Nykredit A S Takes Position in Western Digital Corporation $WDC

Key Points

• Nykredit A/S purchased 245,995 Western Digital shares during the second quarter, valued at approximately $157.1 million and representing 0.07% of the company. Institutional investors collectively own 92.51% of WDC.
• Western Digital exceeded quarterly expectations, reporting $3.56 in EPS and $3.75 billion in revenue, with revenue up 43.8% year over year. Analysts maintain a “Moderate Buy” consensus rating and an average price target of $534.56.
• The stock opened at $448.90, down 0.3%, while the company declared a $0.15 quarterly dividend. Several insiders, including CEO Irving Tan, sold shares under pre-arranged trading plans during the quarter.

Nykredit A S purchased a new stake in shares of Western Digital Corporation (NASDAQ:WDC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 245,995 shares of the data storage provider's stock, valued at approximately $157,122,000. Nykredit A S owned 0.07% of Western Digital at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of WDC. Rakuten Securities Inc. boosted its position in Western Digital by 4,070.0% during the 2nd quarter. Rakuten Securities Inc. now owns 417 shares of the data storage provider's stock valued at $27,000 after acquiring an additional 407 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of Western Digital during the 2nd quarter worth approximately $28,000. Dunhill Financial LLC bought a new position in shares of Western Digital in the 2nd quarter worth approximately $29,000. Stonehage Fleming Financial Services Holdings Ltd bought a new position in shares of Western Digital in the 2nd quarter worth approximately $31,000. Finally, Valley Wealth Managers Inc. purchased a new position in shares of Western Digital in the 1st quarter valued at approximately $32,000. 92.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on Western Digital from $530.00 to $650.00 and gave the company an "overweight" rating in a research report on Friday, June 12th. Melius Research set a $1,050.00 price objective on Western Digital and gave the stock a "buy" rating in a report on Monday, June 29th. Jefferies Financial Group set a $575.00 price objective on Western Digital in a research report on Tuesday, May 26th. Rosenblatt Securities dropped their target price on shares of Western Digital from $900.00 to $800.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Finally, Summit Insights downgraded shares of Western Digital from a "buy" rating to a "hold" rating in a research report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Western Digital has a consensus rating of "Moderate Buy" and an average price target of $534.56.

Western Digital Stock Down 0.3%

Western Digital stock opened at $448.90 on Thursday. Western Digital Corporation has a twelve month low of $83.34 and a twelve month high of $799.87. The company has a market capitalization of $154.73 billion, a P/E ratio of 18.54, a PEG ratio of 1.91 and a beta of 2.13. The stock's 50 day moving average is $513.08 and its 200 day moving average is $444.44.

Western Digital (NASDAQ:WDC - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.31 by $0.25. Western Digital had a return on equity of 48.15% and a net margin of 72.95%.The business had revenue of $3.75 billion during the quarter, compared to analysts' expectations of $3.70 billion. During the same quarter in the previous year, the business earned $1.66 earnings per share. The firm's quarterly 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. As a group, equities analysts expect that Western Digital Corporation will post 19.65 EPS for the current year.

Western Digital Announces Dividend

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

Insider Transactions at Western Digital

In related news, CEO Irving Tan sold 20,000 shares of the company's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $444.97, for a total value of $8,899,400.00. Following the transaction, the chief executive officer owned 575,966 shares in the company, valued at $256,287,591.02. The trade was a 3.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Cynthia L. Tregillis sold 1,007 shares of the 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 in the company, valued at $53,650,465.80. This trade represents a 0.89% 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. In the last quarter, insiders sold 23,642 shares of company stock worth $10,676,659. 0.18% of the stock is currently 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.

Want to see what other hedge funds are holding WDC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Western Digital Corporation (NASDAQ:WDC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source