlphaCore Capital LLC acquired a new position in shares of Western Digital Corporation (NASDAQ:WDC) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 2,591 shares of the data storage provider’s stock, valued at approximately $311,000.

A number of other institutional investors also recently modified their holdings of the business. WCM Investment Management LLC bought a new position in Western Digital during the third quarter worth about $791,317,000. Norges Bank acquired a new position in shares of Western Digital during the 2nd quarter worth approximately $220,680,000. Soroban Capital Partners LP increased its holdings in shares of Western Digital by 1,926.3% during the second quarter. Soroban Capital Partners LP now owns 3,061,134 shares of the data storage provider’s stock worth $195,882,000 after purchasing an additional 2,910,062 shares during the period. AQR Capital Management LLC increased its holdings in shares of Western Digital by 175.4% during the second quarter. AQR Capital Management LLC now owns 1,232,071 shares of the data storage provider’s stock worth $78,347,000 after purchasing an additional 784,645 shares during the period. Finally, Trivest Advisors Ltd raised its position in shares of Western Digital by 463.4% in the third quarter. Trivest Advisors Ltd now owns 920,000 shares of the data storage provider’s stock valued at $110,455,000 after buying an additional 756,700 shares in the last quarter. Institutional investors own 92.51% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Truist Financial set a $310.00 price objective on Western Digital in a research note on Tuesday, February 3rd. Loop Capital increased their target price on Western Digital to $250.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Citigroup raised their price target on Western Digital to $325.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. TD Cowen upped their price objective on shares of Western Digital from $200.00 to $325.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Finally, Weiss Ratings upgraded shares of Western Digital from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Western Digital presently has an average rating of “Moderate Buy” and a consensus target price of $265.58.

Western Digital Stock Down 0.9%

WDC stock opened at $279.70 on Monday. The firm has a 50-day moving average price of $238.58 and a 200-day moving average price of $166.82. Western Digital Corporation has a 12 month low of $28.83 and a 12 month high of $309.90. The company has a current ratio of 1.46, a quick ratio of 1.19 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $94.83 billion, a P/E ratio of 28.05, a price-to-earnings-growth ratio of 0.65 and a beta of 1.75.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Thursday, January 29th. The data storage provider reported $2.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.20. Western Digital had a net margin of 35.52% and a return on equity of 41.53%. The business had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $2.93 billion. During the same period in the prior year, the company earned $1.77 EPS. The firm’s quarterly revenue was up 25.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Western Digital Corporation will post 4.89 EPS for the current fiscal year.

Western Digital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Thursday, March 5th will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Thursday, March 5th. This represents a $0.50 annualized dividend and a dividend yield of 0.2%. Western Digital’s dividend payout ratio (DPR) is 5.02%.

Insiders Place Their Bets

In other Western Digital news, Director Matthew E. Massengill sold 36,926 shares of the company’s stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $260.43, for a total value of $9,616,638.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Cynthia L. Tregillis sold 6,780 shares of Western Digital stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $270.49, for a total value of $1,833,922.20. Following the sale, the insider directly owned 136,538 shares in the company, valued at $36,932,163.62. The trade was a 4.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 67,606 shares of company stock valued at $17,296,369 in the last 90 days. Corporate insiders own 0.18% of the company’s stock.

Western Digital Profile

Western Digital Corporation is a global data storage company that designs, manufactures and sells a broad range of storage devices and systems for personal, enterprise and cloud applications. Headquartered in San Jose, California, the company develops hard disk drives (HDDs), solid-state drives (SSDs), NAND flash components and finished storage products used in PCs, external storage, servers, network-attached storage (NAS) and embedded systems.

Its product portfolio spans consumer and commercial markets, including internal and external HDDs and SSDs, removable flash memory products and storage platforms for data center and enterprise environments.