Legacy Wealth Managment LLC ID Purchases 7,376 Shares of Western Digital Corporation $WDC

Key Points

• Legacy Wealth Managment LLC ID dramatically increased its stake in Western Digital, adding 7,376 shares to bring its total to 7,383 shares worth about $2.0 million. Western Digital now represents roughly 1% of the firm’s portfolio.
• Western Digital posted strong quarterly results, beating earnings and revenue estimates with EPS of $2.72 and revenue of $3.34 billion. The company also raised its quarterly dividend to $0.15 from $0.12.
• Analysts remain broadly bullish on the stock, with several firms raising price targets and the consensus rating sitting at “Moderate Buy.” The stock has also been supported recently by a rebound in memory-chip sentiment across the semiconductor sector.

Legacy Wealth Managment LLC ID grew its holdings in shares of Western Digital Corporation (NASDAQ:WDC - Free Report) by 105,371.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,383 shares of the data storage provider's stock after acquiring an additional 7,376 shares during the period. Western Digital accounts for approximately 1.0% of Legacy Wealth Managment LLC ID's investment portfolio, making the stock its 20th biggest holding. Legacy Wealth Managment LLC ID's holdings in Western Digital were worth $1,997,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in WDC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Western Digital by 7.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,988 shares of the data storage provider's stock worth $1,698,000 after purchasing an additional 3,019 shares in the last quarter. Geneos Wealth Management Inc. grew its position in shares of Western Digital by 229.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,388 shares of the data storage provider's stock worth $56,000 after buying an additional 967 shares during the period. Sivia Capital Partners LLC bought a new stake in shares of Western Digital in the 2nd quarter valued at $307,000. Cresset Asset Management LLC bought a new stake in shares of Western Digital in the 2nd quarter valued at $292,000. Finally, Federated Hermes Inc. lifted its position in shares of Western Digital by 55.3% during the 2nd quarter. Federated Hermes Inc. now owns 2,374 shares of the data storage provider's stock valued at $152,000 after acquiring an additional 845 shares during the period. 92.51% of the stock is owned by institutional investors and hedge funds.

Western Digital Trading Up 2.1%

Shares of WDC stock opened at $487.42 on Tuesday. The firm has a market capitalization of $168.00 billion, a PE ratio of 29.10 and a beta of 2.11. The firm has a fifty day simple moving average of $560.32 and a two-hundred day simple moving average of $388.23. Western Digital Corporation has a 12 month low of $66.04 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, beating analysts' consensus estimates of $2.39 by $0.33. The firm had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.25 billion. Western Digital had a net margin of 55.29% and a return on equity of 42.95%. The business's quarterly revenue was up 45.5% compared to the same quarter last year. During the same period last year, the firm earned $1.36 earnings per share. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. On average, equities analysts predict that Western Digital Corporation will post 9.61 earnings per share for the current fiscal year.

Western Digital Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, June 5th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend was Friday, June 5th. This is a positive change from Western Digital's previous quarterly dividend of $0.12. Western Digital's payout ratio is 3.58%.

Trending Headlines about Western Digital

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

• Positive Sentiment: Western Digital is benefiting from a rebound in memory stocks as investors step back in after last week’s selloff, improving sentiment across the semiconductor group. Micron Jumps 5%, SanDisk Rises 6%, Western Digital Climbs 4% as Memory Stocks Rebound With Chips
• Positive Sentiment: Morgan Stanley’s view that the memory-stock selloff created a strong entry point is encouraging dip-buying in Western Digital and other chip names. The Memory Stock Sell-Off Created a ‘Strong Entry Point,' Says Morgan Stanley. Investors Are Buying In.
• Neutral Sentiment: Western Digital Malaysia was recognized for advancing sustainable AI infrastructure, which supports the company’s AI narrative but is unlikely to be the main stock-moving catalyst today. WD Malaysia Recognized for Advancing Sustainable AI Infrastructure

Insider Buying and Selling at Western Digital

In other Western Digital news, CEO Irving Tan sold 20,000 shares of Western Digital stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $411.84, for a total transaction of $8,236,800.00. Following the completion of the transaction, the chief executive officer owned 598,150 shares in the company, valued at approximately $246,342,096. The trade was a 3.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Vidyadhara K. Gubbi sold 4,674 shares of the business's stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $443.19, for a total value of $2,071,470.06. Following the sale, the insider directly owned 90,041 shares of the company's stock, valued at $39,905,270.79. This represents a 4.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 28,959 shares of company stock worth $12,631,666 in the last quarter. 0.18% of the stock is owned by insiders.

Analyst Ratings Changes

WDC has been the subject of a number of research reports. Bank of America raised their price target on shares of Western Digital from $610.00 to $732.00 and gave the stock a "buy" rating in a report on Wednesday, July 1st. Robert W. Baird upped their price objective on shares of Western Digital from $310.00 to $450.00 and gave the company an "outperform" rating in a report on Monday, May 4th. Wells Fargo & Company increased their price objective on shares of Western Digital from $575.00 to $730.00 and gave the stock an "overweight" rating in a research report on Friday, July 10th. JPMorgan Chase & Co. raised their target price on Western Digital from $530.00 to $650.00 and gave the company an "overweight" rating in a research note on Friday, June 12th. Finally, Evercore reaffirmed an "outperform" rating and issued a $575.00 target price on shares of Western Digital in a research report on Tuesday, May 26th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $520.32.

About Western Digital

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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