US Bancorp DE Sells 2,840 Shares of Western Digital Co. (NASDAQ:WDC)

US Bancorp DE lessened its stake in Western Digital Co. (NASDAQ:WDC) by 3.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 81,317 shares of the data storage provider’s stock after selling 2,840 shares during the quarter. US Bancorp DE’s holdings in Western Digital were worth $5,553,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. AGF Management Ltd. raised its holdings in Western Digital by 28,925.8% during the 2nd quarter. AGF Management Ltd. now owns 2,202,190 shares of the data storage provider’s stock valued at $166,860,000 after acquiring an additional 2,194,603 shares during the period. 1832 Asset Management L.P. raised its holdings in Western Digital by 247.0% during the 2nd quarter. 1832 Asset Management L.P. now owns 1,446,509 shares of the data storage provider’s stock valued at $109,602,000 after acquiring an additional 1,029,658 shares during the period. Canada Pension Plan Investment Board raised its holdings in Western Digital by 1,089.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,071,600 shares of the data storage provider’s stock valued at $73,126,000 after acquiring an additional 981,527 shares during the period. Bank of New York Mellon Corp raised its holdings in Western Digital by 39.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,861,229 shares of the data storage provider’s stock valued at $216,795,000 after acquiring an additional 810,977 shares during the period. Finally, Marshall Wace LLP increased its holdings in shares of Western Digital by 304.9% in the second quarter. Marshall Wace LLP now owns 709,386 shares of the data storage provider’s stock worth $53,750,000 after purchasing an additional 534,168 shares during the period. Institutional investors own 92.51% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on WDC. Citigroup decreased their price target on shares of Western Digital from $95.00 to $85.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. TD Cowen decreased their price target on shares of Western Digital from $95.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, September 13th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $115.00 price target on shares of Western Digital in a report on Friday, October 25th. BNP Paribas decreased their price target on shares of Western Digital from $95.00 to $90.00 in a report on Thursday, October 24th. Finally, Susquehanna upped their target price on shares of Western Digital from $75.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Six investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, Western Digital has an average rating of “Moderate Buy” and an average target price of $87.71.

Insider Buying and Selling at Western Digital

In other news, SVP Gene M. Zamiska sold 2,900 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $61.48, for a total transaction of $178,292.00. Following the sale, the senior vice president now owns 37,448 shares in the company, valued at $2,302,303.04. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP Gene M. Zamiska sold 2,900 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $61.48, for a total transaction of $178,292.00. Following the sale, the senior vice president now owns 37,448 shares in the company, valued at $2,302,303.04. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO David Goeckeler sold 75,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $70.32, for a total transaction of $5,274,000.00. Following the completion of the sale, the chief executive officer now owns 896,630 shares in the company, valued at $63,051,021.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 188,561 shares of company stock valued at $13,309,042. Corporate insiders own 0.30% of the company’s stock.

Western Digital Price Performance

WDC stock opened at $65.88 on Monday. Western Digital Co. has a 1 year low of $41.78 and a 1 year high of $81.55. The firm has a 50-day moving average of $65.69 and a 200 day moving average of $69.52. The company has a market cap of $22.77 billion, a P/E ratio of 38.75 and a beta of 1.40. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.47 and a quick ratio of 0.91.

Western Digital (NASDAQ:WDC) last announced its earnings results on Thursday, October 24th. The data storage provider reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.55 by $0.23. Western Digital had a net margin of 4.81% and a return on equity of 8.57%. The business had revenue of $4.10 billion during the quarter, compared to the consensus estimate of $4.12 billion. During the same quarter last year, the firm earned ($1.97) earnings per share. The business’s revenue for the quarter was up 48.9% on a year-over-year basis. On average, sell-side analysts forecast that Western Digital Co. will post 6.56 EPS for the current year.

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.