Corient Private Wealth LLC Grows Stake in Western Digital Corporation $WDC

Corient Private Wealth LLC raised its position in shares of Western Digital Corporation (NASDAQ:WDC) by 2.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 59,679 shares of the data storage provider’s stock after purchasing an additional 1,409 shares during the period. Corient Private Wealth LLC’s holdings in Western Digital were worth $10,281,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in WDC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Western Digital by 7.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,988 shares of the data storage provider’s stock valued at $1,698,000 after purchasing an additional 3,019 shares during the period. Geneos Wealth Management Inc. increased its holdings in Western Digital by 229.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,388 shares of the data storage provider’s stock valued at $56,000 after buying an additional 967 shares during the period. Sivia Capital Partners LLC bought a new position in Western Digital in the second quarter worth approximately $307,000. Cresset Asset Management LLC bought a new position in Western Digital in the second quarter worth approximately $292,000. Finally, Federated Hermes Inc. lifted its holdings in Western Digital by 55.3% during the second quarter. Federated Hermes Inc. now owns 2,374 shares of the data storage provider’s stock worth $152,000 after buying an additional 845 shares during the period. Institutional investors own 92.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on WDC shares. Wells Fargo & Company increased their target price on Western Digital from $500.00 to $575.00 and gave the company an “overweight” rating in a research report on Monday, June 1st. Bank of America boosted their price target on Western Digital to $495.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Weiss Ratings raised Western Digital from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 15th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $400.00 price objective on shares of Western Digital in a research report on Friday, May 1st. Finally, UBS Group lifted their target price on Western Digital from $350.00 to $375.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $450.46.

Western Digital Trading Down 4.3%

Shares of WDC opened at $641.73 on Thursday. The firm has a market cap of $221.19 billion, a PE ratio of 38.31 and a beta of 2.13. Western Digital Corporation has a 12 month low of $62.13 and a 12 month high of $799.87. The stock has a fifty day moving average price of $507.39 and a 200-day moving average price of $339.36.

Western Digital (NASDAQ:WDC) last announced its earnings results 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. Western Digital had a return on equity of 42.95% and a net margin of 55.29%.The firm had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $3.25 billion. During the same period in the previous year, the business earned $1.36 EPS. The firm’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, research analysts forecast that Western Digital Corporation will post 9.6 EPS for the current year.

Western Digital Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, June 5th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.1%. This is an increase from Western Digital’s previous quarterly dividend of $0.12. The ex-dividend date was Friday, June 5th. Western Digital’s dividend payout ratio is currently 3.58%.

Trending Headlines about Western Digital

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

• Positive Sentiment: Micron’s earnings beat and guidance are lifting memory stocks, including Western Digital, on renewed optimism for the storage cycle.
• Positive Sentiment: Analysts continue to view Western Digital favorably, with recent price targets clustering well above the broader market’s expectations.
• Positive Sentiment: Longer-term articles highlighted stronger customer buying patterns and contract shifts that could support a higher valuation for WDC. The Quiet Contract Shift Before Western Digital Stock’s Loud Re-Rating

Insider Activity at Western Digital

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

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.