iA Global Asset Management Inc. Sells 7,335 Shares of Western Digital Corporation $WDC

Key Points

• iA Global Asset Management cut its Western Digital stake by 8.4% in Q1, selling 7,335 shares and leaving it with 79,576 shares valued at about $21.5 million.
• Western Digital has drawn broadly bullish analyst coverage, with several firms raising price targets; MarketBeat shows an average rating of “Moderate Buy” and an average target price of $484.04.
• The company reported strong quarterly results, beating EPS and revenue estimates, and also raised its quarterly dividend from $0.12 to $0.15 per share.

iA Global Asset Management Inc. reduced its stake in shares of Western Digital Corporation (NASDAQ:WDC - Free Report) by 8.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 79,576 shares of the data storage provider's stock after selling 7,335 shares during the quarter. iA Global Asset Management Inc.'s holdings in Western Digital were worth $21,525,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in WDC. Harbor Investment Advisory LLC lifted its position in shares of Western Digital by 43.0% in the 1st quarter. Harbor Investment Advisory LLC now owns 429 shares of the data storage provider's stock worth $116,000 after purchasing an additional 129 shares during the period. SMART Wealth LLC purchased a new position in shares of Western Digital during the first quarter valued at about $1,838,000. Premier Path Wealth Partners LLC purchased a new position in shares of Western Digital during the first quarter valued at about $371,000. SJS Investment Consulting Inc. raised its stake in Western Digital by 82.3% in the first quarter. SJS Investment Consulting Inc. now owns 1,624 shares of the data storage provider's stock worth $439,000 after buying an additional 733 shares in the last quarter. Finally, Moss Adams Wealth Advisors LLC raised its stake in Western Digital by 2.7% in the first quarter. Moss Adams Wealth Advisors LLC now owns 2,036 shares of the data storage provider's stock worth $551,000 after buying an additional 54 shares in the last quarter. 92.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Sanford C. Bernstein raised Western Digital from a "market perform" rating to an "outperform" rating and set a $340.00 price objective on the stock in a research report on Tuesday, March 31st. The Goldman Sachs Group restated a "neutral" rating and issued a $400.00 target price on shares of Western Digital in a research note on Friday, May 1st. TD Cowen lifted their price target on Western Digital from $325.00 to $500.00 and gave the company a "buy" rating in a research report on Friday, May 1st. Morgan Stanley increased their price objective on Western Digital from $488.00 to $650.00 and gave the stock an "overweight" rating in a report on Monday, June 15th. Finally, Mizuho raised their price objective on Western Digital from $550.00 to $685.00 and gave the company an "outperform" rating in a research report on Monday, June 8th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $484.04.

Western Digital Stock Down 2.0%

Shares of WDC opened at $638.72 on Wednesday. The business's 50 day moving average price is $529.13 and its 200-day moving average price is $352.48. Western Digital Corporation has a 52 week low of $62.94 and a 52 week high of $799.87. The stock has a market cap of $220.15 billion, a P/E ratio of 38.13 and a beta of 2.13.

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

Western Digital Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, June 5th were issued a dividend of $0.15 per share. The ex-dividend date was Friday, June 5th. This is a boost from Western Digital's previous quarterly dividend of $0.12. This represents a $0.60 annualized dividend and a dividend yield of 0.1%. Western Digital's dividend payout ratio is 3.58%.

Trending Headlines about 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

Insider Buying and Selling

In other Western Digital news, insider Vidyadhara K. Gubbi sold 4,674 shares of the firm's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $443.19, for a total transaction of $2,071,470.06. Following the completion of the sale, the insider directly owned 90,041 shares in the company, valued at approximately $39,905,270.79. This trade represents a 4.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Bruce E. Kiddoo sold 750 shares of the firm's stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $528.52, for a total transaction of $396,390.00. Following the sale, the director owned 3,903 shares of the company's stock, valued at approximately $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 90 days. 0.18% of the stock is owned by company insiders.

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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