OLD National Bancorp IN Makes New $299,000 Investment in Western Digital Corporation $WDC

OLD National Bancorp IN acquired a new stake in shares of Western Digital Corporation (NASDAQ:WDC) during the 1st quarter, HoldingsChannel.com reports. The institutional investor acquired 1,107 shares of the data storage provider’s stock, valued at approximately $299,000.

A number of other hedge funds also recently made changes to their positions in WDC. Norges Bank bought a new position in Western Digital in the fourth quarter valued at $788,729,000. Fred Alger Management LLC lifted its stake in Western Digital by 4,923.9% during the third quarter. Fred Alger Management LLC now owns 3,407,042 shares of the data storage provider’s stock worth $409,049,000 after purchasing an additional 3,339,225 shares during the last quarter. Soroban Capital Partners LP boosted its holdings in shares of Western Digital by 1,926.3% in the 2nd quarter. Soroban Capital Partners LP now owns 3,061,134 shares of the data storage provider’s stock worth $195,882,000 after purchasing an additional 2,910,062 shares in the last quarter. Polar Capital Holdings Plc purchased a new position in shares of Western Digital in the 3rd quarter worth about $221,800,000. Finally, National Pension Service increased its position in shares of Western Digital by 267.6% during the 4th quarter. National Pension Service now owns 1,691,659 shares of the data storage provider’s stock valued at $291,422,000 after purchasing an additional 1,231,477 shares during the last quarter. 92.51% of the stock is owned by institutional investors.

Western Digital Price Performance

Shares of WDC stock opened at $586.45 on Monday. The business has a 50-day moving average of $518.00 and a 200 day moving average of $345.86. Western Digital Corporation has a 1-year low of $62.65 and a 1-year high of $799.87. The stock has a market capitalization of $202.14 billion, a PE ratio of 35.01 and a beta of 2.13.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, April 30th. The data storage provider reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.39 by $0.33. Western Digital had a return on equity of 42.95% and a net margin of 55.29%.The business had revenue of $3.34 billion for the quarter, compared to analysts’ expectations of $3.25 billion. During the same period in the previous year, the firm earned $1.36 EPS. The business’s quarterly revenue was up 45.5% on a year-over-year basis. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. Analysts anticipate that Western Digital Corporation will post 9.6 EPS for the current year.

Western Digital Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Friday, June 5th were issued a $0.15 dividend. This is a positive change from Western Digital’s previous quarterly dividend of $0.12. This represents a $0.60 annualized dividend and a dividend yield of 0.1%. The ex-dividend date was Friday, June 5th. Western Digital’s dividend payout ratio (DPR) is 3.58%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Wall Street Zen raised Western Digital from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. Rosenblatt Securities increased their price target on shares of Western Digital from $340.00 to $500.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Zacks Research raised shares of Western Digital from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 6th. Morgan Stanley boosted their price objective on shares of Western Digital from $488.00 to $650.00 and gave the stock an “overweight” rating in a report on Monday, June 15th. Finally, Mizuho upped 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. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $450.46.

Insider Activity

In related news, insider Vidyadhara K. Gubbi sold 4,674 shares of the company’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $443.19, for a total transaction of $2,071,470.06. Following the completion of the sale, the insider directly 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 filing with the SEC, which is available through this link. Also, insider Cynthia L. Tregillis sold 432 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $545.60, for a total transaction of $235,699.20. Following the sale, the insider directly owned 116,643 shares of the company’s stock, valued at $63,640,420.80. The trade was 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. Insiders sold 29,322 shares of company stock valued at $12,768,550 in the last three months. Corporate insiders own 0.18% of the company’s stock.

Western Digital News Summary

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

• Positive Sentiment: Micron’s strong quarterly results reinforced the AI-driven memory shortage theme, which has lifted Western Digital along with other memory stocks. Western Digital Stock And Seagate Get Boost From Big Micron Earnings Beat
• Positive Sentiment: Analysts and commentators continue to highlight strong AI memory demand, rising estimate revisions, and favorable supply-demand dynamics for WDC. Micron’s Robust Q3 Results Raise Investor Attention on These 3 Stocks
• Neutral Sentiment: Reports of SK Hynix planning a Nasdaq listing on July 10 add more attention to the broader memory ecosystem, but the direct impact on WDC is unclear. Is the Roundhill Memory ETF (DRAM) a Buy Before July 10?
• Negative Sentiment: After the sector’s big rally, memory and semiconductor stocks are pulling back as investors take profits and worry that memory and storage costs may have gotten ahead of fundamentals. MU, SNDK, WDC: 3 Key Reasons Why Memory Stocks Are Falling Today
• Negative Sentiment: Broader tech-sector weakness is weighing on WDC alongside other chip names, adding to the selloff in the group. Semiconductor stocks retreat over worries about memory costs

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.