Parallel Advisors LLC Raises Holdings in Western Digital Corporation $WDC

Key Points

• Parallel Advisors LLC increased its holdings in Western Digital Corporation by 112.0% in the second quarter, owning 5,524 shares valued at approximately $353,000.
• Western Digital reported earnings of $1.66 per share for the last quarter, exceeding analysts’ estimates, and its revenue increased 30.0% year-over-year to $2.61 billion.
• The company announced a quarterly dividend of $0.10, reflecting a 0.4% annual yield, with a current dividend payout ratio of 7.77%.

Parallel Advisors LLC boosted its position in Western Digital Corporation (NASDAQ:WDC - Free Report) by 112.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 5,524 shares of the data storage provider's stock after acquiring an additional 2,918 shares during the period. Parallel Advisors LLC's holdings in Western Digital were worth $353,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its stake in Western Digital by 52.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 28,838 shares of the data storage provider's stock worth $1,166,000 after acquiring an additional 9,974 shares during the period. Parsifal Capital Management LP grew its stake in Western Digital by 32.0% in the 1st quarter. Parsifal Capital Management LP now owns 897,574 shares of the data storage provider's stock worth $36,289,000 after acquiring an additional 217,574 shares during the period. Westfield Capital Management Co. LP purchased a new stake in Western Digital in the 1st quarter worth approximately $35,406,000. Asset Management One Co. Ltd. grew its stake in Western Digital by 5.1% in the 1st quarter. Asset Management One Co. Ltd. now owns 144,307 shares of the data storage provider's stock worth $5,834,000 after acquiring an additional 6,947 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Western Digital by 6.8% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 89,244 shares of the data storage provider's stock worth $3,608,000 after acquiring an additional 5,711 shares during the period. 92.51% of the stock is owned by hedge funds and other institutional investors.

Western Digital Price Performance

Shares of NASDAQ WDC opened at $106.63 on Friday. Western Digital Corporation has a 1-year low of $28.83 and a 1-year high of $107.18. The business has a 50-day moving average of $80.13 and a 200-day moving average of $59.23. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.08 and a quick ratio of 0.84. The company has a market capitalization of $37.20 billion, a price-to-earnings ratio of 20.70, a PEG ratio of 1.20 and a beta of 1.69.

Western Digital (NASDAQ:WDC - Get Free Report) last issued its earnings results on Wednesday, July 30th. The data storage provider reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.18. Western Digital had a return on equity of 24.93% and a net margin of 14.13%.The company had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.45 billion. During the same quarter in the prior year, the business earned $1.44 earnings per share. The company's revenue was up 30.0% compared to the same quarter last year. Western Digital has set its Q1 2026 guidance at 1.540-1.690 EPS. On average, equities analysts anticipate that Western Digital Corporation will post 4.89 EPS for the current fiscal year.

Western Digital Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, September 4th. This represents a $0.40 annualized dividend and a dividend yield of 0.4%. Western Digital's dividend payout ratio is presently 7.77%.

Insider Buying and Selling

In related news, CEO Irving Tan sold 8,621 shares of the business's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $75.90, for a total value of $654,333.90. Following the transaction, the chief executive officer owned 594,836 shares in the company, valued at approximately $45,148,052.40. The trade was a 1.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Vidyadhara K. Gubbi sold 11,343 shares of the business's stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $90.29, for a total value of $1,024,159.47. Following the completion of the transaction, the insider owned 151,596 shares in the company, valued at approximately $13,687,602.84. This trade represents a 6.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,730 shares of company stock worth $3,921,594 over the last three months. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have commented on WDC. Rosenblatt Securities lifted their target price on shares of Western Digital from $53.00 to $90.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Bank of America lifted their price target on shares of Western Digital from $100.00 to $123.00 and gave the company a "buy" rating in a report on Monday, September 15th. UBS Group lifted their price target on shares of Western Digital from $45.00 to $75.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Susquehanna lifted their price target on shares of Western Digital from $40.00 to $62.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Finally, Wedbush lifted their price target on shares of Western Digital from $78.00 to $90.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Seventeen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $88.68.

About Western Digital

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.

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