Connor Clark & Lunn Investment Management Ltd. Takes Position in Western Digital Corporation $WDC

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Western Digital Corporation (NASDAQ:WDC - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 269,532 shares of the data storage provider's stock, valued at approximately $172,155,000. Connor Clark & Lunn Investment Management Ltd. owned 0.08% of Western Digital at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of Western Digital in the second quarter valued at about $28,000. Dunhill Financial LLC purchased a new stake in Western Digital in the second quarter valued at approximately $29,000. Gables Capital Management Inc. purchased a new stake in Western Digital in the second quarter valued at approximately $32,000. Ares Financial Consulting LLC increased its holdings 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 worth $51,000 after buying an additional 25 shares during the period. Finally, Dogwood Wealth Management LLC increased its holdings in Western Digital by 28.6% in the 2nd quarter. Dogwood Wealth Management LLC now owns 90 shares of the data storage provider's stock worth $57,000 after buying an additional 20 shares during the period. Institutional investors and hedge funds own 92.51% of the company's stock.

Western Digital Stock Performance

Western Digital stock opened at $459.44 on Monday. The firm has a market cap of $158.36 billion, a PE ratio of 18.98 and a beta of 2.14. Western Digital Corporation has a 12 month low of $74.57 and a 12 month high of $799.87. The stock's 50 day simple moving average is $552.24 and its two-hundred day simple moving average is $434.46.

Western Digital (NASDAQ:WDC - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $3.75 billion for 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 quarterly revenue was up 43.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.66 earnings per share. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. On average, equities research analysts forecast that Western Digital Corporation will post 19.65 EPS for the current year.

Western Digital Announces Dividend

The firm also recently announced 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. This represents a $0.60 annualized dividend and a dividend yield of 0.1%. The ex-dividend date of this dividend is Tuesday, September 8th. Western Digital's dividend payout ratio is presently 2.48%.

Wall Street Analysts Forecast Growth

Several analysts have commented on WDC shares. Bank of America lifted their price objective on shares of Western Digital from $610.00 to $732.00 and gave the company a "buy" rating in a research note on Wednesday, July 1st. Fox Advisors lowered shares of Western Digital from an "overweight" rating to an "equal weight" rating in a research note on Monday, June 22nd. Mizuho set a $590.00 target price on shares of Western Digital in a report on Thursday, August 6th. Susquehanna boosted their target price on shares of Western Digital from $360.00 to $500.00 and gave the company a "neutral" rating in a research report on Wednesday, July 8th. Finally, Zacks Research raised shares of Western Digital from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $534.56.

Insiders Place Their Bets

In other Western Digital news, CEO Irving Tan sold 20,000 shares of the company's stock in a transaction on Tuesday, August 11th. The shares were 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 in the company, valued at approximately $256,287,591.02. This 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 Vidyadhara K. Gubbi sold 2,475 shares of the company's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $556.24, for a total transaction of $1,376,694.00. Following the transaction, the insider owned 85,154 shares of the company's stock, valued at approximately $47,366,060.96. This trade represents a 2.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 24,679 shares of company stock worth $11,451,605. 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.

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