Western Digital Corporation $WDC Shares Bought by Sound Income Strategies LLC

Sound Income Strategies LLC raised its stake in Western Digital Corporation (NASDAQ:WDC) by 5.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 86,462 shares of the data storage provider’s stock after purchasing an additional 4,435 shares during the quarter. Sound Income Strategies LLC’s holdings in Western Digital were worth $5,533,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in WDC. Zions Bancorporation National Association UT acquired a new position in shares of Western Digital in the 1st quarter valued at $29,000. Allworth Financial LP boosted its holdings in shares of Western Digital by 34.1% in the 1st quarter. Allworth Financial LP now owns 955 shares of the data storage provider’s stock valued at $38,000 after purchasing an additional 243 shares during the last quarter. MorganRosel Wealth Management LLC acquired a new position in shares of Western Digital in the 1st quarter valued at $40,000. Whittier Trust Co. of Nevada Inc. boosted its holdings in shares of Western Digital by 242.2% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,208 shares of the data storage provider’s stock valued at $49,000 after purchasing an additional 855 shares during the last quarter. Finally, Brooklyn Investment Group boosted its holdings in shares of Western Digital by 91.2% in the 1st quarter. Brooklyn Investment Group now owns 1,279 shares of the data storage provider’s stock valued at $52,000 after purchasing an additional 610 shares during the last quarter. Institutional investors and hedge funds own 92.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on WDC. Zacks Research lowered shares of Western Digital from a “strong-buy” rating to a “hold” rating in a report on Friday, September 12th. Barclays lifted their target price on shares of Western Digital from $80.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, September 11th. Wells Fargo & Company lifted their target price on shares of Western Digital from $80.00 to $95.00 and gave the company an “overweight” rating in a report on Thursday, July 31st. UBS Group lifted their target price on shares of Western Digital from $45.00 to $75.00 and gave the company a “neutral” rating in a report on Monday, July 21st. Finally, Benchmark lifted their target price on shares of Western Digital from $85.00 to $115.00 and gave the company a “buy” rating in a report on Monday, September 15th. Seventeen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Western Digital has an average rating of “Moderate Buy” and a consensus price target of $89.63.

Insider Activity at Western Digital

In other news, CEO Irving Tan sold 8,621 shares of the business’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $75.90, for a total value of $654,333.90. Following the completion of the sale, the chief executive officer owned 594,836 shares of the company’s stock, valued at approximately $45,148,052.40. The trade was a 1.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Cynthia L. Tregillis sold 14,067 shares of the business’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $74.78, for a total transaction of $1,051,930.26. Following the completion of the sale, the insider directly owned 135,351 shares of the company’s stock, valued at $10,121,547.78. The trade was a 9.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 49,730 shares of company stock worth $3,921,594 over the last quarter. Company insiders own 0.30% of the company’s stock.

Western Digital Stock Performance

Western Digital stock opened at $106.88 on Monday. Western Digital Corporation has a 12-month low of $28.83 and a 12-month high of $113.75. The company has a market capitalization of $37.29 billion, a price-to-earnings ratio of 20.75, a price-to-earnings-growth ratio of 0.91 and a beta of 1.69. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.08 and a quick ratio of 0.84. The firm’s fifty day moving average price is $84.34 and its 200 day moving average price is $61.71.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Wednesday, July 30th. The data storage provider reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 by $0.18. Western Digital had a net margin of 14.13% and a return on equity of 24.93%. The firm had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.45 billion. During the same quarter in the previous year, the firm posted $1.44 EPS. The firm’s quarterly revenue was up 30.0% on a year-over-year basis. Western Digital has set its Q1 2026 guidance at 1.540-1.690 EPS. On average, research analysts forecast that Western Digital Corporation will post 4.89 EPS for the current fiscal year.

Western Digital Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, September 4th. This represents a $0.40 annualized dividend and a dividend yield of 0.4%. Western Digital’s payout ratio is presently 7.77%.

About Western Digital

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.