Traders Sell Shares of Western Digital (WDC) on Strength (WDC)
Traders sold shares of Western Digital Corp (NASDAQ:WDC) on strength during trading hours on Thursday. $44.39 million flowed into the stock on the tick-up and $61.73 million flowed out of the stock on the tick-down, for a money net flow of $17.34 million out of the stock. Of all stocks tracked, Western Digital had the 0th highest net out-flow for the day. Western Digital traded up $0.07 for the day and closed at $55.83
A number of research analysts have recently weighed in on WDC shares. TheStreet upgraded Western Digital from a “c+” rating to a “b” rating in a report on Thursday, July 26th. Mizuho restated a “buy” rating on shares of Western Digital in a report on Friday, July 27th. Bank of America dropped their target price on Western Digital from $120.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, July 27th. Stifel Nicolaus dropped their target price on Western Digital from $114.00 to $93.00 and set a “buy” rating on the stock in a report on Friday, July 27th. Finally, Maxim Group restated a “buy” rating and issued a $126.00 target price on shares of Western Digital in a report on Friday, July 27th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and seventeen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $100.83.
The firm has a market capitalization of $16.20 billion, a P/E ratio of 4.19, a price-to-earnings-growth ratio of 0.27 and a beta of 0.90. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.39 and a quick ratio of 1.73.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 28th were issued a dividend of $0.50 per share. The ex-dividend date was Thursday, September 27th. This represents a $2.00 dividend on an annualized basis and a yield of 3.54%. Western Digital’s dividend payout ratio (DPR) is currently 14.80%.
Western Digital announced that its board has initiated a share buyback program on Thursday, July 26th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the data storage provider to purchase up to 22.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
In other Western Digital news, CFO Mark P. Long sold 1,214 shares of the firm’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $67.65, for a total value of $82,127.10. Following the completion of the sale, the chief financial officer now directly owns 191,154 shares of the company’s stock, valued at $12,931,568.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Charles Ray sold 4,387 shares of the firm’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $67.65, for a total value of $296,780.55. Following the completion of the sale, the executive vice president now directly owns 107,155 shares of the company’s stock, valued at $7,249,035.75. The disclosure for this sale can be found here. Insiders sold 32,772 shares of company stock valued at $2,298,763 over the last three months. Company insiders own 0.36% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in WDC. Ruggie Capital Group purchased a new position in shares of Western Digital in the second quarter valued at $100,000. TRUE Private Wealth Advisors purchased a new position in shares of Western Digital in the third quarter valued at $107,000. NEXT Financial Group Inc purchased a new position in shares of Western Digital in the third quarter valued at $109,000. Migdal Insurance & Financial Holdings Ltd. grew its position in shares of Western Digital by 16,520.0% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,662 shares of the data storage provider’s stock valued at $129,000 after purchasing an additional 1,652 shares in the last quarter. Finally, Financial Gravity Wealth Inc. purchased a new position in shares of Western Digital in the first quarter valued at $145,000. 83.75% of the stock is owned by institutional investors and hedge funds.
About Western Digital (NASDAQ:WDC)
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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