Allstate Corp Raises Stock Position in Western Digital Corporation $WDC

Key Points

• Allstate Corp more than doubled its stake in Western Digital in Q4, boosting its holdings by 101.3% to 26,460 shares valued at about $4.56 million.
• Western Digital reported strong quarterly results, with EPS of $2.72 beating estimates and revenue rising 45.5% year over year to $3.34 billion. The company also issued Q4 2026 guidance of $3.10 to $3.40 EPS.
• The company increased its quarterly dividend to $0.15 per share from $0.13, while analysts remain broadly positive with a Moderate Buy consensus and several price targets above current levels.

Allstate Corp grew its holdings in Western Digital Corporation (NASDAQ:WDC - Free Report) by 101.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 26,460 shares of the data storage provider's stock after acquiring an additional 13,317 shares during the period. Allstate Corp's holdings in Western Digital were worth $4,558,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. grew its holdings in Western Digital by 12.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 52,317 shares of the data storage provider's stock worth $6,281,000 after acquiring an additional 5,731 shares in the last quarter. LBP AM SA acquired a new position in Western Digital during the 3rd quarter worth $641,000. AustralianSuper Pty Ltd acquired a new position in Western Digital during the 3rd quarter worth $34,244,000. Cantor Fitzgerald L. P. grew its holdings in Western Digital by 399.8% during the 3rd quarter. Cantor Fitzgerald L. P. now owns 32,487 shares of the data storage provider's stock worth $3,900,000 after acquiring an additional 25,987 shares in the last quarter. Finally, NorthCrest Asset Manangement LLC grew its holdings in Western Digital by 75.4% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 9,465 shares of the data storage provider's stock worth $1,778,000 after acquiring an additional 4,068 shares in the last quarter. Hedge funds and other institutional investors own 92.51% of the company's stock.

Western Digital Stock Up 8.3%

Western Digital stock opened at $524.65 on Wednesday. The firm has a 50-day moving average price of $382.53 and a two-hundred day moving average price of $274.09. The firm has a market capitalization of $180.84 billion, a price-to-earnings ratio of 31.32 and a beta of 2.10. Western Digital Corporation has a 52-week low of $50.62 and a 52-week high of $536.12.

Western Digital (NASDAQ:WDC - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The data storage provider reported $2.72 EPS 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 company had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $3.25 billion. During the same period in the previous year, the firm earned $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. Research analysts expect that Western Digital Corporation will post 9.57 earnings per share for the current year.

Western Digital Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Friday, June 5th will be given a dividend of $0.15 per share. This is a positive change from Western Digital's previous quarterly dividend of $0.13. The ex-dividend date is 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 2.99%.

Key Western Digital News

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

• Positive Sentiment: Western Digital is benefiting from a sector-wide rally in memory and storage stocks after Micron’s surge sparked bullish sentiment across the AI memory complex. Not Just Micron: Memory Melt-Up Pulls SanDisk Up 8%, Western Digital Up 10%
• Positive Sentiment: Articles highlight growing storage demand as more people use large language models and AI systems, supporting the idea that Western Digital’s products will be needed more in future data centers. Why Is Everyone Talking About Western Digital Stock?
• Positive Sentiment: Western Digital’s recent post-quantum cryptography rollout in its Ultrastar UltraSMR drives is being framed as a strategic move for next-generation AI infrastructure and storage security. Is Western Digital (WDC) the Best Performing Data Center Stocks So Far in 2026?
• Neutral Sentiment: Some coverage simply notes that Western Digital has been one of the stronger-performing data center/storage stocks this year, reinforcing momentum rather than introducing a new fundamental catalyst. Is Western Digital (WDC) the Best Performing Data Center Stocks So Far in 2026?
• Negative Sentiment: Recent insider selling, including roughly $18 million in shares, may temper some enthusiasm because it can signal limited near-term confidence from executives. Western Digital Insiders Sold US$18m Of Shares Suggesting Hesitancy

Insiders Place Their Bets

In related news, CEO Irving Tan sold 20,000 shares of the business's stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $411.84, for a total value of $8,236,800.00. Following the sale, the chief executive officer directly owned 598,150 shares in the company, valued at $246,342,096. The trade was a 3.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Cynthia L. Tregillis sold 106 shares of the business's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $458.87, for a total transaction of $48,640.22. Following the completion of the sale, the insider owned 118,443 shares in the company, valued at $54,349,939.41. The trade was a 0.09% 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 have sold 53,347 shares of company stock worth $17,974,293. 0.18% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on WDC shares. Jefferies Financial Group set a $575.00 price objective on shares of Western Digital in a report on Tuesday. Morgan Stanley reaffirmed an "overweight" rating and issued a $488.00 price target on shares of Western Digital in a report on Friday, May 1st. Mizuho set a $470.00 price target on shares of Western Digital in a report on Friday, May 1st. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $400.00 price target on shares of Western Digital in a report on Friday, May 1st. Finally, Bank of America lifted their price target on shares of Western Digital to $495.00 and gave the company a "buy" rating in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $406.42.

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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