Western Digital Corporation (NASDAQ:WDC) insider Michael D. Cordano sold 9,404 shares of Western Digital Corporation stock in a transaction on Monday, September 18th. The shares were sold at an average price of $88.71, for a total value of $834,228.84. Following the completion of the transaction, the insider now owns 75,385 shares in the company, valued at approximately $6,687,403.35. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
Western Digital Corporation (NASDAQ WDC) opened at 85.49 on Friday. The company’s 50-day moving average price is $86.12 and its 200-day moving average price is $86.39. Western Digital Corporation has a 1-year low of $52.10 and a 1-year high of $95.77. The firm has a market capitalization of $25.21 billion, a P/E ratio of 63.80 and a beta of 1.21.
Western Digital Corporation (NASDAQ:WDC) last released its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same period last year, the business earned $0.79 earnings per share. The business’s revenue was up 38.5% on a year-over-year basis. Equities research analysts expect that Western Digital Corporation will post $12.50 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.00 annualized dividend and a dividend yield of 2.32%. Western Digital Corporation’s payout ratio is 156.25%.
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Several hedge funds have recently added to or reduced their stakes in WDC. Capital World Investors purchased a new position in shares of Western Digital Corporation during the second quarter valued at approximately $1,019,202,000. Iridian Asset Management LLC CT lifted its holdings in shares of Western Digital Corporation by 244.0% during the first quarter. Iridian Asset Management LLC CT now owns 5,541,511 shares of the data storage provider’s stock valued at $457,341,000 after purchasing an additional 3,930,465 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Western Digital Corporation by 4.5% during the first quarter. Vanguard Group Inc. now owns 28,741,455 shares of the data storage provider’s stock valued at $2,372,032,000 after purchasing an additional 1,250,528 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Western Digital Corporation by 140.4% during the second quarter. Janus Henderson Group PLC now owns 1,994,833 shares of the data storage provider’s stock valued at $176,746,000 after purchasing an additional 1,164,954 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of Western Digital Corporation by 179.3% during the first quarter. Alliancebernstein L.P. now owns 1,619,954 shares of the data storage provider’s stock valued at $133,695,000 after purchasing an additional 1,040,028 shares during the last quarter. Hedge funds and other institutional investors own 82.42% of the company’s stock.
Several brokerages have recently issued reports on WDC. Summit Redstone reiterated a “buy” rating on shares of Western Digital Corporation in a research note on Saturday, July 22nd. Loop Capital began coverage on Western Digital Corporation in a research note on Monday, July 24th. They issued a “buy” rating and a $140.00 price target on the stock. BTIG Research reiterated a “buy” rating and issued a $120.00 price target on shares of Western Digital Corporation in a research note on Friday, July 14th. Mizuho reiterated a “buy” rating and issued a $105.00 price target on shares of Western Digital Corporation in a research note on Monday, July 17th. Finally, Vetr lowered Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $102.77 price target on the stock. in a research note on Wednesday, July 12th. Eight analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $111.34.
Western Digital Corporation Company Profile
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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