CX Institutional Buys 2,487 Shares of Western Digital Corporation $WDC

Key Points

• CX Institutional increased its stake in Western Digital Corporation by 78.0% in the second quarter, acquiring an additional 2,487 shares, bringing its total holdings to 5,676 shares valued at approximately $363,000.
• Insider sales included Gene M. Zamiska selling 353 shares and Cynthia L. Tregillis selling 14,067 shares of Western Digital, marking a cumulative reduction in their ownership.
• Analysts maintain a positive outlook on the stock, with multiple firms raising their price targets, resulting in an average consensus price target of $89.63 and a majority rating it as a "Buy."

CX Institutional boosted its stake in Western Digital Corporation (NASDAQ:WDC - Free Report) by 78.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,676 shares of the data storage provider's stock after acquiring an additional 2,487 shares during the quarter. CX Institutional's holdings in Western Digital were worth $363,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Zions Bancorporation National Association UT bought a new stake in Western Digital in the 1st quarter valued at $29,000. Allworth Financial LP lifted its position in Western Digital by 34.1% in the 1st quarter. Allworth Financial LP now owns 955 shares of the data storage provider's stock valued at $38,000 after acquiring an additional 243 shares in the last quarter. MorganRosel Wealth Management LLC bought a new stake in Western Digital in the 1st quarter valued at $40,000. Whittier Trust Co. of Nevada Inc. lifted its position in Western Digital by 242.2% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,208 shares of the data storage provider's stock valued at $49,000 after acquiring an additional 855 shares in the last quarter. Finally, Brooklyn Investment Group lifted its position in Western Digital by 91.2% in the 1st quarter. Brooklyn Investment Group now owns 1,279 shares of the data storage provider's stock valued at $52,000 after acquiring an additional 610 shares in the last quarter. 92.51% of the stock is owned by institutional investors.

Insider Activity

In other news, SVP Gene M. Zamiska sold 353 shares of the company's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $80.90, for a total value of $28,557.70. Following the sale, the senior vice president directly owned 27,425 shares of the company's stock, valued at approximately $2,218,682.50. This represents a 1.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Cynthia L. Tregillis sold 14,067 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $74.78, for a total transaction of $1,051,930.26. Following the completion of the sale, the insider directly owned 135,351 shares in the company, valued at approximately $10,121,547.78. The trade was a 9.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 49,730 shares of company stock valued at $3,921,594 in the last 90 days. 0.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on WDC shares. Wells Fargo & Company boosted their price objective on shares of Western Digital from $80.00 to $95.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. The Goldman Sachs Group assumed coverage on shares of Western Digital in a research report on Thursday, July 10th. They set a "neutral" rating and a $70.00 price target on the stock. Sanford C. Bernstein raised shares of Western Digital to a "hold" rating in a research report on Tuesday, September 16th. Wedbush boosted their price target on shares of Western Digital from $78.00 to $90.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Finally, TD Cowen boosted their price target on shares of Western Digital from $58.00 to $90.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Seventeen analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $89.63.

Western Digital Stock Down 0.3%

Shares of WDC stock opened at $106.88 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.84 and a current ratio of 1.08. The firm's 50-day moving average is $84.34 and its 200-day moving average is $61.45. The stock has a market cap of $37.29 billion, a price-to-earnings ratio of 20.75, a PEG ratio of 0.92 and a beta of 1.69. Western Digital Corporation has a 52-week low of $28.83 and a 52-week high of $113.75.

Western Digital (NASDAQ:WDC - Get Free Report) last issued its earnings results on Wednesday, July 30th. The data storage provider reported $1.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.48 by $0.18. The company had revenue of $2.61 billion for the quarter, compared to analysts' expectations of $2.45 billion. Western Digital had a net margin of 14.13% and a return on equity of 24.93%. Western Digital's quarterly revenue was up 30.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.44 EPS. Western Digital has set its Q1 2026 guidance at 1.540-1.690 EPS. Sell-side analysts predict that Western Digital Corporation will post 4.89 EPS for the current year.

Western Digital Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Thursday, September 4th. Western Digital's dividend payout ratio is presently 7.77%.

About Western Digital

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.

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