Reliant Investment Partners LLC Makes New Investment in Western Digital Corporation $WDC

Reliant Investment Partners LLC purchased a new position in Western Digital Corporation (NASDAQ:WDC) during the second quarter, Holdings Channel reports. The institutional investor purchased 1,204 shares of the data storage provider’s stock, valued at approximately $769,000.

A number of other institutional investors also recently modified their holdings of WDC. Dogwood Wealth Management LLC increased its position in shares of Western Digital by 28.6% during the second quarter. Dogwood Wealth Management LLC now owns 90 shares of the data storage provider’s stock worth $57,000 after buying an additional 20 shares during the period. Legacy Wealth Asset Management LLC lifted its holdings in Western Digital by 1.0% in the second quarter. Legacy Wealth Asset Management LLC now owns 2,302 shares of the data storage provider’s stock valued at $1,470,000 after buying an additional 22 shares during the period. Everpar Advisors LLC boosted its position in Western Digital by 1.8% during the second quarter. Everpar Advisors LLC now owns 1,442 shares of the data storage provider’s stock valued at $921,000 after acquiring an additional 25 shares during the last quarter. Ares Financial Consulting LLC boosted its position in Western Digital by 45.5% during the second quarter. Ares Financial Consulting LLC now owns 80 shares of the data storage provider’s stock valued at $51,000 after acquiring an additional 25 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC grew its holdings in Western Digital by 2.1% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 1,390 shares of the data storage provider’s stock worth $888,000 after acquiring an additional 28 shares during the period. 92.51% of the stock is owned by institutional investors.

Western Digital Price Performance

Shares of NASDAQ WDC opened at $469.05 on Friday. The company has a 50-day moving average price of $554.31 and a 200-day moving average price of $433.12. The stock has a market capitalization of $161.67 billion, a P/E ratio of 19.37 and a beta of 2.14. Western Digital Corporation has a 1 year low of $74.42 and a 1 year high of $799.87.

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

Western Digital Announces Dividend

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

Insiders Place Their Bets

In other news, insider Cynthia L. Tregillis sold 808 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $60,663,290.57. This trade represents a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Irving Tan sold 20,000 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $444.97, for a total value of $8,899,400.00. Following the sale, the chief executive officer directly 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. Insiders have sold 24,679 shares of company stock worth $11,451,605 over the last 90 days. 0.18% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Wall Street Zen downgraded Western Digital from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 16th. Bank of America lifted their target price on Western Digital from $610.00 to $732.00 and gave the stock a “buy” rating in a report on Wednesday, July 1st. Rosenblatt Securities reduced their target price on Western Digital from $900.00 to $800.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Cantor Fitzgerald boosted their target price on Western Digital from $660.00 to $900.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. Finally, Melius Research set a $1,050.00 price target on Western Digital and gave the stock a “buy” rating in a report on Monday, June 29th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.