Western Digital Corporation (NASDAQ:WDC) insider Michael D. Cordano sold 1,397 shares of the business’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $88.13, for a total transaction of $123,117.61. Following the completion of the transaction, the insider now directly owns 70,556 shares of the company’s stock, valued at approximately $6,218,100.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Western Digital Corporation (WDC) opened at $88.44 on Tuesday. Western Digital Corporation has a fifty-two week low of $57.62 and a fifty-two week high of $95.77. The company has a market cap of $26,301.34, a P/E ratio of 8.93 and a beta of 1.17. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07.
Western Digital Corporation (NASDAQ:WDC) last announced its earnings results on Thursday, October 26th. The data storage provider reported $3.56 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.01 by $0.55. Western Digital Corporation had a net margin of 7.38% and a return on equity of 26.48%. The company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.13 billion. During the same period last year, the firm earned $1.18 earnings per share. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. research analysts predict that Western Digital Corporation will post 11.93 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, December 28th. This represents a $2.00 annualized dividend and a dividend yield of 2.26%. Western Digital Corporation’s dividend payout ratio is presently 41.75%.
Western Digital Corporation announced that its board has initiated a stock buyback program on Thursday, November 9th that permits the company to buyback $2.10 billion in outstanding shares. This buyback authorization permits the data storage provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
WDC has been the subject of several research analyst reports. Vetr lowered shares of Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $93.86 price target for the company. in a report on Tuesday, October 10th. ValuEngine lowered shares of Western Digital Corporation from a “strong-buy” rating to a “buy” rating in a report on Friday, September 1st. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and issued a $88.00 price target on shares of Western Digital Corporation in a report on Tuesday, October 10th. Mizuho reissued a “buy” rating and issued a $105.00 price target on shares of Western Digital Corporation in a report on Tuesday, September 5th. Finally, UBS AG decreased their price target on shares of Western Digital Corporation from $101.00 to $93.00 and set a “neutral” rating for the company in a report on Thursday, October 12th. Nine research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and three have given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $113.92.
Several hedge funds and other institutional investors have recently bought and sold shares of WDC. NN Investment Partners Holdings N.V. boosted its position in shares of Western Digital Corporation by 1,941.9% during the 2nd quarter. NN Investment Partners Holdings N.V. now owns 37,653 shares of the data storage provider’s stock worth $3,336,000 after acquiring an additional 35,809 shares in the last quarter. State of Alaska Department of Revenue boosted its position in shares of Western Digital Corporation by 143.2% during the 2nd quarter. State of Alaska Department of Revenue now owns 5,265 shares of the data storage provider’s stock worth $466,000 after acquiring an additional 3,100 shares in the last quarter. Meeder Asset Management Inc. boosted its position in shares of Western Digital Corporation by 70.2% during the 2nd quarter. Meeder Asset Management Inc. now owns 10,862 shares of the data storage provider’s stock worth $962,000 after acquiring an additional 4,479 shares in the last quarter. OLD National Bancorp IN acquired a new stake in shares of Western Digital Corporation during the 2nd quarter worth approximately $260,000. Finally, Oregon Public Employees Retirement Fund boosted its position in shares of Western Digital Corporation by 74.6% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 158,920 shares of the data storage provider’s stock worth $14,080,000 after acquiring an additional 67,900 shares in the last quarter. Institutional investors and hedge funds own 81.77% of the company’s stock.
About Western Digital Corporation
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).
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