Dearborn Partners LLC Takes $1.82 Million Position in Western Digital Corporation $WDC

Dearborn Partners LLC purchased a new position in Western Digital Corporation (NASDAQ:WDC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,858 shares of the data storage provider’s stock, valued at approximately $1,825,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Western Digital by 7.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,988 shares of the data storage provider’s stock valued at $1,698,000 after acquiring an additional 3,019 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Western Digital by 229.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,388 shares of the data storage provider’s stock worth $56,000 after purchasing an additional 967 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Western Digital during the 2nd quarter worth approximately $307,000. Cresset Asset Management LLC bought a new stake in shares of Western Digital in the 2nd quarter worth approximately $292,000. Finally, Federated Hermes Inc. raised its holdings in shares of Western Digital by 55.3% in the 2nd quarter. Federated Hermes Inc. now owns 2,374 shares of the data storage provider’s stock worth $152,000 after purchasing an additional 845 shares during the period. Institutional investors own 92.51% of the company’s stock.

Insider Buying and Selling at Western Digital

In related news, CEO Irving Tan sold 20,000 shares of Western Digital stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $444.97, for a total value of $8,899,400.00. Following the transaction, the chief executive officer directly owned 575,966 shares of the company’s stock, valued at $256,287,591.02. The trade was a 3.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Cynthia L. Tregillis sold 1,007 shares of the business’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $478.36, for a total transaction of $481,708.52. Following the completion of the transaction, the insider owned 112,155 shares in the company, valued at $53,650,465.80. The trade was a 0.89% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 26,117 shares of company stock worth $12,053,353. 0.18% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on WDC shares. UBS Group cut their price target on Western Digital from $560.00 to $525.00 and set a “neutral” rating for the company in a research note on Thursday, August 6th. Wall Street Zen cut Western Digital from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 16th. TD Cowen upped their price objective on shares of Western Digital from $500.00 to $540.00 and gave the company a “buy” rating in a report on Thursday, August 6th. The Goldman Sachs Group reiterated a “neutral” rating and set a $400.00 target price on shares of Western Digital in a research report on Friday, May 1st. Finally, Summit Insights downgraded shares of Western Digital from a “buy” rating to a “hold” rating in a research note on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Western Digital presently has an average rating of “Moderate Buy” and an average target price of $534.56.

Western Digital Stock Down 1.5%

NASDAQ:WDC opened at $462.00 on Friday. The business’s 50-day moving average price is $532.72 and its two-hundred day moving average price is $439.49. Western Digital Corporation has a twelve month low of $77.90 and a twelve month high of $799.87. The stock has a market cap of $159.24 billion, a P/E ratio of 19.08 and a beta of 2.14.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Wednesday, August 5th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.31 by $0.25. The company had revenue of $3.75 billion during the quarter, compared to the consensus estimate 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 period in the previous year, the firm posted $1.66 EPS. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. On average, equities research analysts expect that Western Digital Corporation will post 19.65 EPS for the current fiscal year.

Western Digital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Tuesday, September 8th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date of this dividend is Tuesday, September 8th. Western Digital’s payout ratio is 2.48%.

Trending Headlines about Western Digital

Here are the key news stories impacting Western Digital this week:

• Positive Sentiment: Western Digital’s AI- and cloud-storage growth thesis remains intact. Industry momentum from AI infrastructure, cloud computing, the Internet of Things and automotive applications is supporting expectations for continued demand. 3 Storage Devices Stocks to Buy as the Industry Gains Momentum
• Positive Sentiment: A recent exchange of approximately $191 million of 3% convertible notes due 2028 is viewed as constructive liability management because it can reduce debt, although issuing shares may create some dilution. What’s Going on With Western Digital Stock on Wednesday?
• Positive Sentiment: Western Digital recently reported revenue growth of 44% year over year to $3.75 billion and earnings of $3.56 per share, exceeding estimates. Its next-quarter earnings guidance of $3.85 to $4.15 per share also supports the bullish fundamental case.
• Positive Sentiment: Technical and analyst indicators remain favorable: a recent hammer chart pattern suggested potential support, while upward earnings-estimate revisions and a bullish Wall Street consensus point to possible longer-term recovery. Western Digital May Find a Bottom Soon

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.