Equities analysts expect Western Digital Corporation (NASDAQ:WDC) to report sales of $5.12 billion for the current quarter, Zacks reports. Seven analysts have issued estimates for Western Digital Corporation’s earnings, with the lowest sales estimate coming in at $5.10 billion and the highest estimate coming in at $5.16 billion. Western Digital Corporation reported sales of $4.71 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 8.7%. The business is expected to announce its next quarterly earnings report on Wednesday, October 25th.
According to Zacks, analysts expect that Western Digital Corporation will report full-year sales of $5.12 billion for the current fiscal year, with estimates ranging from $19.47 billion to $21.58 billion. For the next year, analysts forecast that the business will report sales of $20.39 billion per share, with estimates ranging from $19.73 billion to $20.99 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that that provide coverage for Western Digital Corporation.
Western Digital Corporation (NASDAQ:WDC) last posted its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 EPS for the quarter, beating the Zacks’ consensus estimate of $2.51 by $0.42. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same period in the prior year, the firm posted $0.79 EPS. The company’s quarterly revenue was up 38.5% on a year-over-year basis.
WDC has been the topic of several recent research reports. Vetr cut Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $95.94 price objective on the stock. in a report on Tuesday. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Western Digital Corporation in a report on Monday, June 12th. BidaskClub raised Western Digital Corporation from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 28th. Barclays PLC upped their price objective on Western Digital Corporation to $131.00 and gave the stock an “overweight” rating in a report on Friday, July 28th. Finally, Benchmark Co. reaffirmed a “buy” rating and set a $135.00 price objective on shares of Western Digital Corporation in a report on Wednesday, May 24th. Seven analysts have rated the stock with a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the stock. Western Digital Corporation presently has an average rating of “Buy” and a consensus price target of $104.51.
Western Digital Corporation (WDC) traded up 0.89% during midday trading on Friday, hitting $90.25. 3,264,270 shares of the stock were exchanged. Western Digital Corporation has a 1-year low of $45.70 and a 1-year high of $95.77. The company’s 50 day moving average is $87.79 and its 200-day moving average is $84.86. The stock has a market cap of $26.35 billion, a PE ratio of 67.35 and a beta of 1.22.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend is Thursday, September 28th. Western Digital Corporation’s dividend payout ratio (DPR) is presently 156.25%.
COPYRIGHT VIOLATION WARNING: “Western Digital Corporation (WDC) Expected to Announce Quarterly Sales of $5.12 Billion” was originally posted by StockNewsTimes and is the property of of StockNewsTimes. If you are viewing this report on another domain, it was stolen and republished in violation of US & international copyright and trademark laws. The correct version of this report can be accessed at https://stocknewstimes.com/2017/08/26/western-digital-corporation-wdc-expected-to-announce-quarterly-sales-of-5-12-billion.html.
In other Western Digital Corporation news, COO Michael D. Cordano sold 4,954 shares of the stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $94.98, for a total value of $470,530.92. Following the completion of the sale, the chief operating officer now directly owns 66,092 shares in the company, valued at $6,277,418.16. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Srinivasan Sivaram sold 16,049 shares of the stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $85.06, for a total value of $1,365,127.94. The disclosure for this sale can be found here. Over the last quarter, insiders sold 145,291 shares of company stock valued at $12,738,849. 0.46% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in WDC. Accredited Investors Inc. boosted its position in shares of Western Digital Corporation by 0.4% in the second quarter. Accredited Investors Inc. now owns 2,713 shares of the data storage provider’s stock valued at $240,000 after buying an additional 11 shares during the last quarter. Cookson Peirce & Co. Inc. boosted its position in shares of Western Digital Corporation by 0.6% in the second quarter. Cookson Peirce & Co. Inc. now owns 3,600 shares of the data storage provider’s stock valued at $319,000 after buying an additional 20 shares during the last quarter. Honkamp Krueger Financial Services Inc. boosted its position in shares of Western Digital Corporation by 0.5% in the second quarter. Honkamp Krueger Financial Services Inc. now owns 4,571 shares of the data storage provider’s stock valued at $405,000 after buying an additional 25 shares during the last quarter. Barry Investment Advisors LLC boosted its position in shares of Western Digital Corporation by 0.4% in the second quarter. Barry Investment Advisors LLC now owns 6,331 shares of the data storage provider’s stock valued at $561,000 after buying an additional 26 shares during the last quarter. Finally, People s United Financial Inc. boosted its position in shares of Western Digital Corporation by 0.3% in the second quarter. People s United Financial Inc. now owns 12,689 shares of the data storage provider’s stock valued at $1,124,000 after buying an additional 41 shares during the last quarter. Institutional investors own 81.91% 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).
Get a free copy of the Zacks research report on Western Digital Corporation (WDC)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Western Digital Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Digital Corporation and related companies with MarketBeat.com's FREE daily email newsletter.
