Western Digital Corp. (NASDAQ:WDC) insider Michael D. Cordano sold 7,185 shares of the company’s stock in a transaction dated Wednesday, September 21st. The stock was sold at an average price of $54.50, for a total value of $391,582.50. Following the transaction, the insider now directly owns 82,988 shares of the company’s stock, valued at $4,522,846. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Western Digital Corp. (NASDAQ:WDC) opened at 57.01 on Tuesday. Western Digital Corp. has a 12 month low of $34.99 and a 12 month high of $86.39. The company’s 50-day moving average price is $49.18 and its 200 day moving average price is $46.50. The company has a market capitalization of $16.21 billion, a price-to-earnings ratio of 57.01 and a beta of 1.37.
Western Digital Corp. (NASDAQ:WDC) last issued 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 business had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.44 billion. During the same quarter in the previous year, the firm posted $1.51 EPS. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. Analysts forecast 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 issued a dividend of $0.50 per share. The ex-dividend date is Wednesday, September 28th. This represents a $2.00 dividend on an annualized basis and a yield of 3.51%. Western Digital Corp.’s payout ratio is 158.73%.
Large investors have recently modified their holdings of the stock. Geode Capital Management LLC boosted its stake in shares of Western Digital Corp. by 11.2% in the first quarter. Geode Capital Management LLC now owns 2,430,391 shares of the data storage provider’s stock worth $114,629,000 after buying an additional 244,462 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of Western Digital Corp. by 7.4% in the first quarter. Legal & General Group Plc now owns 1,027,165 shares of the data storage provider’s stock worth $48,521,000 after buying an additional 71,094 shares during the last quarter. Artemis Investment Management LLP acquired a new stake in shares of Western Digital Corp. during the second quarter worth about $64,444,000. Green Square Capital LLC acquired a new stake in shares of Western Digital Corp. during the second quarter worth about $4,129,000. Finally, Candriam Luxembourg S.C.A. boosted its stake in shares of Western Digital Corp. by 18.5% in the second quarter. Candriam Luxembourg S.C.A. now owns 263,529 shares of the data storage provider’s stock worth $12,455,000 after buying an additional 41,155 shares during the last quarter. 86.98% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have recently weighed in on WDC. Mizuho reaffirmed a “buy” rating and set a $60.00 price objective on shares of Western Digital Corp. in a research report on Friday. Susquehanna reaffirmed a “positive” rating and set a $80.00 price objective on shares of Western Digital Corp. in a research report on Wednesday, July 27th. Cowen and Company upped their price objective on Western Digital Corp. from $50.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, July 29th. Robert W. Baird raised Western Digital Corp. from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $50.00 to $65.00 in a research report on Friday, July 29th. Finally, Cross Research cut Western Digital Corp. from a “buy” rating to a “hold” rating in a research report on Friday, July 29th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $63.12.
About Western Digital Corp.
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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