Western Digital Corporation (WDC) CFO Mark P. Long Sells 4,467 Shares
Western Digital Corporation (NASDAQ:WDC) CFO Mark P. Long sold 4,467 shares of the stock in a transaction on Monday, November 13th. The stock was sold at an average price of $88.13, for a total transaction of $393,676.71. Following the completion of the sale, the chief financial officer now owns 88,384 shares in the company, valued at approximately $7,789,281.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Shares of Western Digital Corporation (NASDAQ:WDC) opened at $88.44 on Tuesday. Western Digital Corporation has a 12-month low of $57.62 and a 12-month high of $95.77. The firm has a market cap of $26,301.34, a PE ratio of 8.93 and a beta of 1.17. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.13 and a current ratio of 2.64.
Western Digital Corporation (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, beating 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 analysts’ expectations of $5.13 billion. During the same period last year, the business earned $1.18 earnings per share. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. equities research analysts anticipate that Western Digital Corporation will post 11.93 EPS for the current year.
The firm 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 $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend is Thursday, December 28th. Western Digital Corporation’s dividend payout ratio (DPR) is currently 41.75%.
Western Digital Corporation declared that its Board of Directors has authorized a share repurchase plan on Thursday, November 9th that allows the company to repurchase $2.10 billion in shares. This repurchase authorization allows the data storage provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
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A number of analysts have recently weighed in on WDC shares. UBS AG reiterated an “add” rating on shares of Western Digital Corporation in a research note 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 note 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 note on Friday, July 28th. Loop Capital started coverage on shares of Western Digital Corporation in a research note on Monday, July 24th. They issued a “buy” rating and a $140.00 price objective on the stock. Finally, Summit Redstone reiterated a “buy” rating on shares of Western Digital Corporation in a research note on Saturday, July 22nd. Nine analysts have rated the stock with a hold rating, twenty-five have given a buy rating and three have issued a strong buy rating to the company’s stock. Western Digital Corporation presently has a consensus rating of “Buy” and a consensus target price of $113.92.
Hedge funds have recently made changes to their positions in the stock. Quantbot Technologies LP acquired a new position in shares of Western Digital Corporation in the second quarter valued at approximately $135,000. Huntington National Bank grew its holdings in shares of Western Digital Corporation by 7.7% in the second quarter. Huntington National Bank now owns 1,965 shares of the data storage provider’s stock valued at $174,000 after purchasing an additional 141 shares in the last quarter. Sun Life Financial INC grew its holdings in shares of Western Digital Corporation by 16,215.4% in the second quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock valued at $188,000 after purchasing an additional 2,108 shares in the last quarter. Grove Bank & Trust grew its holdings in shares of Western Digital Corporation by 33.3% in the second quarter. Grove Bank & Trust now owns 2,199 shares of the data storage provider’s stock valued at $195,000 after purchasing an additional 549 shares in the last quarter. Finally, Seven Bridges Advisors LLC grew its holdings in shares of Western Digital Corporation by 71.0% in the second quarter. Seven Bridges Advisors LLC now owns 2,243 shares of the data storage provider’s stock valued at $199,000 after purchasing an additional 931 shares in the last quarter. Hedge funds and other institutional investors own 81.77% 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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