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

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 trading on Friday, hitting $68.82. The company had a trading volume of 7,878,242 shares, compared to its average volume of 5,758,687. The company has a market cap of $24.01 billion, a P/E ratio of 13.03 and a beta of 1.54. Western Digital Corporation has a 52 week low of $28.83 and a 52 week high of $69.72. The business's 50-day moving average is $59.91 and its 200 day moving average is $53.41. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.31 and a current ratio of 1.56.

Western Digital (NASDAQ:WDC - Get Free Report) last announced its earnings results on Wednesday, April 30th. The data storage provider reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.30. Western Digital had a net margin of 13.33% and a return on equity of 20.58%. The company had revenue of ($1,465.00) million for the quarter, compared to the consensus estimate of $2.70 billion. During the same period in the previous year, the business earned $0.63 EPS. The company's revenue was down 33.6% on a year-over-year basis. Equities research analysts predict that Western Digital Corporation will post 4.89 earnings per share for the current fiscal year.

Western Digital Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were issued a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $0.40 annualized dividend and a dividend yield of 0.58%. Western Digital's dividend payout ratio is currently 7.58%.

Western Digital declared that its board has initiated a stock 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 shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On Western Digital

Hedge funds have recently bought and sold shares of the company. OFI Invest Asset Management bought a new stake in Western Digital during the fourth quarter valued at about $36,000. Elequin Capital LP bought a new stake in shares of Western Digital in the fourth quarter valued at about $40,000. Zions Bancorporation National Association UT bought a new stake in shares of Western Digital in the first quarter valued at about $29,000. Allworth Financial LP lifted its stake in shares of Western Digital by 34.1% in the first quarter. Allworth Financial LP now owns 955 shares of the data storage provider's stock valued at $38,000 after buying an additional 243 shares during the period. Finally, MorganRosel Wealth Management LLC bought a new stake in shares of Western Digital in the first quarter valued at about $40,000. 92.51% of the stock is currently owned by institutional investors.

Insider Activity

In related news, SVP Gene M. Zamiska sold 1,729 shares of the 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 completion of the sale, the senior vice president owned 40,089 shares in the company, valued at approximately $2,200,084.32. This trade represents a 4.13% 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, CEO Irving Tan sold 11,379 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $48.19, for a total transaction of $548,354.01. Following the completion of the sale, the chief executive officer owned 605,481 shares of the company's stock, valued at approximately $29,178,129.39. The trade was a 1.84% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,353 shares of company stock valued at $657,454. 0.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on WDC. Summit Insights raised shares of Western Digital from a "hold" rating to a "buy" rating in a research note on Wednesday, April 30th. Wedbush reissued an "outperform" rating and set a $60.00 target price on shares of Western Digital in a research note on Thursday, May 1st. Mizuho cut their target price on shares of Western Digital from $82.00 to $68.00 and set an "outperform" rating on the stock in a research note on Thursday, April 10th. Susquehanna cut their target price on shares of Western Digital from $72.00 to $40.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Finally, BNP Paribas restated an "outperform" rating on shares of Western Digital in a report on Friday, May 16th. Four equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $66.84.

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.