Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Western Digital Corporation (NASDAQ:WDC – Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 269,532 shares of the data storage provider’s stock, valued at approximately $172,155,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Meiji Yasuda Asset Management Co Ltd. purchased a new stake in Western Digital in the 2nd quarter valued at about $5,628,000. Twin Tree Management LP acquired a new position in Western Digital in the second quarter valued at about $3,604,000. Clear Harbor Asset Management LLC purchased a new position in Western Digital during the second quarter worth about $2,061,000. Compass Financial Management LLC purchased a new position in Western Digital during the second quarter worth about $756,000. Finally, Elevation Point Wealth Partners LLC acquired a new stake in shares of Western Digital during the second quarter valued at about $27,269,000. 92.51% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In other Western Digital news, insider Vidyadhara K. Gubbi sold 2,475 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $556.24, for a total transaction of $1,376,694.00. Following 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Bruce E. Kiddoo sold 750 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $528.52, for a total value of $396,390.00. Following the completion of the sale, the director directly owned 3,903 shares in the company, valued at $2,062,813.56. This represents a 16.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 24,679 shares of company stock worth $11,451,605 in the last quarter. Company insiders own 0.18% of the company’s stock.
Western Digital Stock Performance
Western Digital (NASDAQ:WDC – Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The data storage provider reported $3.56 EPS for the quarter, beating the consensus estimate of $3.31 by $0.25. The company had revenue of $3.75 billion during the quarter, compared to analysts’ expectations of $3.70 billion. Western Digital had a net margin of 72.95% and a return on equity of 48.15%. The firm’s revenue was up 43.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.66 EPS. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. On average, research analysts forecast that Western Digital Corporation will post 19.65 EPS for the current fiscal year.
Western Digital Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Tuesday, September 8th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend is Tuesday, September 8th. Western Digital’s payout ratio is presently 2.48%.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently issued reports on WDC shares. TD Cowen upped their price objective on shares of Western Digital from $500.00 to $540.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Mizuho set a $590.00 target price on shares of Western Digital in a report on Thursday, August 6th. Zacks Research raised Western Digital from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 6th. Citigroup decreased their price target on Western Digital from $800.00 to $740.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Finally, Morgan Stanley restated an “overweight” rating and set a $676.00 price target on shares of Western Digital in a research report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Western Digital has an average rating of “Moderate Buy” and an average target price of $534.56.
Get Our Latest Stock Report on WDC
About Western Digital
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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