Western Digital Corporation $WDC Shares Sold by Parkway Wealth Management Group LLC

Key Points

• Parkway Wealth Management Group LLC cut its Western Digital stake by 27.8% in the first quarter, selling 5,705 shares and leaving it with 14,791 shares valued at about $4.0 million.
• Western Digital reported strong quarterly results, with EPS of $2.72 beating estimates and revenue of $3.34 billion topping forecasts, while year-over-year revenue jumped 45.5%.
• The company raised its quarterly dividend to $0.15 per share from $0.12, though the yield remains low at about 0.1%.

Parkway Wealth Management Group LLC reduced its position in shares of Western Digital Corporation (NASDAQ:WDC - Free Report) by 27.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,791 shares of the data storage provider's stock after selling 5,705 shares during the period. Parkway Wealth Management Group LLC's holdings in Western Digital were worth $4,001,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in WDC. Norges Bank acquired a new position in shares of Western Digital in the fourth quarter worth $788,729,000. Fred Alger Management LLC increased its holdings in shares of Western Digital by 4,923.9% in the 3rd quarter. Fred Alger Management LLC now owns 3,407,042 shares of the data storage provider's stock valued at $409,049,000 after acquiring an additional 3,339,225 shares during the last quarter. Soroban Capital Partners LP raised its holdings in Western Digital by 1,926.3% during the second quarter. Soroban Capital Partners LP now owns 3,061,134 shares of the data storage provider's stock worth $195,882,000 after purchasing an additional 2,910,062 shares in the last quarter. Polar Capital Holdings Plc acquired a new stake in Western Digital during the 3rd quarter worth $221,800,000. Finally, National Pension Service increased its position in shares of Western Digital by 267.6% during the fourth quarter. National Pension Service now owns 1,691,659 shares of the data storage provider's stock worth $291,422,000 after purchasing an additional 1,231,477 shares in the last quarter. Institutional investors and hedge funds own 92.51% of the company's stock.

Western Digital Price Performance

NASDAQ WDC opened at $675.39 on Friday. The company has a market cap of $232.79 billion, a P/E ratio of 40.32 and a beta of 2.13. Western Digital Corporation has a 12 month low of $62.53 and a 12 month high of $799.87. The company has a 50-day moving average of $513.57 and a 200-day moving average of $342.93.

Western Digital (NASDAQ:WDC - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The data storage provider reported $2.72 earnings per share for the quarter, beating analysts' consensus estimates of $2.39 by $0.33. Western Digital had a net margin of 55.29% and a return on equity of 42.95%. The company had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.25 billion. During the same quarter last year, the business earned $1.36 EPS. Western Digital's revenue for the quarter was up 45.5% on a year-over-year basis. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. As a group, equities research analysts anticipate that Western Digital Corporation will post 9.58 EPS for the current year.

Western Digital Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, June 5th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.1%. This is a positive change from Western Digital's previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Friday, June 5th. Western Digital's dividend payout ratio is presently 3.58%.

Western Digital News Summary

Here are the key news stories impacting Western Digital this week:

• Positive Sentiment: Micron’s strong quarter is being treated as a read-through for the entire memory/storage group, with investors betting that AI infrastructure demand will keep Western Digital’s business environment favorable. Western Digital Stock And Seagate Get Boost From Big Micron Earnings Beat
• Positive Sentiment: Reports highlighted that AI-related memory demand is outpacing supply, which could support better pricing and margins for Western Digital if current trends continue. AI boom keeps memory chip makers in sweet spot, says expert
• Positive Sentiment: Analysts and market commentators said Micron’s results helped “justify elevated valuations” across memory names, fueling a sector-wide rally that included Western Digital. Sandisk, Western Digital, and others soar as Micron results 'justify elevated valuations'
• Neutral Sentiment: Technical commentary noted a hammer pattern and improving earnings estimate revisions for WDC, which may be supporting bullish sentiment but is not a fundamental catalyst by itself. Here's Why Western Digital (WDC) Is a Great 'Buy the Bottom' Stock Now

Insider Buying and Selling at Western Digital

In related news, insider Cynthia L. Tregillis sold 432 shares of the company's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $545.60, for a total transaction of $235,699.20. Following the completion of the sale, the insider directly owned 116,643 shares of the company's stock, valued at approximately $63,640,420.80. This represents a 0.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Vidyadhara K. Gubbi sold 4,674 shares of the company's stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $443.19, for a total value of $2,071,470.06. Following the completion of the sale, the insider directly owned 90,041 shares of the company's stock, valued at $39,905,270.79. The trade was a 4.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 29,322 shares of company stock worth $12,768,550. Insiders own 0.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Weiss Ratings raised shares of Western Digital from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, May 15th. Robert W. Baird raised their price target on Western Digital from $310.00 to $450.00 and gave the company an "outperform" rating in a report on Monday, May 4th. Evercore reissued an "outperform" rating and set a $575.00 price objective on shares of Western Digital in a report on Tuesday, May 26th. Mizuho boosted their target price on Western Digital from $550.00 to $685.00 and gave the stock an "outperform" rating in a research report on Monday, June 8th. Finally, Rosenblatt Securities increased their price target on shares of Western Digital from $340.00 to $500.00 and gave the company a "buy" rating in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, Western Digital has a consensus rating of "Moderate Buy" and a consensus price target of $450.46.

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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