Insider Selling: Western Digital Corporation (WDC) Insider Sells $123,117.61 in Stock
Western Digital Corporation (NASDAQ:WDC) insider Michael D. Cordano sold 1,397 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $88.13, for a total transaction of $123,117.61. Following the transaction, the insider now owns 70,556 shares of the company’s stock, valued at $6,218,100.28. The transaction was disclosed in a filing with the SEC, which is available through this link.
Western Digital Corporation (NASDAQ:WDC) traded up $0.97 during midday trading on Thursday, reaching $91.33. 1,239,041 shares of the company were exchanged, compared to its average volume of 4,146,443. Western Digital Corporation has a 1-year low of $57.62 and a 1-year high of $95.77. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.64 and a quick ratio of 2.13. The stock has a market capitalization of $27,088.14, a P/E ratio of 9.19 and a beta of 1.17.
Western Digital Corporation (NASDAQ:WDC) last posted its quarterly earnings data on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.13 billion. During the same quarter last year, the company posted $1.18 earnings per share. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. research analysts predict that Western Digital Corporation will post 11.93 earnings per share for the current fiscal year.
Western Digital Corporation announced that its board has initiated a share repurchase program on Thursday, November 9th that authorizes the company to buyback $2.10 billion in shares. This buyback authorization authorizes the data storage provider to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is 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 issued a dividend of $0.50 per share. The ex-dividend date is Thursday, December 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.19%. Western Digital Corporation’s dividend payout ratio (DPR) is presently 41.75%.
Several equities analysts have issued reports on WDC shares. Summit Redstone restated a “buy” rating on shares of Western Digital Corporation in a research report on Saturday, July 22nd. Loop Capital started coverage on shares of Western Digital Corporation in a research report on Monday, July 24th. They issued a “buy” rating and a $140.00 price target for the company. Cowen and Company restated an “outperform” rating and issued a $117.00 price target on shares of Western Digital Corporation in a research report on Tuesday, July 25th. Vetr upgraded shares of Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $104.96 price target for the company in a research report on Wednesday, July 26th. Finally, Barclays PLC upped their price target on shares of Western Digital Corporation to $131.00 and gave the company an “overweight” rating in a research report on Friday, July 28th. Eight research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $114.59.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. NN Investment Partners Holdings N.V. boosted its position in Western Digital Corporation by 1,941.9% during the second quarter. NN Investment Partners Holdings N.V. now owns 37,653 shares of the data storage provider’s stock worth $3,336,000 after purchasing an additional 35,809 shares during the period. State of Alaska Department of Revenue boosted its position in Western Digital Corporation by 143.2% during the second quarter. State of Alaska Department of Revenue now owns 5,265 shares of the data storage provider’s stock worth $466,000 after purchasing an additional 3,100 shares during the period. Meeder Asset Management Inc. boosted its position in Western Digital Corporation by 70.2% during the second quarter. Meeder Asset Management Inc. now owns 10,862 shares of the data storage provider’s stock worth $962,000 after purchasing an additional 4,479 shares during the period. OLD National Bancorp IN bought a new position in Western Digital Corporation during the second quarter worth about $260,000. Finally, Oregon Public Employees Retirement Fund boosted its position in Western Digital Corporation by 74.6% during the second quarter. Oregon Public Employees Retirement Fund now owns 158,920 shares of the data storage provider’s stock worth $14,080,000 after purchasing an additional 67,900 shares during the period. Institutional investors and hedge funds own 81.77% of the company’s stock.
About Western Digital Corporation
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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