Dearborn Partners LLC Acquires Shares of 2,858 Western Digital Corporation $WDC

Dearborn Partners LLC purchased a new position in Western Digital Corporation (NASDAQ:WDC) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 2,858 shares of the data storage provider’s stock, valued at approximately $1,825,000.

A number of other hedge funds also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of 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 worth $1,698,000 after buying an additional 3,019 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Western Digital by 229.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,388 shares of the data storage provider’s stock valued at $56,000 after buying an additional 967 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Western Digital during the second quarter valued at approximately $307,000. Cresset Asset Management LLC bought a new stake in shares of Western Digital during the second quarter valued at approximately $292,000. Finally, Federated Hermes Inc. raised its holdings in 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 acquiring an additional 845 shares during the last quarter. Institutional investors own 92.51% of the company’s stock.

Western Digital Stock Performance

NASDAQ:WDC opened at $462.00 on Friday. The stock has a 50-day simple moving average of $532.72 and a two-hundred day simple moving average of $439.49. The firm has a market capitalization of $159.24 billion, a PE ratio of 19.08 and a beta of 2.14. Western Digital Corporation has a 52-week low of $77.90 and a 52-week high of $799.87.

Western Digital (NASDAQ:WDC) last announced 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. Western Digital had a net margin of 72.95% and a return on equity of 48.15%. The firm had revenue of $3.75 billion during the quarter, compared to analysts’ expectations of $3.70 billion. The company’s revenue for the quarter was up 43.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.66 earnings per share. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. Equities analysts forecast that Western Digital Corporation will post 19.65 earnings per share for the current fiscal year.

Western Digital Dividend Announcement

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

Insider Activity at Western Digital

In related news, CEO Irving Tan sold 20,000 shares of Western Digital stock in a transaction dated 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 approximately $256,287,591.02. This trade represents a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 that occurred on Thursday, August 27th. The shares were sold at an average price of $478.36, for a total value of $481,708.52. Following the transaction, the insider directly owned 112,155 shares in the company, valued at approximately $53,650,465.80. This represents a 0.89% 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. Over the last three months, insiders sold 26,117 shares of company stock valued at $12,053,353. Insiders own 0.18% of the company’s stock.

Analyst Ratings Changes

WDC has been the topic of a number of research analyst reports. Fox Advisors downgraded Western Digital from an “overweight” rating to an “equal weight” rating in a report on Monday, June 22nd. Rosenblatt Securities reduced their price objective on Western Digital from $900.00 to $800.00 and set a “buy” rating for the company in a report on Thursday, August 6th. Morgan Stanley reissued an “overweight” rating and issued a $676.00 target price on shares of Western Digital in a research report on Thursday, August 6th. Robert W. Baird set a $630.00 price target on shares of Western Digital in a report on Thursday, August 6th. Finally, Weiss Ratings lowered shares of Western Digital from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and five have assigned 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 price target of $534.56.

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.