Varma Mutual Pension Insurance Co Takes Position in Western Digital Corporation $WDC

Varma Mutual Pension Insurance Co purchased a new position in shares of Western Digital Corporation (NASDAQ:WDC - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 55,300 shares of the data storage provider's stock, valued at approximately $35,321,000.

Several other hedge funds have also recently bought and sold shares of the company. Rakuten Securities Inc. boosted its position in Western Digital by 4,070.0% during the second quarter. Rakuten Securities Inc. now owns 417 shares of the data storage provider's stock worth $27,000 after purchasing an additional 407 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of Western Digital in the second quarter valued at $28,000. Dunhill Financial LLC acquired a new position in shares of Western Digital during the 2nd quarter worth $29,000. Valley Wealth Managers Inc. acquired a new position in shares of Western Digital during the 1st quarter worth $32,000. Finally, Gables Capital Management Inc. purchased a new stake in shares of Western Digital in the 2nd quarter worth about $32,000. 92.51% of the stock is owned by hedge funds and other institutional investors.

Western Digital Stock Performance

WDC opened at $459.44 on Friday. Western Digital Corporation has a 1 year low of $74.57 and a 1 year high of $799.87. The company's 50 day simple moving average is $552.24 and its 200 day simple moving average is $433.31. The stock has a market capitalization of $158.36 billion, a PE ratio of 18.98 and a beta of 2.14.

Western Digital (NASDAQ:WDC - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The data storage provider reported $3.56 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 net margin of 72.95% and a return on equity of 48.15%. Western Digital's revenue for the quarter was up 43.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.66 earnings per share. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. As a group, sell-side analysts expect that Western Digital Corporation will post 19.65 earnings per share for the current fiscal year.

Western Digital Announces Dividend

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

Insider Transactions at Western Digital

In other Western Digital news, insider Vidyadhara K. Gubbi sold 2,475 shares of the business's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $556.24, for a total transaction of $1,376,694.00. Following the completion of the sale, the insider owned 85,154 shares of the company's stock, valued at approximately $47,366,060.96. The trade was a 2.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Cynthia L. Tregillis sold 808 shares of the business's stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $529.63, for a total value of $427,941.04. Following the sale, the insider directly owned 114,539 shares of the company's stock, valued at approximately $60,663,290.57. This trade represents a 0.70% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 24,679 shares of company stock valued at $11,451,605. Corporate insiders own 0.18% of the company's stock.

Wall Street Analyst Weigh In

WDC has been the topic of a number of research reports. Robert W. Baird set a $630.00 price objective on shares of Western Digital in a research note on Thursday, August 6th. Weiss Ratings cut shares of Western Digital from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. UBS Group reduced their price target on shares of Western Digital from $560.00 to $525.00 and set a "neutral" rating on the stock in a report on Thursday, August 6th. Summit Insights lowered shares of Western Digital from a "buy" rating to a "hold" rating in a research report on Thursday, August 6th. Finally, Rosenblatt Securities dropped their price objective on shares of Western Digital from $900.00 to $800.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $534.56.

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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