Corient Private Wealth LP Makes New $33.53 Million Investment in Western Digital Corporation $WDC

Corient Private Wealth LP bought a new stake in shares of Western Digital Corporation (NASDAQ:WDC) in the 2nd quarter, Holdings Channel reports. The firm bought 52,489 shares of the data storage provider’s stock, valued at approximately $33,527,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of WDC. Rakuten Securities Inc. boosted its holdings in Western Digital by 4,070.0% during the 2nd 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 period. Mowery & Schoenfeld Wealth Management LLC bought a new stake in shares of Western Digital during the second quarter worth $28,000. Dunhill Financial LLC bought a new stake in shares of Western Digital during the second quarter worth $29,000. Valley Wealth Managers Inc. bought a new position in shares of Western Digital in the first quarter worth about $32,000. Finally, Gables Capital Management Inc. bought a new position in shares of Western Digital in the second quarter worth about $32,000. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

Western Digital News Roundup

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

• Positive Sentiment: Western Digital’s AI- and cloud-storage growth thesis remains intact. Industry momentum from AI infrastructure, cloud computing, the Internet of Things and automotive applications is supporting expectations for continued demand. 3 Storage Devices Stocks to Buy as the Industry Gains Momentum
• Positive Sentiment: A recent exchange of approximately $191 million of 3% convertible notes due 2028 is viewed as constructive liability management because it can reduce debt, although issuing shares may create some dilution. What’s Going on With Western Digital Stock on Wednesday?
• Positive Sentiment: Western Digital recently reported revenue growth of 44% year over year to $3.75 billion and earnings of $3.56 per share, exceeding estimates. Its next-quarter earnings guidance of $3.85 to $4.15 per share also supports the bullish fundamental case.
• Positive Sentiment: Technical and analyst indicators remain favorable: a recent hammer chart pattern suggested potential support, while upward earnings-estimate revisions and a bullish Wall Street consensus point to possible longer-term recovery. Western Digital May Find a Bottom Soon

Western Digital Stock Performance

NASDAQ WDC opened at $462.00 on Friday. Western Digital Corporation has a one year low of $77.90 and a one year high of $799.87. The company has a market capitalization of $159.24 billion, a price-to-earnings ratio of 19.08 and a beta of 2.14. The company’s 50-day simple moving average is $532.72 and its two-hundred day simple moving average is $439.49.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Wednesday, August 5th. The data storage provider reported $3.56 earnings per share 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 analysts’ expectations 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 was up 43.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.66 EPS. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. Equities analysts expect that Western Digital Corporation will post 19.65 earnings per share for the current fiscal year.

Western Digital Dividend Announcement

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

Insider Activity

In related news, insider Cynthia L. Tregillis sold 1,007 shares of the firm’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $478.36, for a total transaction of $481,708.52. Following the sale, the insider owned 112,155 shares of the company’s stock, valued at $53,650,465.80. This trade represents a 0.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Irving Tan sold 20,000 shares of Western Digital stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $444.97, for a total value of $8,899,400.00. Following the completion of the transaction, the chief executive officer owned 575,966 shares in the company, valued at $256,287,591.02. This trade represents a 3.36% 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 three months, insiders have sold 26,117 shares of company stock worth $12,053,353. 0.18% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Bank of America lifted their price objective on shares of Western Digital from $610.00 to $732.00 and gave the company a “buy” rating in a report on Wednesday, July 1st. Mizuho set a $590.00 target price on shares of Western Digital in a research report on Thursday, August 6th. Fox Advisors lowered Western Digital from an “overweight” rating to an “equal weight” rating in a report on Monday, June 22nd. Barclays increased their price objective on Western Digital from $450.00 to $620.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 27th. Finally, Rosenblatt Securities decreased their target price on Western Digital from $900.00 to $800.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average 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.