Maxi Investments CY Ltd Takes Position in Western Digital Corporation $WDC

Maxi Investments CY Ltd bought a new position in shares of Western Digital Corporation (NASDAQ:WDC) in the second quarter, Holdings Channel reports. The institutional investor bought 3,200 shares of the data storage provider’s stock, valued at approximately $2,044,000.

Several other hedge funds have also recently modified their holdings of WDC. Norges Bank purchased a new position in Western Digital in the 4th quarter valued at about $788,729,000. Northern Trust Corp increased its stake in Western Digital by 11.2% during the 3rd quarter. Northern Trust Corp now owns 3,805,463 shares of the data storage provider’s stock worth $456,884,000 after buying an additional 384,103 shares in the last quarter. Soroban Capital Partners LP increased its stake in Western Digital by 1,926.3% during the 2nd quarter. Soroban Capital Partners LP now owns 3,061,134 shares of the data storage provider’s stock worth $195,882,000 after buying an additional 2,910,062 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Western Digital by 70.4% during the fourth quarter. AQR Capital Management LLC now owns 2,972,703 shares of the data storage provider’s stock valued at $512,107,000 after acquiring an additional 1,228,661 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Western Digital by 6.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,809,409 shares of the data storage provider’s stock valued at $483,977,000 after acquiring an additional 159,167 shares during the last quarter. Institutional investors and hedge funds own 92.51% of the company’s stock.

Insider Activity

In other Western Digital news, 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 transaction of $8,899,400.00. Following the transaction, the chief executive officer directly owned 575,966 shares of the company’s stock, valued at $256,287,591.02. The trade was a 3.36% decrease in their ownership of the stock. 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 2,475 shares of the business’s stock in a transaction dated 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 transaction, the insider owned 85,154 shares in the company, valued at $47,366,060.96. The trade was a 2.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 24,679 shares of company stock valued at $11,451,605 in the last ninety days. 0.18% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on WDC shares. Melius Research set a $1,050.00 target price on Western Digital and gave the company a “buy” rating in a research report on Monday, June 29th. JPMorgan Chase & Co. increased their price objective on Western Digital from $530.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Evercore reissued an “outperform” rating and issued a $575.00 price objective on shares of Western Digital in a research note on Tuesday, May 26th. Summit Insights lowered Western Digital from a “buy” rating to a “hold” rating in a report on Thursday, August 6th. Finally, Weiss Ratings cut shares of Western Digital from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $534.56.

Western Digital Stock Performance

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

Western Digital (NASDAQ:WDC) last issued its earnings results on Wednesday, August 5th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.31 by $0.25. Western Digital had a return on equity of 48.15% and a net margin of 72.95%.The business had revenue of $3.75 billion during the quarter, compared to the consensus estimate of $3.70 billion. During the same period last year, the company earned $1.66 EPS. The company’s revenue for the quarter was up 43.8% on a year-over-year basis. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. As a group, sell-side analysts forecast that Western Digital Corporation will post 19.65 EPS for the current year.

Western Digital Announces Dividend

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

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.