Western Digital Corp (NASDAQ:WDC) CFO Mark P. Long sold 4,466 shares of the company’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $84.20, for a total transaction of $376,037.20. Following the transaction, the chief financial officer now owns 88,383 shares of the company’s stock, valued at $7,441,848.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Shares of Western Digital Corp (NASDAQ:WDC) opened at $81.45 on Tuesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.55 and a quick ratio of 2.03. Western Digital Corp has a 1-year low of $71.38 and a 1-year high of $95.77. The stock has a market cap of $24,040.00, a PE ratio of 67.31, a P/E/G ratio of 0.36 and a beta of 1.13.
Western Digital (NASDAQ:WDC) last announced its earnings results on Thursday, January 25th. The data storage provider reported $3.95 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.51 by $0.44. The company had revenue of $5.34 billion during the quarter, compared to analyst estimates of $5.31 billion. Western Digital had a net margin of 1.93% and a return on equity of 30.78%. Western Digital’s revenue was up 9.2% compared to the same quarter last year. During the same quarter last year, the firm posted $2.30 earnings per share. research analysts expect that Western Digital Corp will post 12.62 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Friday, March 30th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.46%. The ex-dividend date is Thursday, March 29th. Western Digital’s dividend payout ratio (DPR) is presently 165.29%.
Western Digital declared that its Board of Directors has authorized a stock buyback 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. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
A number of equities analysts have weighed in on the stock. Royal Bank of Canada restated a “buy” rating on shares of Western Digital in a research report on Friday, December 22nd. BidaskClub cut shares of Western Digital from a “hold” rating to a “sell” rating in a research report on Thursday, January 11th. TheStreet cut shares of Western Digital from a “b” rating to a “c+” rating in a research report on Thursday, January 25th. Zacks Investment Research cut shares of Western Digital from a “buy” rating to a “hold” rating in a research report on Monday. Finally, Maxim Group upped their target price on shares of Western Digital from $124.00 to $126.00 and gave the stock a “buy” rating in a report on Friday, January 26th. Thirteen equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and two have given a strong buy rating to the stock. Western Digital presently has a consensus rating of “Buy” and an average target price of $111.78.
A number of hedge funds have recently made changes to their positions in WDC. Quantbot Technologies LP purchased a new position in Western Digital during the second quarter worth about $135,000. Renaissance Technologies LLC purchased a new position in Western Digital during the second quarter worth about $12,329,000. Macquarie Group Ltd. boosted its stake in Western Digital by 13.0% during the second quarter. Macquarie Group Ltd. now owns 178,755 shares of the data storage provider’s stock worth $15,837,000 after buying an additional 20,621 shares during the period. Janus Henderson Group PLC boosted its stake in Western Digital 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 buying an additional 1,164,954 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its stake in Western Digital by 210.5% during the second quarter. Cubist Systematic Strategies LLC now owns 27,352 shares of the data storage provider’s stock worth $2,423,000 after buying an additional 18,542 shares during the period. 84.52% of the stock is owned by institutional investors.
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About Western Digital
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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