PNC Financial Services Group Inc. raised its holdings in Western Digital Corporation (NASDAQ:WDC – Free Report) by 13.8% during the 1st quarter, Holdings Channel reports. The firm owned 68,962 shares of the data storage provider’s stock after purchasing an additional 8,342 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Western Digital were worth $18,654,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Rakuten Securities Inc. raised its position 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 worth $27,000 after purchasing an additional 407 shares during the last quarter. Avion Wealth grew its holdings in Western Digital by 163.8% during the 4th quarter. Avion Wealth now owns 182 shares of the data storage provider’s stock valued at $31,000 after buying an additional 113 shares during the last quarter. Valley Wealth Managers Inc. purchased a new position in Western Digital during the first quarter worth $32,000. Swiss RE Ltd. purchased a new position in Western Digital during the fourth quarter worth $32,000. Finally, BOKF NA raised its holdings in shares of Western Digital by 6,700.0% in the third quarter. BOKF NA now owns 272 shares of the data storage provider’s stock worth $33,000 after acquiring an additional 268 shares during the last quarter. 92.51% of the stock is owned by hedge funds and other institutional investors.
Western Digital Stock Performance
Shares of WDC opened at $519.80 on Friday. Western Digital Corporation has a one year low of $66.51 and a one year high of $799.87. The stock has a 50-day moving average price of $564.90 and a 200 day moving average price of $397.06. The company has a market capitalization of $179.17 billion, a P/E ratio of 31.03 and a beta of 2.11.
Western Digital Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Friday, June 5th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.1%. This is a boost from Western Digital’s previous quarterly dividend of $0.12. The ex-dividend date was Friday, June 5th. Western Digital’s payout ratio is presently 3.58%.
Wall Street Analyst Weigh In
WDC has been the topic of a number of recent research reports. Mizuho upped their target price on shares of Western Digital from $550.00 to $685.00 and gave the company an “outperform” rating in a report on Monday, June 8th. The Goldman Sachs Group restated a “neutral” rating and set a $400.00 price target on shares of Western Digital in a research note on Friday, May 1st. Susquehanna raised their target price on shares of Western Digital from $360.00 to $500.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. JPMorgan Chase & Co. boosted their price objective on Western Digital from $530.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Finally, Robert W. Baird upped their target price on Western Digital from $310.00 to $450.00 and gave the stock an “outperform” rating in a research report on Monday, May 4th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $520.32.
Get Our Latest Report on Western Digital
Insider Activity at Western Digital
In other Western Digital news, insider Vidyadhara K. Gubbi sold 2,475 shares of the firm’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $556.24, for a total transaction of $1,376,694.00. Following the completion of the transaction, the insider directly owned 85,154 shares of the company’s stock, valued at $47,366,060.96. This trade represents a 2.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Bruce E. Kiddoo sold 750 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $528.52, for a total transaction of $396,390.00. Following the completion of the sale, the director directly owned 3,903 shares of the company’s stock, valued at $2,062,813.56. The trade was a 16.12% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 28,959 shares of company stock valued at $12,631,666. Insiders own 0.18% of the company’s stock.
Western Digital News Roundup
Here are the key news stories impacting Western Digital this week:
- Positive Sentiment: Memory-chip peers such as Micron, Sandisk, and SK Hynix were reported surging on continued enthusiasm for AI infrastructure spending and tight memory supply, which can lift sentiment for Western Digital as well. Article: Why Micron, Sandisk, and SK Hynix Are Surging—And How to Play It
- Positive Sentiment: Analysts highlighted Western Digital’s AI storage exposure and relatively stronger financial footing versus peers like Super Micro, reinforcing the stock’s appeal as an AI hardware play. Article: WDC vs. SMCI: Which AI Hardware Stock is the Smarter Investment Now?
- Positive Sentiment: A valuation piece argued that Western Digital still looks attractive on earnings and especially cheap on a cash-flow basis, suggesting the recent rally may have room to continue if AI demand remains strong. Article: Western Digital (WDC) Stock Looks Reasonable On Earnings While Cash Flow Looks Cheap
- Neutral Sentiment: One report said Western Digital reentered merger-focused discussion, but it did not provide a concrete transaction update, so the near-term stock impact is unclear. Article: Western Digital (WDC) Reenters Merger Focus, Where Does Fair Value Sit?
- Neutral Sentiment: Short-interest data showed no meaningful short position reported, which does not appear to be a major driver of the stock today.
Western Digital Company 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.
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