Apollon Wealth Management LLC Raises Stock Holdings in Western Digital Corporation $WDC

Key Points

• Apollon Wealth Management increased its Western Digital stake by 35.6% in the first quarter, ending with 8,838 shares valued at about $2.39 million.
• Western Digital has been attracting broader institutional interest, with several large investors adding positions and institutions now owning 92.51% of the stock.
• The company posted better-than-expected quarterly results and raised its dividend, while analysts remain generally bullish with a Moderate Buy consensus and several higher price targets.

Apollon Wealth Management LLC lifted its holdings in Western Digital Corporation (NASDAQ:WDC - Free Report) by 35.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,838 shares of the data storage provider's stock after purchasing an additional 2,322 shares during the quarter. Apollon Wealth Management LLC's holdings in Western Digital were worth $2,391,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. AustralianSuper Pty Ltd purchased a new position in Western Digital during the third quarter worth $34,244,000. Cantor Fitzgerald L. P. lifted its holdings in shares of Western Digital by 399.8% in the 3rd quarter. Cantor Fitzgerald L. P. now owns 32,487 shares of the data storage provider's stock worth $3,900,000 after acquiring an additional 25,987 shares during the last quarter. China Universal Asset Management Co. Ltd. bought a new stake in shares of Western Digital in the 4th quarter worth about $2,270,000. NorthCrest Asset Manangement LLC boosted its stake in shares of Western Digital by 75.4% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 9,465 shares of the data storage provider's stock worth $1,778,000 after purchasing an additional 4,068 shares during the period. Finally, WESPAC Advisors LLC purchased a new position in shares of Western Digital during the 4th quarter worth about $793,000. Institutional investors own 92.51% of the company's stock.

Insider Buying and Selling

In other Western Digital news, insider Cynthia L. Tregillis sold 432 shares of Western Digital stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $545.60, for a total value of $235,699.20. Following the transaction, the insider owned 116,643 shares in the company, valued at $63,640,420.80. The trade was a 0.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bruce E. Kiddoo sold 750 shares of the business's stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $528.52, for a total transaction of $396,390.00. Following the completion of the transaction, the director owned 3,903 shares of the company's stock, valued at $2,062,813.56. This represents a 16.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 29,322 shares of company stock worth $12,768,550 in the last three months. 0.18% of the stock is owned by company insiders.

Key Stories Impacting Western Digital

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

• Positive Sentiment: Melius Research initiated coverage of Western Digital with a Buy rating and a price target implying significant upside, boosting investor confidence in the stock. Article Title
• Positive Sentiment: Analysts highlighted about 55% upside for Western Digital and noted bullish options flow, with call buying outpacing put buying, suggesting traders are positioning for further gains. Article Title
• Positive Sentiment: Western Digital has been screening as a top momentum name in AI infrastructure, helped by strong earnings trends and continued demand tied to storage needs. Article Title
• Neutral Sentiment: Recent market commentary says Western Digital remains in a strong bullish trend and is trading well above its 200-day moving average, which supports the stock technically but does not add a major new catalyst. Article Title

Western Digital Trading Down 2.0%

Shares of Western Digital stock opened at $638.72 on Wednesday. The stock's fifty day moving average price is $529.13 and its 200-day moving average price is $352.48. The firm has a market cap of $220.15 billion, a P/E ratio of 38.13 and a beta of 2.13. Western Digital Corporation has a 12 month low of $62.94 and a 12 month high of $799.87.

Western Digital (NASDAQ:WDC - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The data storage provider reported $2.72 earnings per share for the quarter, topping analysts' consensus estimates of $2.39 by $0.33. Western Digital had a net margin of 55.29% and a return on equity of 42.95%. The company had revenue of $3.34 billion during the quarter, compared to analyst estimates of $3.25 billion. During the same period in the prior year, the firm earned $1.36 earnings per share. The firm's revenue for the quarter was up 45.5% compared to the same quarter last year. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. Analysts forecast that Western Digital Corporation will post 9.6 earnings per share for the current year.

Western Digital Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, June 5th were paid a dividend of $0.15 per share. This is an increase from Western Digital's previous quarterly dividend of $0.12. The ex-dividend date was Friday, June 5th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.1%. Western Digital's dividend payout ratio (DPR) is currently 3.58%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. The Goldman Sachs Group reissued a "neutral" rating and issued a $400.00 price objective on shares of Western Digital in a research report on Friday, May 1st. JPMorgan Chase & Co. boosted their target price on Western Digital from $530.00 to $650.00 and gave the company an "overweight" rating in a research report on Friday, June 12th. Cantor Fitzgerald upped their target price on Western Digital from $660.00 to $900.00 and gave the company an "overweight" rating in a research note on Monday. Weiss Ratings downgraded Western Digital from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday. Finally, Sanford C. Bernstein upgraded Western Digital from a "market perform" rating to an "outperform" rating and set a $340.00 price target on the stock in a report on Tuesday, March 31st. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Western Digital currently has a consensus rating of "Moderate Buy" and a consensus price target of $484.04.

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.

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