Rep. Jefferson Shreve Sells Western Digital Corporation (NASDAQ:WDC) Shares

Representative Jefferson Shreve (R-Indiana) recently sold shares of Western Digital Corporation NASDAQ: WDC. In a filing disclosed on June 22nd, the Representative disclosed that they had sold between $15,001 and $50,000 in Western Digital stock on May 12th. The trade occurred in the Representative's "CRT - STANDARD UNIT TRUST" account.

Representative Jefferson Shreve also recently made the following trade(s):

• Sold $15,001 - $50,000 in shares of Hubbell NYSE: HUBB on 5/12/2025.
• Sold $50,001 - $100,000 in shares of Trane Technologies NYSE: TT on 5/12/2025.
• Sold $15,001 - $50,000 in shares of RTX NYSE: RTX on 5/12/2025.
• Sold $50,001 - $100,000 in shares of NiSource NYSE: NI on 5/12/2025.
• Sold $50,001 - $100,000 in shares of Johnson & Johnson NYSE: JNJ on 5/12/2025.
• Sold $15,001 - $50,000 in shares of AppLovin NASDAQ: APP on 5/12/2025.
• Sold $15,001 - $50,000 in shares of Fiserv NYSE: FI on 5/12/2025.
• Sold $15,001 - $50,000 in shares of CNO Financial Group NYSE: CNO on 5/12/2025.
• Sold $50,001 - $100,000 in shares of Cboe Global Markets NASDAQ: CBOE on 5/12/2025.
• Sold $15,001 - $50,000 in shares of Lam Research NASDAQ: LRCX on 5/12/2025.

Western Digital Price Performance

Shares of NASDAQ WDC traded down $0.20 during mid-day trading on Friday, reaching $68.82. The company's stock had a trading volume of 7,878,237 shares, compared to its average volume of 7,943,345. The firm has a market capitalization of $24.01 billion, a PE ratio of 13.03 and a beta of 1.54. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.56 and a quick ratio of 1.31. The stock has a fifty day moving average of $59.53 and a two-hundred day moving average of $53.53. Western Digital Corporation has a 52 week low of $28.83 and a 52 week high of $69.72.

Western Digital (NASDAQ:WDC - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The data storage provider reported $1.36 earnings per share for the quarter, topping analysts' consensus estimates of $1.06 by $0.30. The firm had revenue of ($1,465.00) million during the quarter, compared to analyst estimates of $2.70 billion. Western Digital had a return on equity of 20.58% and a net margin of 13.33%. The business's quarterly revenue was down 33.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.63 earnings per share. As a group, sell-side analysts anticipate that Western Digital Corporation will post 4.89 EPS for the current fiscal year.

Western Digital Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.58%. The ex-dividend date of this dividend was Wednesday, June 4th. Western Digital's dividend payout ratio (DPR) is presently 7.58%.

Western Digital declared that its board has authorized a share repurchase program on Tuesday, May 13th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the data storage provider to reacquire up to 11.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on WDC. Loop Capital restated a "buy" rating on shares of Western Digital in a report on Tuesday, May 6th. Susquehanna cut their price target on shares of Western Digital from $72.00 to $40.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. TD Cowen reduced their price target on Western Digital from $80.00 to $58.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Citigroup increased their price target on Western Digital from $62.00 to $78.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Finally, Morgan Stanley reissued an "overweight" rating and issued a $85.00 price objective (up previously from $78.00) on shares of Western Digital in a research note on Monday, July 14th. Four research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $66.84.

Institutional Trading of Western Digital

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in shares of Western Digital by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 42,938,495 shares of the data storage provider's stock worth $1,736,003,000 after purchasing an additional 478,728 shares in the last quarter. Geode Capital Management LLC raised its stake in Western Digital by 10.4% in the 4th quarter. Geode Capital Management LLC now owns 8,745,264 shares of the data storage provider's stock worth $520,450,000 after acquiring an additional 823,656 shares during the last quarter. Norges Bank purchased a new position in Western Digital in the 4th quarter worth $352,572,000. Alyeska Investment Group L.P. raised its stake in Western Digital by 130.0% in the 1st quarter. Alyeska Investment Group L.P. now owns 5,029,359 shares of the data storage provider's stock worth $203,337,000 after acquiring an additional 2,842,822 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Western Digital by 23.7% in 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 acquiring an additional 881,088 shares during the last quarter. Institutional investors own 92.51% of the company's stock.

Insiders Place Their Bets

In related news, CEO Irving Tan sold 11,379 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $48.19, for a total value of $548,354.01. Following the completion of the transaction, the chief executive officer owned 605,481 shares in the company, valued at $29,178,129.39. This trade represents a 1.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Gene M. Zamiska sold 1,729 shares of Western Digital stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $54.88, for a total value of $94,887.52. Following the transaction, the senior vice president owned 40,089 shares of the company's stock, valued at $2,200,084.32. The trade was a 4.13% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,353 shares of company stock valued at $657,454 in the last 90 days. 0.30% of the stock is currently owned by company insiders.

About Representative Shreve

Jefferson Shreve (Republican Party) is a member of the U.S. House, representing Indiana's 6th Congressional District. He assumed office on January 3, 2025. His current term ends on January 3, 2027. Shreve (Republican Party) is running for re-election to the U.S. House to represent Indiana's 6th Congressional District. He declared candidacy for the 2026 election. Email editor@ballotpedia.org to notify us of updates to this biography. Jefferson Shreve earned a bachelor's degree from Indiana University in 1989, a graduate degree from the University of London in 1998, and a graduate degree from Purdue University in 2003. Shreve's career experience includes working as a real estate executive. Shreve was elected 7th District Vice Chairman of the Indiana Republican State Committee on January 17, 2018, and was re-elected on March 6, 2021. In 2020, he was selected as a district-level delegate to the 2020 Republican National Convention.

Western Digital Company Profile

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.