Syon Capital LLC Reduces Stock Holdings in Western Digital Corporation $WDC

Syon Capital LLC reduced its stake in shares of Western Digital Corporation (NASDAQ:WDC) by 21.5% during the second quarter, Holdings Channel reports. The firm owned 6,668 shares of the data storage provider’s stock after selling 1,824 shares during the quarter. Syon Capital LLC’s holdings in Western Digital were worth $4,259,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of WDC. Rakuten Securities Inc. boosted its stake in shares of Western Digital by 4,070.0% during the 2nd quarter. Rakuten Securities Inc. now owns 417 shares of the data storage provider’s stock valued at $27,000 after purchasing an additional 407 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Western Digital in the second quarter worth about $28,000. Dunhill Financial LLC purchased a new stake in Western Digital in the second quarter worth about $29,000. Stonehage Fleming Financial Services Holdings Ltd bought a new stake in Western Digital during the 2nd quarter valued at approximately $31,000. Finally, Valley Wealth Managers Inc. bought a new stake in Western Digital during the 1st quarter valued at approximately $32,000. 92.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Western Digital

In other Western Digital news, insider Cynthia L. Tregillis sold 1,007 shares of Western Digital stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $478.36, for a total value of $481,708.52. Following the sale, the insider directly owned 112,155 shares in the company, valued at approximately $53,650,465.80. The trade was a 0.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Irving Tan sold 20,000 shares of the business’s stock in a transaction 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 completion of the sale, the chief executive officer owned 575,966 shares in the company, valued at approximately $256,287,591.02. The trade was 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. Insiders sold 23,210 shares of company stock worth $10,440,960 in the last three months. Insiders own 0.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Jefferies Financial Group set a $575.00 target price on Western Digital in a research report on Tuesday, May 26th. Susquehanna upped their price target on shares of Western Digital from $360.00 to $500.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 8th. Fox Advisors downgraded shares of Western Digital from an “overweight” rating to an “equal weight” rating in a research report on Monday, June 22nd. Bank of America lifted their target price on shares of Western Digital from $610.00 to $732.00 and gave the stock a “buy” rating in a report on Wednesday, July 1st. Finally, Citigroup cut their target price on Western Digital from $800.00 to $740.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $534.56.

Western Digital Stock Down 1.6%

NASDAQ WDC opened at $441.57 on Friday. The firm has a market cap of $152.20 billion, a price-to-earnings ratio of 18.24, a price-to-earnings-growth ratio of 1.90 and a beta of 2.13. The business has a 50-day moving average price of $508.41 and a 200-day moving average price of $445.56. Western Digital Corporation has a twelve month low of $85.92 and a twelve month 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, beating the consensus estimate of $3.31 by $0.25. Western Digital had a return on equity of 48.15% and a net margin of 72.95%.The company had revenue of $3.75 billion for the quarter, compared to the consensus estimate of $3.70 billion. During the same quarter last year, the company earned $1.66 EPS. The firm’s quarterly revenue was up 43.8% on a year-over-year basis. Western Digital has set its Q1 2027 guidance at 3.850-4.150 EPS. Research analysts expect that Western Digital Corporation will post 19.65 EPS for the current fiscal year.

Western Digital Announces Dividend

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

Western Digital 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.