Wick Capital Partners LLC Takes Position in Western Digital Corporation $WDC

Key Points

• Wick Capital Partners LLC opened a new position in Western Digital, buying 6,677 shares in the fourth quarter worth about $1.15 million.
• Western Digital recently reported stronger-than-expected quarterly results, with EPS of $2.72 versus $2.39 expected and revenue of $3.34 billion, up 45.5% year over year.
• The company also raised its quarterly dividend to $0.15 per share from $0.12, while analysts remain broadly bullish with a consensus rating of Moderate Buy and a target price around $450.46.

Wick Capital Partners LLC acquired a new stake in Western Digital Corporation (NASDAQ:WDC - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 6,677 shares of the data storage provider's stock, valued at approximately $1,150,000.

Several other hedge funds have also added to or reduced their stakes in the business. Rakuten Securities Inc. raised its stake in shares of Western Digital by 4,070.0% during the second 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 during the last quarter. Avion Wealth grew its stake in shares of Western Digital by 163.8% in the fourth quarter. Avion Wealth now owns 182 shares of the data storage provider's stock worth $31,000 after purchasing an additional 113 shares during the last quarter. Swiss RE Ltd. bought a new stake in shares of Western Digital in the fourth quarter worth $32,000. BOKF NA increased its holdings in Western Digital by 6,700.0% in the third quarter. BOKF NA now owns 272 shares of the data storage provider's stock valued at $33,000 after purchasing an additional 268 shares during the period. Finally, JPL Wealth Management LLC acquired a new stake in Western Digital in the third quarter valued at $33,000. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Western Digital Trading Up 4.8%

Shares of WDC opened at $746.23 on Friday. The firm's fifty day simple moving average is $478.97 and its two-hundred day simple moving average is $324.21. Western Digital Corporation has a 12 month low of $58.66 and a 12 month high of $799.87. The stock has a market capitalization of $257.21 billion, a P/E ratio of 44.55 and a beta of 2.13.

Western Digital (NASDAQ:WDC - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The data storage provider reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.39 by $0.33. The firm had revenue of $3.34 billion during the quarter, compared to analyst estimates of $3.25 billion. Western Digital had a return on equity of 42.95% and a net margin of 55.29%.The business's quarterly revenue was up 45.5% on a year-over-year basis. During the same period last year, the company posted $1.36 EPS. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. As a group, research analysts predict that Western Digital Corporation will post 9.6 EPS for the current fiscal year.

Western Digital Increases Dividend

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

Wall Street Analysts Forecast Growth

WDC has been the topic of several recent research reports. Wall Street Zen raised Western Digital from a "hold" rating to a "buy" rating in a report on Saturday, May 2nd. Evercore reissued an "outperform" rating and issued a $575.00 price target on shares of Western Digital in a research note on Tuesday, May 26th. Bank of America raised their price objective on Western Digital to $495.00 and gave the stock a "buy" rating in a research report on Monday, April 27th. Rosenblatt Securities lifted their price objective on Western Digital from $340.00 to $500.00 and gave the stock a "buy" rating in a research note on Friday, May 1st. Finally, UBS Group upped their target price on Western Digital from $350.00 to $375.00 and gave the company a "neutral" rating in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $450.46.

Key Western Digital News

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

• Positive Sentiment: Western Digital is getting momentum-stock attention from analysts and traders who see AI-driven data-center growth supporting long-term demand for high-capacity storage. Seagate & Another AI Memory Momentum Stock With Big Upside
• Positive Sentiment: Shares are also benefiting from an industry-wide surge in memory stocks after reports that Apple flagged “unavoidable” memory price hikes, reinforcing pricing power across the sector. SanDisk Jumps 11%, Western Digital Rises 7% After Apple Flags “Unavoidable” Memory Price Hikes
• Positive Sentiment: Recent coverage continues to frame WDC as a strong momentum name, with articles suggesting more upside could remain after its recent run. Western Digital (WDC) Stock Could Close Out the Week with Major Gains
• Positive Sentiment: Analysts have been raising price targets and highlighting WDC’s strong profitability, which is adding to bullish sentiment. Morgan Stanley Raises Price Target on Western Digital (WDC). Here is Why
• Neutral Sentiment: Broader market rotation away from tech and into financials could create near-term volatility for technology stocks, including WDC. Financials Rose, Tech Fell Before Kevin Warsh Fed Debut

Insiders Place Their Bets

In other news, insider Vidyadhara K. Gubbi sold 4,674 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $443.19, for a total transaction of $2,071,470.06. Following the completion of the sale, the insider owned 90,041 shares of the company's stock, valued at $39,905,270.79. This trade represents a 4.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Irving Tan sold 20,000 shares of Western Digital stock in a transaction on Friday, May 1st. The shares were sold at an average price of $411.84, for a total transaction of $8,236,800.00. Following the completion of the sale, the chief executive officer owned 598,150 shares of the company's stock, valued at $246,342,096. This represents a 3.24% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 29,322 shares of company stock valued at $12,768,550 in the last ninety days. 0.18% of the stock is owned by corporate insiders.

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.

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.