Bank of Hawaii Has $5.97 Million Holdings in Western Digital Corporation $WDC

Key Points

• Bank of Hawaii cut its Western Digital stake by 23.3% in the fourth quarter, selling 10,503 shares and leaving it with 34,651 shares valued at about $5.97 million.
• Western Digital is drawing bullish analyst attention as firms including Mizuho, Citigroup, and Cantor Fitzgerald raised price targets, while the consensus rating remains “Moderate Buy.”
• The company’s business momentum is being driven by AI and cloud demand, with recent earnings beating estimates and revenue jumping 45.5% year over year; Western Digital also boosted its quarterly dividend to $0.15 per share.

Bank of Hawaii decreased its position in Western Digital Corporation (NASDAQ:WDC - Free Report) by 23.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 34,651 shares of the data storage provider's stock after selling 10,503 shares during the quarter. Bank of Hawaii's holdings in Western Digital were worth $5,969,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Avion Wealth increased its position in Western Digital by 163.8% during the fourth quarter. Avion Wealth now owns 182 shares of the data storage provider's stock worth $31,000 after acquiring an additional 113 shares during the period. Swiss RE Ltd. acquired a new position in shares of Western Digital during the 4th quarter worth approximately $32,000. Concord Wealth Partners bought a new position in shares of Western Digital during the fourth quarter worth approximately $41,000. BOKF NA raised its position 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 valued at $33,000 after buying an additional 268 shares in the last quarter. Finally, JPL Wealth Management LLC acquired a new stake in shares of Western Digital in the third quarter valued at approximately $33,000. Institutional investors own 92.51% of the company's stock.

Key Western Digital News

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

• Positive Sentiment: Western Digital is benefiting from surging demand tied to AI data centers and cloud storage, which is boosting investor confidence in the company’s earnings outlook. Western Digital stock surges on AI demand; Morgan Stanley bullish on WDC
• Positive Sentiment: Morgan Stanley raised its view on WDC, reinforcing the idea that the stock still has room to run after the recent rally. Morgan Stanley Raises Price Target on Western Digital (WDC). Here is Why
• Positive Sentiment: The company’s earnings were said to nearly double on strong AI and cloud demand, which supports the recent move up in the shares. Western Digital Earnings Nearly Double on AI, Cloud Demand
• Positive Sentiment: Apple’s comments about unavoidable memory price hikes helped lift the broader memory/storage group, including WDC, by improving the pricing backdrop for the industry. SanDisk Jumps 11%, Western Digital Rises 7% After Apple Flags “Unavoidable” Memory Price Hikes

Insider Activity

In related news, CEO Irving Tan sold 20,000 shares of Western Digital stock in a transaction on Friday, May 1st. The shares were sold at an average price of $411.84, for a total transaction of $8,236,800.00. Following the completion of the transaction, the chief executive officer owned 598,150 shares of the company's stock, valued at $246,342,096. This trade represents a 3.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Cynthia L. Tregillis sold 432 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $545.60, for a total value of $235,699.20. Following the sale, the insider owned 116,643 shares of the company's stock, valued at approximately $63,640,420.80. The trade was a 0.37% 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. Insiders have sold a total of 29,322 shares of company stock worth $12,768,550 over the last quarter. Company insiders own 0.18% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Mizuho boosted their price target on Western Digital from $550.00 to $685.00 and gave the company an "outperform" rating in a research note on Monday, June 8th. Citigroup lifted their price objective on Western Digital from $500.00 to $685.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Weiss Ratings upgraded Western Digital from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 15th. Zacks Research raised Western Digital from a "hold" rating to a "strong-buy" rating in a report on Wednesday, May 6th. Finally, Cantor Fitzgerald raised their price target on Western Digital to $660.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $450.46.

Western Digital Price Performance

NASDAQ WDC opened at $746.23 on Friday. The company has a market capitalization of $257.21 billion, a price-to-earnings ratio of 44.55 and a beta of 2.13. Western Digital Corporation has a twelve month low of $58.66 and a twelve month high of $799.87. The stock has a fifty day simple moving average of $487.12 and a 200 day simple moving average of $327.17.

Western Digital (NASDAQ:WDC - Get Free Report) last announced its earnings results on Thursday, April 30th. The data storage provider reported $2.72 EPS for the quarter, topping the consensus estimate of $2.39 by $0.33. Western Digital had a return on equity of 42.95% and a net margin of 55.29%.The firm 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 business earned $1.36 EPS. The business's quarterly revenue was up 45.5% compared to the same quarter last year. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. Research analysts expect that Western Digital Corporation will post 9.6 earnings per share for the current fiscal 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 given a $0.15 dividend. This is an increase from Western Digital's previous quarterly dividend of $0.12. The ex-dividend date was Friday, June 5th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.1%. Western Digital's dividend payout ratio is presently 3.58%.

About Western Digital

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.

Want to see what other hedge funds are holding WDC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Western Digital Corporation (NASDAQ:WDC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.