Western Digital Corporation (WDC) Director Sells $231,640.81 in Stock
Western Digital Corporation (NASDAQ:WDC) Director Matthew E. Massengill sold 2,677 shares of the business’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $86.53, for a total transaction of $231,640.81. Following the transaction, the director now owns 17,759 shares of the company’s stock, valued at $1,536,686.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Shares of Western Digital Corporation (NASDAQ:WDC) opened at $88.92 on Friday. The company has a quick ratio of 2.13, a current ratio of 2.64 and a debt-to-equity ratio of 1.07. Western Digital Corporation has a 52 week low of $56.26 and a 52 week high of $95.77. The company has a market cap of $26,301.38, a PE ratio of 8.93 and a beta of 1.17.
Western Digital Corporation (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, October 26th. The data storage provider reported $3.56 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.01 by $0.55. Western Digital Corporation had a net margin of 7.38% and a return on equity of 26.48%. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.13 billion. During the same quarter last year, the business earned $1.18 earnings per share. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. research analysts forecast that Western Digital Corporation will post 11.93 EPS for the current fiscal year.
Western Digital Corporation announced that its Board of Directors has approved a stock buyback plan on Thursday, November 9th that authorizes the company to repurchase $2.10 billion in shares. This repurchase authorization authorizes the data storage provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.25%. The ex-dividend date is Thursday, December 28th. Western Digital Corporation’s dividend payout ratio (DPR) is 41.75%.
WDC has been the subject of a number of analyst reports. UBS AG reiterated an “add” rating on shares of Western Digital Corporation in a research report on Wednesday, September 20th. BTIG Research set a $120.00 price objective on shares of Western Digital Corporation and gave the stock a “buy” rating in a research report on Friday, July 28th. Maxim Group reiterated a “buy” rating and issued a $108.00 price objective on shares of Western Digital Corporation in a research report on Friday, July 28th. Loop Capital assumed coverage on shares of Western Digital Corporation in a research report on Monday, July 24th. They set a “buy” rating and a $140.00 price target for the company. Finally, Summit Redstone restated a “buy” rating on shares of Western Digital Corporation in a research report on Saturday, July 22nd. Nine research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and three have given a strong buy rating to the company. Western Digital Corporation has an average rating of “Buy” and an average target price of $113.95.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital World Investors acquired a new position in Western Digital Corporation during the second quarter worth about $1,019,202,000. Vanguard Group Inc. raised its position in Western Digital Corporation by 4.2% during the second quarter. Vanguard Group Inc. now owns 29,942,849 shares of the data storage provider’s stock worth $2,652,936,000 after acquiring an additional 1,201,394 shares during the last quarter. Janus Henderson Group PLC raised its position in 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 worth $176,746,000 after acquiring an additional 1,164,954 shares during the last quarter. Schroder Investment Management Group raised its position in Western Digital Corporation by 24,087.4% during the second quarter. Schroder Investment Management Group now owns 902,431 shares of the data storage provider’s stock worth $82,709,000 after acquiring an additional 898,700 shares during the last quarter. Finally, Discovery Capital Management LLC CT raised its position in Western Digital Corporation by 98.9% during the second quarter. Discovery Capital Management LLC CT now owns 1,576,089 shares of the data storage provider’s stock worth $139,641,000 after acquiring an additional 783,589 shares during the last quarter. Hedge funds and other institutional investors own 82.03% of the company’s stock.
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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