Healthcare of Ontario Pension Plan Trust Fund Sells 50,600 Shares of Western Digital Co. (NASDAQ:WDC)

Posted by on Mar 1st, 2023

Healthcare of Ontario Pension Plan Trust Fund lessened its stake in Western Digital Co. (NASDAQ:WDC – Get Rating) by 76.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,300 shares of the data storage provider’s stock after selling 50,600 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Western Digital were worth $498,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of WDC. Greenwich Wealth Management LLC grew its holdings in shares of Western Digital by 0.7% during the second quarter. Greenwich Wealth Management LLC now owns 40,973 shares of the data storage provider’s stock worth $1,837,000 after buying an additional 266 shares in the last quarter. Financial Gravity Asset Management Inc. lifted its position in shares of Western Digital by 148.0% in the second quarter. Financial Gravity Asset Management Inc. now owns 496 shares of the data storage provider’s stock valued at $334,000 after buying an additional 296 shares during the last quarter. Cibc World Market Inc. lifted its position in shares of Western Digital by 1.2% in the second quarter. Cibc World Market Inc. now owns 25,556 shares of the data storage provider’s stock valued at $1,146,000 after buying an additional 309 shares during the last quarter. Beacon Pointe Advisors LLC lifted its position in shares of Western Digital by 6.9% in the second quarter. Beacon Pointe Advisors LLC now owns 6,109 shares of the data storage provider’s stock valued at $274,000 after buying an additional 393 shares during the last quarter. Finally, Forum Financial Management LP lifted its position in shares of Western Digital by 10.0% in the first quarter. Forum Financial Management LP now owns 4,414 shares of the data storage provider’s stock valued at $219,000 after buying an additional 400 shares during the last quarter. 85.47% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on WDC. StockNews.com raised Western Digital to a “sell” rating in a report on Wednesday, February 8th. Benchmark raised Western Digital from a “sell” rating to a “hold” rating in a report on Friday, January 6th. Mizuho raised Western Digital from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $38.00 to $50.00 in a report on Friday, February 10th. BNP Paribas upgraded Western Digital from an “underperform” rating to a “neutral” rating and set a $42.00 price objective on the stock in a research note on Monday, January 23rd. Finally, Craig Hallum raised their price objective on Western Digital from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, February 1st. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $50.40.

Western Digital Price Performance

Shares of WDC opened at $38.48 on Wednesday. The company has a market capitalization of $12.29 billion, a P/E ratio of -132.69 and a beta of 1.65. The company has a quick ratio of 1.05, a current ratio of 1.91 and a debt-to-equity ratio of 0.58. The firm has a 50 day moving average of $38.61 and a 200 day moving average of $37.90. Western Digital Co. has a twelve month low of $29.73 and a twelve month high of $63.26.

Western Digital (NASDAQ:WDC – Get Rating) last posted its earnings results on Tuesday, January 31st. The data storage provider reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.34). Western Digital had a positive return on equity of 5.78% and a negative net margin of 0.59%. The company had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $2.97 billion. During the same period last year, the firm posted $2.03 EPS. The company’s revenue for the quarter was down 35.7% on a year-over-year basis. As a group, equities research analysts anticipate that Western Digital Co. will post -4.19 earnings per share for the current fiscal year.

Western Digital Company Profile

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Western Digital Corp. engages in the development, manufacture, marketing, and sale of data storage devices and solutions. It operates through the Flash and Hard Disk Drive segments. The Flash segment represents flash-based data storage devices. The Hard Disk Drive segment provides hard disk storage solutions.

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Institutional Ownership by Quarter for Western Digital (NASDAQ:WDC)

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