Gulf International Bank UK Ltd Sells 5,370 Shares of Western Digital Corporation $WDC

Key Points

• Gulf International Bank UK Ltd has reduced its stake in Western Digital Corporation by 21.4%, now holding 19,710 shares valued at approximately $796,000.
• Multiple institutional investors have also adjusted their positions in Western Digital, with notable increases in holdings from Central Asset Investments & Management and Resona Asset Management.
• The company recently announced a quarterly dividend of $0.10 per share, reflecting an annual yield of 0.5%, alongside a $2.00 billion stock repurchase program indicating confidence in the stock's value.

Gulf International Bank UK Ltd lessened its holdings in Western Digital Corporation (NASDAQ:WDC - Free Report) by 21.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,710 shares of the data storage provider's stock after selling 5,370 shares during the quarter. Gulf International Bank UK Ltd's holdings in Western Digital were worth $796,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Western Digital by 1.1% during the first quarter. Vanguard Group Inc. now owns 42,938,495 shares of the data storage provider's stock valued at $1,736,003,000 after acquiring an additional 478,728 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Western Digital by 23.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,592,516 shares of the data storage provider's stock worth $273,852,000 after purchasing an additional 881,088 shares during the last quarter. Northern Trust Corp lifted its holdings in Western Digital by 16.4% during the 4th quarter. Northern Trust Corp now owns 3,397,671 shares of the data storage provider's stock worth $202,603,000 after buying an additional 478,269 shares during the period. Deutsche Bank AG grew its position in shares of Western Digital by 107.1% in the 1st quarter. Deutsche Bank AG now owns 3,369,331 shares of the data storage provider's stock valued at $136,222,000 after buying an additional 1,742,481 shares during the last quarter. Finally, Sachem Head Capital Management LP increased its stake in shares of Western Digital by 46.2% in the fourth quarter. Sachem Head Capital Management LP now owns 2,967,900 shares of the data storage provider's stock valued at $176,976,000 after buying an additional 937,900 shares during the period. 92.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on WDC shares. TD Securities reduced their target price on Western Digital from $80.00 to $53.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Wall Street Zen assumed coverage on shares of Western Digital in a research report on Friday, May 2nd. They issued a "hold" rating on the stock. UBS Group upped their price objective on shares of Western Digital from $45.00 to $75.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Bank of America lifted their target price on shares of Western Digital from $62.00 to $71.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Finally, Wedbush upped their price target on shares of Western Digital from $78.00 to $90.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $78.39.

Western Digital Stock Down 0.3%

Western Digital stock traded down $0.22 during midday trading on Wednesday, reaching $75.64. The stock had a trading volume of 5,477,875 shares, compared to its average volume of 7,901,883. The company has a fifty day moving average price of $67.49 and a two-hundred day moving average price of $54.66. Western Digital Corporation has a 12 month low of $28.83 and a 12 month high of $78.80. The company has a current ratio of 1.08, a quick ratio of 0.84 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $26.39 billion, a P/E ratio of 14.69, a PEG ratio of 0.92 and a beta of 1.58.

Western Digital (NASDAQ:WDC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The data storage provider reported $1.66 EPS for the quarter, beating analysts' consensus estimates of $1.48 by $0.18. The firm had revenue of $2.61 billion during the quarter, compared to analysts' expectations of $2.45 billion. Western Digital had a return on equity of 24.93% and a net margin of 14.13%.The company's revenue for the quarter was up 30.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.44 earnings per share. Western Digital has set its Q1 2026 guidance at 1.540-1.690 EPS. As a group, equities analysts expect that Western Digital Corporation will post 4.89 EPS for the current fiscal year.

Western Digital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, September 4th. This represents a $0.40 annualized dividend and a yield of 0.5%. Western Digital's dividend payout ratio is presently 7.77%.

Western Digital declared that its board has authorized a share buyback plan on Tuesday, May 13th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the data storage provider to reacquire up to 11.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Western Digital news, insider Vidyadhara K. Gubbi sold 5,597 shares of the firm's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $76.26, for a total value of $426,827.22. Following the transaction, the insider directly owned 154,679 shares of the company's stock, valued at approximately $11,795,820.54. This trade represents a 3.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Gene M. Zamiska sold 1,729 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $54.88, for a total transaction of $94,887.52. Following the sale, the senior vice president directly owned 40,089 shares of the company's stock, valued at approximately $2,200,084.32. The trade was a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,518 shares of company stock worth $831,479 over the last ninety days. Insiders own 0.30% of the company's stock.

About Western Digital

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.