QRG Capital Management Inc. Buys 21,337 Shares of Western Digital Corporation $WDC

QRG Capital Management Inc. increased its stake in Western Digital Corporation (NASDAQ:WDC) by 32.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 87,122 shares of the data storage provider’s stock after acquiring an additional 21,337 shares during the quarter. QRG Capital Management Inc.’s holdings in Western Digital were worth $55,647,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Mowery & Schoenfeld Wealth Management LLC bought a new position in Western Digital during the 2nd quarter worth approximately $28,000. Dunhill Financial LLC bought a new stake in shares of Western Digital in the 2nd quarter valued at $29,000. Stonehage Fleming Financial Services Holdings Ltd acquired a new stake in shares of Western Digital during the second quarter worth $31,000. Valley Wealth Managers Inc. acquired a new stake in shares of Western Digital during the first quarter worth $32,000. Finally, Gables Capital Management Inc. bought a new position in Western Digital during the second quarter worth $32,000. 92.51% of the stock is currently owned by institutional investors.

Western Digital Stock Up 2.0%

WDC traded up $9.09 during midday trading on Wednesday, hitting $473.69. The company had a trading volume of 5,025,378 shares, compared to its average volume of 8,587,244. Western Digital Corporation has a 52 week low of $105.42 and a 52 week high of $799.87. The company has a market capitalization of $163.27 billion, a price-to-earnings ratio of 19.57, a PEG ratio of 1.90 and a beta of 2.13. The stock’s 50 day moving average price is $475.28 and its 200 day moving average price is $461.19.

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

Western Digital Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 17th. Shareholders of record on Tuesday, September 8th were issued a $0.15 dividend. The ex-dividend date was Tuesday, September 8th. This represents a $0.60 annualized dividend and a yield of 0.1%. Western Digital’s dividend payout ratio is presently 2.48%.

Insiders Place Their Bets

In other Western Digital news, insider Cynthia Tregillis sold 1,007 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $478.36, for a total value of $481,708.52. Following the completion of the sale, the insider owned 112,155 shares of the company’s stock, valued at approximately $53,650,465.80. This trade represents a 0.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Vidyadhara Gubbi sold 1,795 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $459.87, for a total value of $825,466.65. Following the sale, the insider owned 80,571 shares of the company’s stock, valued at approximately $37,052,185.77. This represents a 2.18% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 25,437 shares of company stock worth $11,461,345. Corporate insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Western Digital from $530.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, June 12th. Wall Street Zen lowered Western Digital from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 16th. UBS Group dropped their price objective on Western Digital from $560.00 to $525.00 and set a “neutral” rating on the stock in a research note on Thursday, August 6th. Bank of America upped their target price on Western Digital from $610.00 to $732.00 and gave the company a “buy” rating in a research report on Wednesday, July 1st. Finally, Robert W. Baird set a $630.00 target price on Western Digital in a research note on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $534.56.

Western Digital Company Profile

Western Digital Corporation (NASDAQ: WDC) develops, manufactures and sells data storage products and solutions for data centers, cloud service providers, enterprises, businesses and consumers. Its portfolio is centered on hard disk drives (HDDs), including high-capacity enterprise drives used in cloud and data center environments, as well as products for network-attached storage, surveillance and personal computing.

The company markets products under brands including Western Digital, WD, WD_BLACK and Ultrastar.