Western Digital Corporation $WDC Stake Cut by Parkway Wealth Management Group LLC

Parkway Wealth Management Group LLC lessened its holdings in Western Digital Corporation (NASDAQ:WDC) by 27.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,791 shares of the data storage provider’s stock after selling 5,705 shares during the quarter. Parkway Wealth Management Group LLC’s holdings in Western Digital were worth $4,001,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in WDC. Alps Advisors Inc. grew its position in shares of Western Digital by 0.8% during the 4th quarter. Alps Advisors Inc. now owns 4,707 shares of the data storage provider’s stock valued at $811,000 after buying an additional 37 shares during the last quarter. Quadcap Wealth Management LLC lifted its holdings in Western Digital by 2.1% in the fourth quarter. Quadcap Wealth Management LLC now owns 2,007 shares of the data storage provider’s stock worth $346,000 after acquiring an additional 41 shares during the last quarter. Moss Adams Wealth Advisors LLC boosted its stake in Western Digital by 2.6% in the fourth quarter. Moss Adams Wealth Advisors LLC now owns 1,982 shares of the data storage provider’s stock valued at $341,000 after acquiring an additional 51 shares during the period. Bogart Wealth LLC grew its holdings in shares of Western Digital by 19.4% during the fourth quarter. Bogart Wealth LLC now owns 369 shares of the data storage provider’s stock valued at $64,000 after purchasing an additional 60 shares during the last quarter. Finally, CYBER HORNET ETFs LLC grew its holdings in shares of Western Digital by 7.2% during the fourth quarter. CYBER HORNET ETFs LLC now owns 889 shares of the data storage provider’s stock valued at $153,000 after purchasing an additional 60 shares during the last quarter. Institutional investors own 92.51% of the company’s stock.

Western Digital Stock Performance

NASDAQ:WDC opened at $675.39 on Friday. The stock has a market cap of $232.79 billion, a price-to-earnings ratio of 40.32 and a beta of 2.13. Western Digital Corporation has a 1 year low of $62.53 and a 1 year high of $799.87. The business has a fifty day moving average of $513.57 and a 200-day moving average of $342.93.

Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, April 30th. The data storage provider reported $2.72 earnings per share for the quarter, beating analysts’ consensus estimates of $2.39 by $0.33. The business had revenue of $3.34 billion for the quarter, compared to analysts’ expectations of $3.25 billion. Western Digital had a net margin of 55.29% and a return on equity of 42.95%. The company’s revenue was up 45.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.36 earnings per share. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. On average, equities research analysts predict that Western Digital Corporation will post 9.58 EPS for the current year.

Western Digital Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, June 5th were given a dividend of $0.15 per share. This is a positive change from Western Digital’s previous quarterly dividend of $0.12. The ex-dividend date was Friday, June 5th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.1%. Western Digital’s payout ratio is presently 3.58%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on WDC shares. Morgan Stanley raised their price target on Western Digital from $488.00 to $650.00 and gave the stock an “overweight” rating in a report on Monday, June 15th. Rosenblatt Securities increased their target price on Western Digital from $340.00 to $500.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Sanford C. Bernstein upgraded Western Digital from a “market perform” rating to an “outperform” rating and set a $340.00 target price on the stock in a research note on Tuesday, March 31st. Cantor Fitzgerald boosted their price target on shares of Western Digital to $660.00 and gave the company an “overweight” rating in a report on Friday, May 1st. Finally, Citigroup upped their price target on shares of Western Digital from $500.00 to $685.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Western Digital currently has a consensus rating of “Moderate Buy” and a consensus target price of $450.46.

Western Digital News Summary

Here are the key news stories impacting Western Digital this week:

• Positive Sentiment: Micron’s strong quarter is being treated as a read-through for the entire memory/storage group, with investors betting that AI infrastructure demand will keep Western Digital’s business environment favorable. Western Digital Stock And Seagate Get Boost From Big Micron Earnings Beat
• Positive Sentiment: Reports highlighted that AI-related memory demand is outpacing supply, which could support better pricing and margins for Western Digital if current trends continue. AI boom keeps memory chip makers in sweet spot, says expert
• Positive Sentiment: Analysts and market commentators said Micron’s results helped “justify elevated valuations” across memory names, fueling a sector-wide rally that included Western Digital. Sandisk, Western Digital, and others soar as Micron results ‘justify elevated valuations’
• Neutral Sentiment: Technical commentary noted a hammer pattern and improving earnings estimate revisions for WDC, which may be supporting bullish sentiment but is not a fundamental catalyst by itself. Here’s Why Western Digital (WDC) Is a Great ‘Buy the Bottom’ Stock Now

Insider Activity at Western Digital

In other news, Director Bruce E. Kiddoo sold 750 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $528.52, for a total value of $396,390.00. Following the completion of the sale, the director directly owned 3,903 shares of the company’s stock, valued at approximately $2,062,813.56. This represents a 16.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Irving Tan sold 20,000 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $411.84, for a total transaction of $8,236,800.00. Following the completion of the transaction, the chief executive officer owned 598,150 shares of the company’s stock, valued at $246,342,096. This trade represents a 3.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 29,322 shares of company stock valued at $12,768,550. 0.18% of the stock is currently owned by insiders.

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.