Commerce Bank Invests $10.75 Million in Western Digital Corporation $WDC

Commerce Bank bought a new stake in Western Digital Corporation (NASDAQ:WDC) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 16,831 shares of the data storage provider’s stock, valued at approximately $10,750,000.

Several other large investors have also modified their holdings of WDC. Rakuten Securities Inc. increased its holdings in Western Digital by 4,070.0% in the second quarter. Rakuten Securities Inc. now owns 417 shares of the data storage provider’s stock valued at $27,000 after buying an additional 407 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in Western Digital during the second quarter valued at approximately $28,000. Dunhill Financial LLC bought a new position in Western Digital during the 2nd quarter worth approximately $29,000. Valley Wealth Managers Inc. bought a new position in Western Digital during the 1st quarter worth approximately $32,000. Finally, Gables Capital Management Inc. acquired a new position in shares of Western Digital in the 2nd quarter worth approximately $32,000. Institutional investors own 92.51% of the company’s stock.

Western Digital Price Performance

Shares of NASDAQ WDC opened at $459.44 on Monday. The firm has a market capitalization of $158.36 billion, a PE ratio of 18.98 and a beta of 2.14. Western Digital Corporation has a 1-year low of $74.57 and a 1-year high of $799.87. The business’s fifty day moving average price is $552.24 and its two-hundred day moving average price is $434.46.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Wednesday, August 5th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.31 by $0.25. The company had revenue of $3.75 billion during the quarter, compared to the consensus estimate of $3.70 billion. Western Digital had a net margin of 72.95% and a return on equity of 48.15%. The company’s revenue for the quarter was up 43.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.66 earnings per share. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. Equities research analysts expect that Western Digital Corporation will post 19.65 earnings per share for the current fiscal year.

Western Digital Dividend Announcement

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

Analysts Set New Price Targets

Several research firms recently issued reports on WDC. JPMorgan Chase & Co. upped their price target on Western Digital from $530.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Weiss Ratings lowered shares of Western Digital from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. UBS Group dropped their target price 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 downgraded shares of Western Digital from a “buy” rating to a “hold” rating in a research report on Thursday, August 6th. Finally, Robert W. Baird set a $630.00 price target on shares of Western Digital in a report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $534.56.

Insider Activity

In other Western Digital news, Director Bruce E. Kiddoo sold 750 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $528.52, for a total value of $396,390.00. Following the completion of the transaction, the director owned 3,903 shares in the company, valued at approximately $2,062,813.56. This represents a 16.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Vidyadhara K. Gubbi sold 2,475 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were 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 in the company, valued at $47,366,060.96. The trade was a 2.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 24,679 shares of company stock valued at $11,451,605. Company insiders own 0.18% of the company’s stock.

About Western Digital

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.