Fifth Third Bancorp Has $3.50 Million Holdings in Western Digital Corporation $WDC

Fifth Third Bancorp cut its holdings in Western Digital Corporation (NASDAQ:WDC) by 30.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,333 shares of the data storage provider’s stock after selling 8,853 shares during the quarter. Fifth Third Bancorp’s holdings in Western Digital were worth $3,503,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Western Digital by 0.6% during the third quarter. Vanguard Group Inc. now owns 43,282,393 shares of the data storage provider’s stock worth $5,196,484,000 after purchasing an additional 243,177 shares during the period. WCM Investment Management LLC acquired a new position in shares of Western Digital during the third quarter worth approximately $791,317,000. Northern Trust Corp raised its position in shares of Western Digital by 11.2% during the third quarter. Northern Trust Corp now owns 3,805,463 shares of the data storage provider’s stock worth $456,884,000 after purchasing an additional 384,103 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Western Digital by 11.8% during the third quarter. Dimensional Fund Advisors LP now owns 3,804,907 shares of the data storage provider’s stock worth $456,737,000 after purchasing an additional 402,981 shares during the period. Finally, Fred Alger Management LLC raised its position in shares of 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 period. 92.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on WDC shares. Zacks Research lowered Western Digital from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 31st. JPMorgan Chase & Co. upped their target price on Western Digital from $320.00 to $400.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. TD Cowen upped their target price on Western Digital from $325.00 to $500.00 and gave the stock a “buy” rating in a research report on Friday. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $400.00 target price on shares of Western Digital in a research report on Friday. Finally, Wall Street Zen raised Western Digital from a “hold” rating to a “buy” rating in a research report on Saturday. Eighteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Western Digital presently has an average rating of “Moderate Buy” and an average price target of $389.74.

Western Digital Trading Up 0.1%

NASDAQ WDC opened at $432.03 on Monday. The firm has a market capitalization of $146.48 billion, a P/E ratio of 25.79, a PEG ratio of 0.89 and a beta of 2.10. The business has a fifty day simple moving average of $314.33 and a 200 day simple moving average of $234.84. Western Digital Corporation has a 12 month low of $43.60 and a 12 month high of $446.62. The company has a current ratio of 1.49, a quick ratio of 1.20 and a debt-to-equity ratio of 0.34.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Thursday, April 30th. The data storage provider reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.39 by $0.33. The business had revenue of $3.34 billion during the quarter, compared to analyst estimates of $3.25 billion. Western Digital had a return on equity of 42.95% and a net margin of 55.29%.Western Digital’s quarterly revenue was up 45.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.36 EPS. Western Digital has set its Q4 2026 guidance at 3.100-3.400 EPS. On average, analysts predict that Western Digital Corporation will post 8.68 EPS for the current fiscal year.

Western Digital Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Friday, June 5th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date of this dividend is Friday, June 5th. This is an increase from Western Digital’s previous quarterly dividend of $0.13. Western Digital’s payout ratio is currently 2.99%.

Western Digital News Summary

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

• Positive Sentiment: WDC beat expectations: Q3 EPS $2.72 and revenue $3.34B, both above consensus, and management raised FY‑Q4 guidance (EPS and revenue) — this underpins the bullish case for continued AI/cloud storage demand. Earnings & press materials
• Positive Sentiment: Multiple analyst upgrades/target raises followed the quarter — Citi hiked its target to $500 (Buy) citing stronger visibility into AI-driven HDD demand, lifting investor optimism. Citi raises target to $500
• Positive Sentiment: Other firms (Rosenblatt, TD Cowen and others) boosted targets or reiterated Buy as AI/data‑center demand drives margin expansion and share‑buyback capacity; the company also announced a quarterly dividend increase, signalling confidence in cash flow.
• Neutral Sentiment: Industry signal — peers (SanDisk/Seagate) also reported strong results and demand commentary, confirming sector‑wide AI storage tailwinds but raising questions about how much of that is already priced in. Reuters: sector demand
• Negative Sentiment: Market reaction was mixed — the stock slipped after the beat as some traders engaged in “buy the rumor, sell the news” profit‑taking following an enormous YTD run; elevated expectations mean strong results may not produce further immediate upside. Yahoo: stock falls despite beat
• Negative Sentiment: Not all analyst moves are bullish: UBS raised its target to $375 but kept a Neutral rating — that level implies downside from current prices and provides a near‑term anchor for traders focused on risk management. Benzinga: UBS target

Insider Activity at Western Digital

In other Western Digital news, insider Cynthia L. Tregillis sold 363 shares of the company’s stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $377.09, for a total value of $136,883.67. Following the completion of the transaction, the insider owned 120,023 shares in the company, valued at $45,259,473.07. This represents a 0.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Matthew E. Massengill sold 36,926 shares of the company’s stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $260.43, for a total value of $9,616,638.18. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 72,711 shares of company stock valued at $19,191,604. 0.18% of the stock is owned by insiders.

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.