Sumitomo Mitsui DS Asset Management Company Ltd Sells 16,879 Shares of Western Digital Corporation $WDC

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd reduced its stake in Western Digital Corporation by 18.9%, owning 72,365 shares valued at $4.63 million after selling 16,879 shares in the last quarter.
• Brokerage TD Cowen raised its price target for Western Digital from $58.00 to $90.00, while 17 analysts have rated the stock as a Buy overall with an average price target of $88.68.
• Western Digital reported earnings per share of $1.66, surpassing estimates, with a year-over-year revenue increase of 30% for the quarter.

Sumitomo Mitsui DS Asset Management Company Ltd cut its stake in Western Digital Corporation (NASDAQ:WDC - Free Report) by 18.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 72,365 shares of the data storage provider's stock after selling 16,879 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Western Digital were worth $4,631,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of WDC. Zions Bancorporation National Association UT bought a new position in shares of Western Digital in the first quarter worth about $29,000. Allworth Financial LP grew its position in shares of Western Digital by 34.1% during the 1st quarter. Allworth Financial LP now owns 955 shares of the data storage provider's stock worth $38,000 after buying an additional 243 shares during the period. MorganRosel Wealth Management LLC acquired a new stake in shares of Western Digital during the 1st quarter worth approximately $40,000. Whittier Trust Co. of Nevada Inc. grew its position in shares of Western Digital by 242.2% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,208 shares of the data storage provider's stock worth $49,000 after buying an additional 855 shares during the period. Finally, Brooklyn Investment Group grew its position in shares of Western Digital by 91.2% during the 1st quarter. Brooklyn Investment Group now owns 1,279 shares of the data storage provider's stock worth $52,000 after buying an additional 610 shares during the period. 92.51% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Irving Tan sold 8,621 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $75.90, for a total value of $654,333.90. Following the sale, the chief executive officer directly owned 594,836 shares in the company, valued at approximately $45,148,052.40. This trade represents a 1.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Gene M. Zamiska sold 353 shares of the firm's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $80.90, for a total transaction of $28,557.70. Following the completion of the sale, the senior vice president owned 27,425 shares in the company, valued at approximately $2,218,682.50. The trade was a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 49,730 shares of company stock valued at $3,921,594. Corporate insiders own 0.30% of the company's stock.

Western Digital Price Performance

Western Digital stock traded up $0.91 during trading hours on Tuesday, reaching $113.32. 1,991,800 shares of the stock were exchanged, compared to its average volume of 7,968,706. The company has a market cap of $39.53 billion, a P/E ratio of 21.97, a price-to-earnings-growth ratio of 1.20 and a beta of 1.69. The company has a current ratio of 1.08, a quick ratio of 0.84 and a debt-to-equity ratio of 0.47. Western Digital Corporation has a twelve month low of $28.83 and a twelve month high of $113.40. The stock has a 50 day moving average of $81.04 and a two-hundred day moving average of $59.85.

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

Western Digital Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Thursday, September 4th. Western Digital's dividend payout ratio is presently 7.77%.

Analyst Ratings Changes

WDC has been the subject of several analyst reports. Benchmark lifted their price target on shares of Western Digital from $85.00 to $115.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. The Goldman Sachs Group started coverage on shares of Western Digital in a research report on Thursday, July 10th. They set a "neutral" rating and a $70.00 price objective for the company. Citigroup upped their price target on shares of Western Digital from $88.00 to $110.00 and gave the stock a "buy" rating in a research report on Monday, September 8th. Barclays increased their price objective on shares of Western Digital from $80.00 to $105.00 and gave the company an "overweight" rating in a research report on Thursday, September 11th. Finally, Rosenblatt Securities increased their price objective on shares of Western Digital from $53.00 to $90.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Seventeen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, Western Digital has an average rating of "Moderate Buy" and an average target price of $88.68.

Western Digital Profile

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.