Western Digital Corp. (NASDAQ:WDC) insider Michael D. Cordano sold 7,185 shares of the firm’s stock in a transaction dated Wednesday, September 21st. The stock was sold at an average price of $54.50, for a total transaction of $391,582.50. Following the completion of the transaction, the insider now owns 82,988 shares in the company, valued at $4,522,846. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
Shares of Western Digital Corp. (NASDAQ:WDC) opened at 55.93 on Monday. The firm has a 50-day moving average of $48.85 and a 200-day moving average of $46.44. The firm has a market capitalization of $15.90 billion, a PE ratio of 55.93 and a beta of 1.37. Western Digital Corp. has a 1-year low of $34.99 and a 1-year high of $86.39.
Western Digital Corp. (NASDAQ:WDC) last released its earnings results on Thursday, July 28th. The data storage provider reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.08. Western Digital Corp. had a net margin of 1.98% and a return on equity of 12.42%. The company had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $3.44 billion. During the same period in the prior year, the company posted $1.51 EPS. The company’s revenue was up 9.5% compared to the same quarter last year. On average, equities research analysts anticipate that Western Digital Corp. will post $4.56 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $2.00 dividend on an annualized basis and a yield of 3.58%. Western Digital Corp.’s payout ratio is presently 158.73%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Macquarie Group Ltd. increased its position in Western Digital Corp. by 3.0% in the second quarter. Macquarie Group Ltd. now owns 394,605 shares of the data storage provider’s stock worth $18,649,000 after buying an additional 11,650 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Western Digital Corp. during the second quarter worth about $537,000. Kentucky Retirement Systems acquired a new position in Western Digital Corp. during the second quarter worth about $1,131,000. Mason Street Advisors LLC acquired a new position in Western Digital Corp. during the second quarter worth about $1,792,000. Finally, Northwestern Mutual Wealth Management Co. increased its position in Western Digital Corp. by 37.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 11,037 shares of the data storage provider’s stock worth $522,000 after buying an additional 3,014 shares during the last quarter. Institutional investors own 86.98% of the company’s stock.
A number of research analysts have recently issued reports on the stock. BMO Capital Markets restated a “market perform” rating on shares of Western Digital Corp. in a research report on Wednesday, June 22nd. Susquehanna restated a “positive” rating and issued a $80.00 price target on shares of Western Digital Corp. in a research report on Saturday, August 13th. Citigroup Inc. assumed coverage on shares of Western Digital Corp. in a research report on Tuesday, May 31st. They issued a “hold” rating on the stock. Mizuho restated a “buy” rating and issued a $60.00 price target on shares of Western Digital Corp. in a research report on Friday. Finally, Zacks Investment Research downgraded shares of Western Digital Corp. from a “hold” rating to a “strong sell” rating in a research report on Monday, May 30th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $63.12.
Western Digital Corp. Company Profile
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage solutions that enable consumers, businesses, governments and other organizations to create, manage, experience and preserve digital content. The Company’s product portfolio includes hard disk drives (HDDs), solid-state drives, direct attached storage solutions, personal cloud network attached storage solutions, and public and private cloud data center storage solutions.
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