Maxi Investments CY Ltd Buys Shares of 3,200 Western Digital Corporation $WDC

Key Points

• Maxi Investments CY Ltd. bought 3,200 Western Digital shares worth approximately $2.04 million in the second quarter, while institutional investors collectively own 92.51% of WDC.
• Western Digital reported quarterly earnings of $3.56 per share and revenue of $3.75 billion, exceeding analyst estimates; revenue increased 43.8% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $534.56, although recent targets and ratings were mixed. The company also declared a quarterly dividend of $0.15 per share.

Maxi Investments CY Ltd bought a new position in Western Digital Corporation (NASDAQ:WDC - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,200 shares of the data storage provider's stock, valued at approximately $2,044,000.

Several other hedge funds have also modified their holdings of WDC. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of Western Digital in the 2nd quarter worth approximately $28,000. Dunhill Financial LLC purchased a new position in shares of Western Digital in the 2nd quarter valued at approximately $29,000. Gables Capital Management Inc. acquired a new stake in Western Digital in the 2nd quarter worth approximately $32,000. Ares Financial Consulting LLC boosted its stake 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 purchasing an additional 25 shares in the last quarter. Finally, Dogwood Wealth Management LLC grew its position in Western Digital by 28.6% during the 2nd quarter. Dogwood Wealth Management LLC now owns 90 shares of the data storage provider's stock worth $57,000 after purchasing an additional 20 shares during the last quarter. 92.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on WDC shares. Summit Insights lowered shares of Western Digital from a "buy" rating to a "hold" rating in a research note on Thursday, August 6th. Jefferies Financial Group set a $575.00 price objective on shares of Western Digital in a research note on Tuesday, May 26th. TD Cowen boosted their price objective on shares of Western Digital from $500.00 to $540.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Rosenblatt Securities cut their target price on Western Digital from $900.00 to $800.00 and set a "buy" rating on the stock in a research report on Thursday, August 6th. Finally, Cantor Fitzgerald raised their target price on Western Digital from $660.00 to $900.00 and gave the stock an "overweight" rating in a research note on Monday, June 29th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Western Digital presently has a consensus rating of "Moderate Buy" and a consensus target price of $534.56.

Western Digital Stock Performance

WDC opened at $459.44 on Monday. Western Digital Corporation has a fifty-two week low of $74.57 and a fifty-two week high of $799.87. The company has a fifty day moving average of $552.24 and a two-hundred day moving average of $434.46. The stock has a market capitalization of $158.36 billion, a price-to-earnings ratio of 18.98 and a beta of 2.14.

Western Digital (NASDAQ:WDC - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The data storage provider reported $3.56 earnings per share for the quarter, topping analysts' consensus estimates of $3.31 by $0.25. Western Digital had a net margin of 72.95% and a return on equity of 48.15%. The business had revenue of $3.75 billion during the quarter, compared to the consensus estimate of $3.70 billion. During the same quarter in the prior year, the firm posted $1.66 earnings per share. The company's revenue was up 43.8% compared to the same quarter last year. 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 earnings per share for the current year.

Western Digital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Tuesday, September 8th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.60 dividend on an annualized basis and a yield of 0.1%. Western Digital's dividend payout ratio is presently 2.48%.

Insiders Place Their Bets

In other Western Digital news, CEO Irving Tan sold 20,000 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $444.97, for a total transaction of $8,899,400.00. Following the transaction, the chief executive officer 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bruce E. Kiddoo sold 750 shares of the firm's stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $528.52, for a total value of $396,390.00. Following the completion of the sale, the director directly owned 3,903 shares in the company, valued at approximately $2,062,813.56. The trade was a 16.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 24,679 shares of company stock worth $11,451,605. 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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