C M Bidwell & Associates Ltd. Makes New $1.32 Million Investment in Western Digital Corporation $WDC

C M Bidwell & Associates Ltd. bought a new position in Western Digital Corporation (NASDAQ:WDC) in the 2nd quarter, Holdings Channel.com reports. The firm bought 2,062 shares of the data storage provider’s stock, valued at approximately $1,317,000.

Several other hedge funds have also modified their holdings of the stock. Mowery & Schoenfeld Wealth Management LLC acquired a new position in Western Digital in the 2nd quarter worth $28,000. Dunhill Financial LLC purchased a new stake in shares of Western Digital during the second quarter worth about $29,000. Gables Capital Management Inc. acquired a new position in shares of Western Digital in the second quarter worth about $32,000. Ares Financial Consulting LLC boosted its holdings in Western Digital by 45.5% in the second quarter. Ares Financial Consulting LLC now owns 80 shares of the data storage provider’s stock valued at $51,000 after purchasing an additional 25 shares during the last quarter. Finally, Dogwood Wealth Management LLC boosted its holdings in Western Digital by 28.6% in the second quarter. Dogwood Wealth Management LLC now owns 90 shares of the data storage provider’s stock valued at $57,000 after purchasing an additional 20 shares during the last quarter. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

Western Digital Price Performance

WDC opened at $459.44 on Friday. Western Digital Corporation has a 1-year low of $74.57 and a 1-year high of $799.87. The company has a market capitalization of $158.36 billion, a price-to-earnings ratio of 18.98 and a beta of 2.14. The business has a 50 day moving average price of $552.24 and a two-hundred day moving average price of $433.31.

Western Digital (NASDAQ:WDC) last announced its earnings results on Wednesday, August 5th. The data storage provider reported $3.56 EPS for the quarter, topping the consensus estimate of $3.31 by $0.25. Western Digital had a net margin of 72.95% and a return on equity of 48.15%. The company had revenue of $3.75 billion during the quarter, compared to analysts’ expectations of $3.70 billion. During the same period last year, the company posted $1.66 earnings per share. The business’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. Equities analysts expect that Western Digital Corporation will post 19.65 EPS for the current fiscal year.

Western Digital Dividend Announcement

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

Wall Street Analysts Forecast Growth

WDC has been the subject of several research analyst reports. Melius Research set a $1,050.00 price objective on Western Digital and gave the company a “buy” rating in a report on Monday, June 29th. Cantor Fitzgerald lifted their target price on Western Digital from $660.00 to $900.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Summit Insights downgraded Western Digital from a “buy” rating to a “hold” rating in a report on Thursday, August 6th. Mizuho set a $590.00 price target on Western Digital in a research report on Thursday, August 6th. Finally, Susquehanna raised their price objective on Western Digital from $360.00 to $500.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $534.56.

Insider Activity at Western Digital

In other Western Digital news, Director Bruce E. Kiddoo sold 750 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $528.52, for a total value of $396,390.00. Following the transaction, the director owned 3,903 shares in the company, valued at $2,062,813.56. The trade was a 16.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Cynthia L. Tregillis sold 808 shares of the company’s stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $529.63, for a total value of $427,941.04. Following the completion of the transaction, the insider directly owned 114,539 shares in the company, valued at approximately $60,663,290.57. The trade was a 0.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 24,679 shares of company stock valued at $11,451,605. 0.18% of the stock is owned by company insiders.

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.