NEOS Investment Management LLC Has $163.83 Million Position in Western Digital Corporation $WDC

NEOS Investment Management LLC lifted its holdings in shares of Western Digital Corporation (NASDAQ:WDC) by 9.9% during the 2nd quarter, Holdings Channel.com reports. The firm owned 256,492 shares of the data storage provider’s stock after purchasing an additional 23,171 shares during the period. Western Digital comprises 0.6% of NEOS Investment Management LLC’s portfolio, making the stock its 28th largest holding. NEOS Investment Management LLC’s holdings in Western Digital were worth $163,827,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Dogwood Wealth Management LLC raised its holdings in shares of Western Digital by 28.6% in the second quarter. Dogwood Wealth Management LLC now owns 90 shares of the data storage provider’s stock valued at $57,000 after buying an additional 20 shares during the last quarter. Legacy Wealth Asset Management LLC grew its holdings in Western Digital by 1.0% during the 2nd quarter. Legacy Wealth Asset Management LLC now owns 2,302 shares of the data storage provider’s stock worth $1,470,000 after acquiring an additional 22 shares during the last quarter. Everpar Advisors LLC grew its holdings in Western Digital by 1.8% during the 2nd quarter. Everpar Advisors LLC now owns 1,442 shares of the data storage provider’s stock worth $921,000 after acquiring an additional 25 shares during the last quarter. Ares Financial Consulting LLC increased its position in Western Digital by 45.5% in the 2nd quarter. Ares Financial Consulting LLC now owns 80 shares of the data storage provider’s stock valued at $51,000 after acquiring an additional 25 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC increased its position in Western Digital by 2.1% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 1,390 shares of the data storage provider’s stock valued at $888,000 after acquiring an additional 28 shares in the last quarter. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on WDC shares. Mizuho set a $590.00 target price on shares of Western Digital in a research report on Thursday, August 6th. Wells Fargo & Company raised their price target on shares of Western Digital from $575.00 to $730.00 and gave the company an “overweight” rating in a report on Friday, July 10th. Citigroup dropped their price objective on shares of Western Digital from $800.00 to $740.00 and set a “buy” rating for the company in a research report on Friday, August 7th. JPMorgan Chase & Co. upped their price objective on Western Digital from $530.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. Finally, Summit Insights lowered Western Digital from a “buy” rating to a “hold” rating in a research report on Thursday, August 6th. Two equities research 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 stock. According to data from MarketBeat.com, Western Digital has a consensus rating of “Moderate Buy” and a consensus target price of $534.56.

Western Digital Trading Down 1.6%

Western Digital stock opened at $441.57 on Friday. The company has a market cap of $152.20 billion, a PE ratio of 18.24, a PEG ratio of 1.90 and a beta of 2.13. Western Digital Corporation has a 1 year low of $85.92 and a 1 year high of $799.87. The company’s 50-day moving average is $508.41 and its two-hundred day moving average is $445.56.

Western Digital (NASDAQ:WDC) last issued its quarterly 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. 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%. Western Digital’s revenue was up 43.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.66 EPS. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. Research analysts forecast that Western Digital Corporation will post 19.65 EPS for the current year.

Western Digital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Tuesday, September 8th will be given a dividend of $0.15 per share. The ex-dividend date is Tuesday, September 8th. This represents a $0.60 annualized dividend and a dividend yield of 0.1%. Western Digital’s payout ratio is presently 2.48%.

Insider Buying and Selling at Western Digital

In other news, insider Cynthia Tregillis sold 1,007 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $478.36, for a total value of $481,708.52. Following the transaction, the insider owned 112,155 shares of the company’s stock, valued at $53,650,465.80. This represents a 0.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Irving Tan sold 20,000 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $444.97, for a total value of $8,899,400.00. Following the completion of the transaction, the chief executive officer owned 575,966 shares in the company, valued at $256,287,591.02. This represents a 3.36% decrease in their ownership of the stock. 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 a total of 23,210 shares of company stock valued at $10,440,960 in the last quarter. Corporate insiders own 0.18% of the company’s stock.

Western Digital 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.