Compass Financial Management LLC purchased a new stake in Western Digital Corporation (NASDAQ:WDC – Free Report) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 1,238 shares of the data storage provider’s stock, valued at approximately $756,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Elevation Point Wealth Partners LLC bought a new stake in shares of Western Digital in the 2nd quarter valued at $27,269,000. Greenland Capital Management LP bought a new position in Western Digital during the second quarter worth $505,000. Alta Advisers Ltd bought a new position in Western Digital during the second quarter worth $11,735,000. Daiichi Life Insurance Co. Ltd. acquired a new stake in Western Digital in the second quarter worth $10,267,000. Finally, Commerce Bank acquired a new stake in Western Digital in the second quarter worth $10,750,000. 92.51% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In other news, insider Vidyadhara K. Gubbi sold 2,475 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $556.24, for a total value of $1,376,694.00. Following the completion of the sale, the insider owned 85,154 shares in the company, valued at $47,366,060.96. This represents a 2.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Irving Tan sold 20,000 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $444.97, for a total transaction of $8,899,400.00. Following the completion of the sale, the chief executive officer owned 575,966 shares of the company’s stock, valued at approximately $256,287,591.02. This represents a 3.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 24,679 shares of company stock worth $11,451,605 over the last three months. Company insiders own 0.18% of the company’s stock.
Western Digital Price Performance
Western Digital (NASDAQ:WDC – Get Free Report) last posted its earnings results on Wednesday, August 5th. The data storage provider reported $3.56 EPS for the quarter, topping the consensus estimate of $3.31 by $0.25. Western Digital had a net margin of 72.95% and a return on equity of 48.15%. The company had revenue of $3.75 billion during the quarter, compared to the consensus estimate of $3.70 billion. During the same period in the previous year, the firm posted $1.66 earnings per share. The firm’s revenue for the quarter was up 43.8% on a year-over-year basis. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. As a group, equities research analysts anticipate that Western Digital Corporation will post 19.65 earnings per share for the current fiscal year.
Western Digital Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Tuesday, September 8th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.60 annualized dividend and a dividend yield of 0.1%. Western Digital’s dividend payout ratio is 2.48%.
Analyst Ratings Changes
Several brokerages have recently weighed in on WDC. Summit Insights lowered shares of Western Digital from a “buy” rating to a “hold” rating in a report on Thursday, August 6th. Susquehanna raised their target price on Western Digital from $360.00 to $500.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Cantor Fitzgerald boosted their target price on Western Digital from $660.00 to $900.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. Morgan Stanley reaffirmed an “overweight” rating and set a $676.00 price target on shares of Western Digital in a research note on Thursday, August 6th. Finally, Melius Research set a $1,050.00 price target on Western Digital and gave the stock a “buy” rating in a report on Monday, June 29th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $534.56.
Get Our Latest Stock Analysis on WDC
Western Digital Company 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.
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