Western Digital Corp. (NASDAQ:WDC) insider Michael D. Cordano sold 18,250 shares of the stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $59.15, for a total value of $1,079,487.50. Following the completion of the transaction, the insider now directly owns 58,153 shares of the company’s stock, valued at $3,439,749.95. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Shares of Western Digital Corp. (NASDAQ:WDC) opened at 58.67 on Monday. The company has a 50 day moving average price of $52.69 and a 200-day moving average price of $47.21. The stock has a market capitalization of $16.68 billion, a P/E ratio of 58.67 and a beta of 1.28. 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 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.08. Western Digital Corp. had a return on equity of 12.42% and a net margin of 1.98%. The company had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $3.44 billion. During the same quarter last year, the business posted $1.51 EPS. Western Digital Corp.’s quarterly revenue was up 9.5% compared to the same quarter last year. On average, equities research analysts forecast that Western Digital Corp. will post $4.60 EPS for the current fiscal year.
The company 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. This represents a $2.00 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date is Wednesday, September 28th. Western Digital Corp.’s dividend payout ratio is presently 158.73%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its position in 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 in the last quarter. Legal & General Group Plc increased its position in 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 in the last quarter. Candriam Luxembourg S.C.A. increased its position in 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 in the last quarter. Artemis Investment Management LLP purchased a new position in Western Digital Corp. during the second quarter worth approximately $64,444,000. Finally, Deprince Race & Zollo Inc. purchased a new position in Western Digital Corp. during the second quarter worth approximately $29,717,000. 86.77% of the stock is currently owned by institutional investors.
Several research analysts recently commented on the company. Susquehanna reissued a “buy” rating and issued a $80.00 price objective on shares of Western Digital Corp. in a research note on Friday. Vetr raised Western Digital Corp. from a “hold” rating to a “buy” rating and set a $63.25 price objective for the company in a research note on Monday, October 3rd. RBC Capital Markets reaffirmed an “outperform” rating and issued a $65.00 target price (up from $60.00) on shares of Western Digital Corp. in a research note on Monday, October 3rd. Mizuho reaffirmed a “buy” rating and issued a $60.00 target price on shares of Western Digital Corp. in a research note on Monday, October 3rd. Finally, Royal Bank Of Canada raised their target price on Western Digital Corp. from $60.00 to $65.00 and gave the stock an “outperform” rating in a research note on Monday, October 3rd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-three have assigned a buy rating and two have issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $64.32.
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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