NEOS Investment Management LLC Has $163.83 Million Holdings in Western Digital Corporation $WDC

Key Points

• NEOS Investment Management increased its Western Digital stake by 9.9% in the second quarter to 256,492 shares valued at approximately $163.8 million. Institutional investors collectively own 92.51% of WDC.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $534.56, although recent targets and ratings were mixed.
• Western Digital exceeded quarterly expectations, reporting $3.56 in EPS versus the $3.31 consensus and $3.75 billion in revenue, up 43.8% year over year. The company also declared a quarterly dividend of $0.15 per share.

NEOS Investment Management LLC grew its holdings in Western Digital Corporation (NASDAQ:WDC - Free Report) by 9.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 256,492 shares of the data storage provider's stock after acquiring an additional 23,171 shares during the quarter. Western Digital accounts for 0.6% of NEOS Investment Management LLC's portfolio, making the stock its 28th largest holding. NEOS Investment Management LLC owned approximately 0.07% of Western Digital worth $163,827,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of WDC. Handelsbanken Fonder AB lifted its stake in shares of Western Digital by 71.4% in the second quarter. Handelsbanken Fonder AB now owns 230,578 shares of the data storage provider's stock valued at $147,275,000 after buying an additional 96,078 shares during the period. Nomura Asset Management Co. Ltd. raised its holdings in Western Digital by 33.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 1,122,095 shares of the data storage provider's stock valued at $193,303,000 after acquiring an additional 282,156 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong bought a new stake in shares of Western Digital in the 4th quarter worth approximately $20,889,000. World Investment Advisors grew its holdings in shares of Western Digital by 145.8% during the 4th quarter. World Investment Advisors now owns 5,950 shares of the data storage provider's stock worth $1,025,000 after purchasing an additional 3,529 shares in the last quarter. Finally, Win Advisors Inc. bought a new stake in shares of Western Digital during the fourth quarter valued at approximately $1,233,000. Institutional investors own 92.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on WDC shares. UBS Group cut their target price on Western Digital from $560.00 to $525.00 and set a "neutral" rating for the company in a research note on Thursday, August 6th. Melius Research set a $1,050.00 price target on shares of Western Digital and gave the company a "buy" rating in a report on Monday, June 29th. Fox Advisors cut shares of Western Digital from an "overweight" rating to an "equal weight" rating in a research note on Monday, June 22nd. Susquehanna raised their price objective on shares of Western Digital from $360.00 to $500.00 and gave the stock a "neutral" rating in a report on Wednesday, July 8th. Finally, Mizuho set a $590.00 target price on shares of Western Digital in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Western Digital presently has an average rating of "Moderate Buy" and a consensus target price of $534.56.

Insider Transactions at Western Digital

In other Western Digital news, insider Cynthia L. Tregillis sold 1,007 shares of the company's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $478.36, for a total transaction of $481,708.52. Following the sale, the insider directly owned 112,155 shares of the company's stock, valued at approximately $53,650,465.80. This represents a 0.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Irving Tan sold 20,000 shares of the company's stock in a transaction dated 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 sale, the chief executive officer directly owned 575,966 shares in the company, valued at $256,287,591.02. This represents a 3.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 23,210 shares of company stock valued at $10,440,960 in the last quarter. 0.18% of the stock is currently owned by corporate insiders.

Western Digital Price Performance

Shares of WDC stock opened at $441.57 on Friday. The stock's fifty day simple moving average is $508.41 and its 200 day simple moving average is $445.56. Western Digital Corporation has a one year low of $85.92 and a one year high of $799.87. The firm has a market cap of $152.20 billion, a price-to-earnings ratio of 18.24, a P/E/G ratio of 1.90 and a beta of 2.13.

Western Digital (NASDAQ:WDC - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $0.25. The firm had revenue of $3.75 billion during the quarter, compared to analyst estimates of $3.70 billion. Western Digital had a return on equity of 48.15% and a net margin of 72.95%.The business's revenue for the quarter was up 43.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.66 earnings per share. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. On average, research analysts anticipate that Western Digital Corporation will post 19.65 earnings per share for the current year.

Western Digital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Tuesday, September 8th will be given a dividend of $0.15 per share. The ex-dividend date is Tuesday, September 8th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.1%. Western Digital's dividend payout ratio (DPR) is 2.48%.

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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