Western Digital Corp (WDC) EVP Sells $3,583,430.76 in Stock
Western Digital Corp (NASDAQ:WDC) EVP Srinivasan Sivaram sold 40,182 shares of the firm’s stock in a transaction dated Thursday, May 4th. The shares were sold at an average price of $89.18, for a total transaction of $3,583,430.76. Following the completion of the sale, the executive vice president now owns 102,202 shares of the company’s stock, valued at approximately $9,114,374.36. The transaction was disclosed in a document filed with the SEC, which is available at this link.
Shares of Western Digital Corp (NASDAQ:WDC) traded up 0.79% during mid-day trading on Friday, hitting $86.79. 269,551 shares of the stock traded hands. The stock’s market cap is $25.28 billion. Western Digital Corp has a 52 week low of $38.65 and a 52 week high of $91.00. The firm’s 50-day moving average is $86.07 and its 200-day moving average is $74.46.
Western Digital Corp (NASDAQ:WDC) last posted its earnings results on Thursday, April 27th. The data storage provider reported $2.07 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.85 by $0.22. Western Digital Corp had a positive return on equity of 13.38% and a negative net margin of 2.56%. The firm had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.57 billion. During the same period in the previous year, the firm earned $1.21 earnings per share. The business’s revenue was up 64.7% compared to the same quarter last year. On average, analysts forecast that Western Digital Corp will post $8.88 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 17th. Investors of record on Friday, June 30th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $2.00 annualized dividend and a yield of 2.32%. Western Digital Corp’s payout ratio is -133.33%.
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Several equities research analysts have recently commented on WDC shares. Royal Bank of Canada reiterated an “outperform” rating and set a $96.00 price target on shares of Western Digital Corp in a research report on Monday, April 17th. Barclays PLC lowered their price target on shares of Western Digital Corp from $100.00 to $93.00 and set an “overweight” rating for the company in a research report on Tuesday, January 31st. Citigroup Inc reissued a “buy” rating and set a $100.00 price objective on shares of Western Digital Corp in a research note on Monday, March 6th. Deutsche Bank AG reissued a “buy” rating and set a $105.00 price objective (up previously from $88.00) on shares of Western Digital Corp in a research note on Saturday, April 29th. Finally, Jefferies Group LLC lifted their price objective on shares of Western Digital Corp from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, January 24th. Six investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $94.19.
Large investors have recently modified their holdings of the company. SkyBridge Capital II LLC boosted its stake in shares of Western Digital Corp by 10.5% in the third quarter. SkyBridge Capital II LLC now owns 307,940 shares of the data storage provider’s stock valued at $18,005,000 after buying an additional 29,385 shares during the last quarter. Virginia Retirement Systems ET AL boosted its stake in shares of Western Digital Corp by 27.5% in the third quarter. Virginia Retirement Systems ET AL now owns 151,600 shares of the data storage provider’s stock valued at $8,864,000 after buying an additional 32,699 shares during the last quarter. BRC Investment Management LLC purchased a new stake in shares of Western Digital Corp during the third quarter valued at $791,000. Sumitomo Mitsui Asset Management Company LTD boosted its stake in shares of Western Digital Corp by 2,585.1% in the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 573,700 shares of the data storage provider’s stock valued at $33,544,000 after buying an additional 552,334 shares during the last quarter. Finally, Stoneridge Investment Partners LLC boosted its stake in shares of Western Digital Corp by 99.1% in the third quarter. Stoneridge Investment Partners LLC now owns 105,678 shares of the data storage provider’s stock valued at $6,179,000 after buying an additional 52,591 shares during the last quarter. 88.22% of the stock is currently owned by institutional investors.
Western Digital Corp 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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