Western Digital Corporation $WDC Shares Bought by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group increased its stake in Western Digital by 13.8% in the first quarter, buying 8,342 more shares and bringing its total holding to 68,962 shares worth about $18.7 million.
• Western Digital reported strong quarterly results, posting EPS of $2.72 versus expectations of $2.39 and revenue of $3.34 billion, helped by 45.5% year-over-year revenue growth.
• Analysts remain broadly positive on the stock, with several firms raising price targets and the consensus rating standing at Moderate Buy; Western Digital also recently increased its quarterly dividend to $0.15 per share.

PNC Financial Services Group Inc. grew its position in Western Digital Corporation (NASDAQ:WDC - Free Report) by 13.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor 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.

Several other institutional investors have also modified their holdings of the company. Valley Wealth Managers Inc. acquired a new stake in Western Digital in the first quarter valued at $32,000. Catalyst Capital Advisors LLC acquired a new position in shares of Western Digital during the 1st quarter worth about $35,000. Cornerstone Planning Group LLC increased its holdings in shares of Western Digital by 33.3% in the 1st quarter. Cornerstone Planning Group LLC now owns 132 shares of the data storage provider's stock valued at $36,000 after acquiring an additional 33 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC raised its position in shares of Western Digital by 80.2% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 146 shares of the data storage provider's stock worth $39,000 after acquiring an additional 65 shares in the last quarter. Finally, Global Trust Asset Management LLC acquired a new stake in shares of Western Digital during the 1st quarter worth about $47,000. 92.51% of the stock is owned by hedge funds and other institutional investors.

Western Digital Stock Performance

Western Digital stock 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 business has a fifty day moving average of $564.90 and a two-hundred day moving average of $397.06. The company has a market cap of $179.17 billion, a P/E ratio of 31.03 and a beta of 2.11.

Western Digital (NASDAQ:WDC - Get Free Report) last posted its quarterly 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. The business had revenue of $3.34 billion for the quarter, compared to analysts' expectations of $3.25 billion. Western Digital had a net margin of 55.29% and a return on equity of 42.95%. The business's revenue for the quarter was up 45.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.36 EPS. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. Sell-side analysts predict that Western Digital Corporation will post 9.61 EPS for the current year.

Western Digital Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Friday, June 5th were given a dividend of $0.15 per share. The ex-dividend date 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 yield of 0.1%. Western Digital's dividend payout ratio (DPR) is currently 3.58%.

Wall Street Analyst Weigh In

WDC has been the subject of a number of research analyst reports. Bank of America upped their price target on Western Digital from $610.00 to $732.00 and gave the company a "buy" rating in a report on Wednesday, July 1st. Morgan Stanley increased their price target on shares of Western Digital from $488.00 to $650.00 and gave the stock an "overweight" rating in a research note on Monday, June 15th. Mizuho lifted their price objective on shares of Western Digital from $550.00 to $685.00 and gave the company an "outperform" rating in a research note on Monday, June 8th. Barclays upped their target price on shares of Western Digital from $450.00 to $620.00 and gave the company an "overweight" rating in a report on Wednesday, May 27th. Finally, Robert W. Baird increased their target price on shares of Western Digital from $310.00 to $450.00 and gave the stock an "outperform" rating in a research note on Monday, May 4th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Western Digital has a consensus rating of "Moderate Buy" and an average target price of $520.32.

Insider Activity at Western Digital

In related news, insider Vidyadhara K. Gubbi sold 4,674 shares of the company's stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $443.19, for a total value of $2,071,470.06. Following the sale, the insider owned 90,041 shares in the company, valued at $39,905,270.79. This represents a 4.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Cynthia L. Tregillis sold 432 shares of the company's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $545.60, for a total value of $235,699.20. Following the completion of the sale, the insider owned 116,643 shares in the company, valued at approximately $63,640,420.80. This represents a 0.37% decrease in their position. 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. Over the last three months, insiders have sold 28,959 shares of company stock valued at $12,631,666. 0.18% of the stock is owned by corporate insiders.

Key Western Digital News

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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