Elevation Point Wealth Partners LLC Takes Position in Western Digital Corporation $WDC

Elevation Point Wealth Partners LLC bought a new position in shares of Western Digital Corporation (NASDAQ:WDC) in the second quarter, Holdings Channel reports. The institutional investor bought 42,693 shares of the data storage provider’s stock, valued at approximately $27,269,000.

Several other institutional investors have also recently added to or reduced their stakes in WDC. Handelsbanken Fonder AB increased its holdings in shares of Western Digital by 71.4% during the second quarter. Handelsbanken Fonder AB now owns 230,578 shares of the data storage provider’s stock worth $147,275,000 after buying an additional 96,078 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Western Digital by 33.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 1,122,095 shares of the data storage provider’s stock worth $193,303,000 after acquiring an additional 282,156 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong acquired a new position in shares of Western Digital in the 4th quarter worth approximately $20,889,000. World Investment Advisors grew its position in Western Digital by 145.8% during the 4th quarter. World Investment Advisors now owns 5,950 shares of the data storage provider’s stock worth $1,025,000 after acquiring an additional 3,529 shares during the last quarter. Finally, Pictet Asset Management Holding SA grew its position in Western Digital by 62.1% during the 4th quarter. Pictet Asset Management Holding SA now owns 342,516 shares of the data storage provider’s stock worth $59,040,000 after acquiring an additional 131,247 shares during the last quarter. 92.51% of the stock is owned by institutional investors.

Insider Transactions at Western Digital

In other news, insider Cynthia L. Tregillis sold 808 shares of the firm’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $529.63, for a total value of $427,941.04. Following the transaction, the insider owned 114,539 shares of the company’s stock, valued at approximately $60,663,290.57. This trade represents a 0.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 that occurred on Tuesday, August 11th. The stock was sold at an average price of $444.97, for a total transaction of $8,899,400.00. Following the sale, the chief executive officer owned 575,966 shares of the company’s stock, valued at approximately $256,287,591.02. This represents a 3.36% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 24,679 shares of company stock valued at $11,451,605. 0.18% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on WDC shares. Bank of America lifted their price objective on Western Digital from $610.00 to $732.00 and gave the company a “buy” rating in a research report on Wednesday, July 1st. Fox Advisors lowered Western Digital from an “overweight” rating to an “equal weight” rating in a research note on Monday, June 22nd. Barclays raised their target price on Western Digital from $450.00 to $620.00 and gave the company an “overweight” rating in a research note on Wednesday, May 27th. Weiss Ratings downgraded shares of Western Digital from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Finally, Wells Fargo & Company upped their price target on shares of Western Digital from $575.00 to $730.00 and gave the stock an “overweight” rating in a research report on Friday, July 10th. Two research 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’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $534.56.

Western Digital Stock Performance

Shares of WDC opened at $459.44 on Friday. The firm has a market capitalization of $158.36 billion, a price-to-earnings ratio of 18.98 and a beta of 2.14. The business’s fifty day moving average price is $552.24 and its two-hundred day moving average price is $433.31. Western Digital Corporation has a 52 week low of $74.57 and a 52 week high of $799.87.

Western Digital (NASDAQ:WDC) last released its earnings results on Wednesday, August 5th. The data storage provider reported $3.56 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 analysts’ expectations of $3.70 billion. Western Digital had a return on equity of 48.15% and a net margin of 72.95%.The business’s revenue for the quarter was up 43.8% on a year-over-year basis. During the same period last year, the firm earned $1.66 EPS. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. As a group, research analysts forecast that Western Digital Corporation will post 19.65 EPS for the current year.

Western Digital Dividend Announcement

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 given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date is Tuesday, September 8th. Western Digital’s dividend payout ratio (DPR) is presently 2.48%.

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.