$3.69 Billion in Sales Expected for Western Digital Corp (WDC) This Quarter

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Equities research analysts expect Western Digital Corp (NASDAQ:WDC) to post $3.69 billion in sales for the current quarter, according to Zacks. Six analysts have provided estimates for Western Digital’s earnings, with the highest sales estimate coming in at $3.71 billion and the lowest estimate coming in at $3.63 billion. Western Digital posted sales of $5.01 billion in the same quarter last year, which would indicate a negative year-over-year growth rate of 26.3%. The business is expected to report its next quarterly earnings report on Thursday, April 25th.

On average, analysts expect that Western Digital will report full-year sales of $16.69 billion for the current year, with estimates ranging from $16.60 billion to $16.80 billion. For the next fiscal year, analysts expect that the firm will post sales of $16.44 billion, with estimates ranging from $14.56 billion to $17.45 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Western Digital.

Western Digital (NASDAQ:WDC) last issued its earnings results on Thursday, January 24th. The data storage provider reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.18. The business had revenue of $4.23 billion during the quarter, compared to analysts’ expectations of $4.26 billion. Western Digital had a net margin of 4.34% and a return on equity of 28.88%. The company’s revenue for the quarter was down 20.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.95 EPS.

A number of analysts recently weighed in on WDC shares. Wells Fargo & Co reiterated a “buy” rating and set a $65.00 price target (down previously from $75.00) on shares of Western Digital in a research note on Wednesday, January 16th. Bank of America reiterated a “buy” rating and set a $68.00 price target (down previously from $75.00) on shares of Western Digital in a research note on Thursday, December 6th. Craig Hallum upgraded shares of Western Digital from a “hold” rating to a “buy” rating in a research note on Thursday, December 6th. Citigroup decreased their price target on shares of Western Digital to $63.00 and set a “buy” rating for the company in a research note on Friday, January 25th. Finally, Summit Insights upgraded shares of Western Digital from a “hold” rating to a “buy” rating in a research note on Friday, January 25th. Two analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $67.79.

In related news, insider Mark P. Long sold 17,623 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $50.00, for a total value of $881,150.00. Following the sale, the insider now directly owns 158,744 shares of the company’s stock, valued at $7,937,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.36% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Alpha Omega Wealth Management LLC raised its holdings in Western Digital by 4,440.0% in the fourth quarter. Alpha Omega Wealth Management LLC now owns 681 shares of the data storage provider’s stock valued at $25,000 after buying an additional 666 shares during the period. Ropes Wealth Advisors LLC raised its holdings in Western Digital by 706.0% in the fourth quarter. Ropes Wealth Advisors LLC now owns 806 shares of the data storage provider’s stock valued at $30,000 after buying an additional 706 shares during the period. Semmax Financial Advisors Inc. purchased a new position in Western Digital in the fourth quarter valued at approximately $38,000. Avestar Capital LLC raised its holdings in Western Digital by 13.9% in the fourth quarter. Avestar Capital LLC now owns 1,993 shares of the data storage provider’s stock valued at $48,000 after buying an additional 243 shares during the period. Finally, Essex Savings Bank purchased a new position in Western Digital in the fourth quarter valued at approximately $54,000. 84.54% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ:WDC traded up $0.52 during trading hours on Friday, reaching $48.10. 12,027,427 shares of the company’s stock were exchanged, compared to its average volume of 7,633,687. The stock has a market cap of $13.84 billion, a P/E ratio of 3.56, a P/E/G ratio of 0.55 and a beta of 1.49. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.24 and a quick ratio of 1.45. Western Digital has a 1-year low of $33.83 and a 1-year high of $106.96.

The company also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 29th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $2.00 annualized dividend and a dividend yield of 4.16%. Western Digital’s dividend payout ratio is currently 14.80%.

About Western Digital

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.

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