6,872 Shares in Western Digital Corporation $WDC Purchased by Centaurus Financial Inc.

Centaurus Financial Inc. purchased a new position in Western Digital Corporation (NASDAQ:WDC - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 6,872 shares of the data storage provider's stock, valued at approximately $4,389,000.

Several other hedge funds have also recently modified their holdings of WDC. Public Employees Retirement System of Ohio purchased a new position in Western Digital during the second quarter valued at $90,255,000. MASTERINVEST Kapitalanlage GmbH purchased a new stake in shares of Western Digital in the second quarter worth about $1,657,000. Stonehage Fleming Financial Services Holdings Ltd bought a new position in Western Digital during the second quarter valued at approximately $31,000. Proficio Capital Partners LLC purchased a new position in Western Digital during the 2nd quarter valued at approximately $1,836,000. Finally, Pure Financial Advisors LLC bought a new stake in Western Digital in the 2nd quarter worth approximately $4,340,000. Hedge funds and other institutional investors own 92.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on WDC shares. Jefferies Financial Group set a $575.00 price target on shares of Western Digital in a research note on Tuesday, May 26th. Bank of America lifted their target price on Western Digital from $610.00 to $732.00 and gave the stock a "buy" rating in a report on Wednesday, July 1st. Melius Research set a $1,050.00 price target on Western Digital and gave the company a "buy" rating in a report on Monday, June 29th. Fox Advisors lowered shares of Western Digital from an "overweight" rating to an "equal weight" rating in a research note on Monday, June 22nd. Finally, Rosenblatt Securities cut their price objective on shares of Western Digital from $900.00 to $800.00 and set a "buy" rating on the stock in a research report 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 assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $534.56.

Insiders Place Their Bets

In other news, insider Vidyadhara K. Gubbi sold 2,475 shares of the business's 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 approximately $47,366,060.96. The trade was a 2.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Irving Tan sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $444.97, for a total transaction of $8,899,400.00. Following the completion of the transaction, the chief executive officer directly owned 575,966 shares of the company's stock, valued at $256,287,591.02. This trade 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 a total of 26,117 shares of company stock worth $12,053,353 in the last three months. Corporate insiders own 0.18% of the company's stock.

Western Digital Stock Down 1.5%

WDC opened at $462.00 on Friday. The business has a fifty day moving average of $532.72 and a 200 day moving average of $439.49. 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 Corporation has a 52-week low of $77.90 and a 52-week high of $799.87.

Western Digital (NASDAQ:WDC - Get Free Report) last released its earnings results on Wednesday, August 5th. The data storage provider reported $3.56 earnings per share for the quarter, topping the consensus estimate of $3.31 by $0.25. The business had revenue of $3.75 billion during the quarter, compared to the consensus estimate of $3.70 billion. Western Digital had a return on equity of 48.15% and a net margin of 72.95%.The business's revenue for the quarter was up 43.8% compared to the same quarter last year. During the same period last year, the company earned $1.66 earnings per share. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. Equities analysts anticipate that Western Digital Corporation will post 19.65 EPS for the current fiscal year.

Western Digital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Tuesday, September 8th will be paid 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 dividend payout ratio (DPR) is currently 2.48%.

Key Stories Impacting 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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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