OLD National Bancorp IN Acquires New Stake in Western Digital Corporation $WDC

OLD National Bancorp IN acquired a new stake in shares of Western Digital Corporation (NASDAQ:WDC) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,107 shares of the data storage provider’s stock, valued at approximately $299,000.

Several other hedge funds have also recently made changes to their positions in the company. Louisiana State Employees Retirement System bought a new position in shares of Western Digital during the 1st quarter worth $10,711,000. Silver Oak Securities Incorporated raised its stake in Western Digital by 10.7% in the 1st quarter. Silver Oak Securities Incorporated now owns 2,343 shares of the data storage provider’s stock valued at $634,000 after acquiring an additional 227 shares during the period. Fiduciary Alliance LLC purchased a new stake in Western Digital during the first quarter valued at about $181,000. Ritholtz Wealth Management lifted its holdings in Western Digital by 58.4% during the first quarter. Ritholtz Wealth Management now owns 47,387 shares of the data storage provider’s stock valued at $12,818,000 after purchasing an additional 17,471 shares during the last quarter. Finally, Friedenthal Financial bought a new position in Western Digital during the first quarter worth about $1,081,000. 92.51% of the stock is currently owned by institutional investors.

Insider Activity

In related news, 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 transaction, the director directly owned 3,903 shares in the company, valued at $2,062,813.56. The trade was a 16.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Irving Tan sold 20,000 shares of the company’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $411.84, for a total value of $8,236,800.00. Following the completion of the transaction, the chief executive officer owned 598,150 shares in the company, valued at $246,342,096. This represents a 3.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 29,322 shares of company stock worth $12,768,550. Company insiders own 0.18% of the company’s stock.

Western Digital Stock Performance

WDC stock opened at $586.45 on Monday. The firm has a 50 day moving average of $518.00 and a 200-day moving average of $345.86. The firm has a market capitalization of $202.14 billion, a P/E ratio of 35.01 and a beta of 2.13. Western Digital Corporation has a 12 month low of $62.65 and a 12 month high of $799.87.

Western Digital (NASDAQ:WDC) last posted its earnings results on Thursday, April 30th. The data storage provider reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.39 by $0.33. Western Digital had a net margin of 55.29% and a return on equity of 42.95%. The business had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.25 billion. During the same quarter in the prior year, the firm posted $1.36 EPS. Western Digital’s revenue was up 45.5% on a year-over-year basis. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. Sell-side analysts predict that Western Digital Corporation will post 9.6 EPS for the current year.

Western Digital Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, June 5th were issued a $0.15 dividend. The ex-dividend date of this dividend was Friday, June 5th. This is an increase from Western Digital’s previous quarterly dividend of $0.12. This represents a $0.60 annualized dividend and a dividend yield of 0.1%. Western Digital’s payout ratio is currently 3.58%.

Analyst Ratings Changes

WDC has been the topic of several research reports. The Goldman Sachs Group reissued a “neutral” rating and issued a $400.00 price target on shares of Western Digital in a research report on Friday, May 1st. Jefferies Financial Group set a $575.00 price objective on shares of Western Digital in a report on Tuesday, May 26th. Rosenblatt Securities lifted their price objective on shares of Western Digital from $340.00 to $500.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Fox Advisors cut shares of Western Digital from an “overweight” rating to an “equal weight” rating in a report on Monday, June 22nd. Finally, Barclays increased their target price on Western Digital from $450.00 to $620.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Western Digital presently has a consensus rating of “Moderate Buy” and an average price target of $450.46.

Key Headlines Impacting Western Digital

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

• Positive Sentiment: Micron’s strong quarterly results reinforced the AI-driven memory shortage theme, which has lifted Western Digital along with other memory stocks. Western Digital Stock And Seagate Get Boost From Big Micron Earnings Beat
• Positive Sentiment: Analysts and commentators continue to highlight strong AI memory demand, rising estimate revisions, and favorable supply-demand dynamics for WDC. Micron’s Robust Q3 Results Raise Investor Attention on These 3 Stocks
• Neutral Sentiment: Reports of SK Hynix planning a Nasdaq listing on July 10 add more attention to the broader memory ecosystem, but the direct impact on WDC is unclear. Is the Roundhill Memory ETF (DRAM) a Buy Before July 10?
• Negative Sentiment: After the sector’s big rally, memory and semiconductor stocks are pulling back as investors take profits and worry that memory and storage costs may have gotten ahead of fundamentals. MU, SNDK, WDC: 3 Key Reasons Why Memory Stocks Are Falling Today
• Negative Sentiment: Broader tech-sector weakness is weighing on WDC alongside other chip names, adding to the selloff in the group. Semiconductor stocks retreat over worries about memory costs

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.