There is another Hebrew word, which is written just the same as "David", but is pronounced: "Dod".
DOD indeed means "friend or beloved" (and also "uncle"), but it is a different and UNRELATED word to DAVID.
I also tried to look it up in some resources (including more than one Hebrew dictionary), and asked some people (who are more learned on the subject than myself), and all agreed that "David" has no known meaning in Hebrew or in ancient Hebrew.
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And to all of you - do not be confused by the fact that many web-sites say the same. On the web everyone copies from eachother, so mistakes like this spread very fast...