Insider Selling: Western Digital Corporation (NASDAQ:WDC) EVP Sells 2,762 Shares of Stock
Western Digital Corporation (NASDAQ:WDC) EVP Manish H. Bhatia sold 2,762 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $84.79, for a total value of $234,189.98. Following the transaction, the executive vice president now owns 75,467 shares in the company, valued at approximately $6,398,846.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
Shares of Western Digital Corporation (WDC) opened at 81.34 on Wednesday. Western Digital Corporation has a 12-month low of $43.09 and a 12-month high of $95.77. The company has a 50 day moving average price of $90.18 and a 200 day moving average price of $84.09. The stock has a market cap of $23.75 billion, a P/E ratio of 60.70 and a beta of 1.22. Western Digital Corporation also was the recipient of some unusual options trading on Monday. Stock investors acquired 6,330 call options on the company. This represents an increase of approximately 292% compared to the typical daily volume of 1,613 call options.
Western Digital Corporation (NASDAQ:WDC) last issued its earnings results on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.51 by $0.42. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The firm had revenue of $4.84 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter last year, the firm earned $0.79 earnings per share. The firm’s revenue for the quarter was up 38.5% compared to the same quarter last year. Analysts anticipate that Western Digital Corporation will post $12.54 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date is Thursday, September 28th. Western Digital Corporation’s payout ratio is currently 156.25%.
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Several equities analysts have recently commented on WDC shares. Vetr upgraded Western Digital Corporation from a “sell” rating to a “hold” rating and set a $82.66 price target on the stock in a research note on Tuesday, April 11th. J P Morgan Chase & Co raised Western Digital Corporation from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $88.46 to $116.00 in a research report on Tuesday, April 11th. Susquehanna Bancshares Inc reaffirmed a “positive” rating and set a $105.00 price objective on shares of Western Digital Corporation in a research report on Wednesday, April 12th. Mizuho reaffirmed a “buy” rating and set a $92.00 price objective on shares of Western Digital Corporation in a research report on Wednesday, April 12th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $96.00 price objective on shares of Western Digital Corporation in a research report on Monday, April 17th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $104.93.
Hedge funds and other institutional investors have recently modified their holdings of the company. Accredited Investors Inc. boosted its position in shares of Western Digital Corporation by 0.4% in the second quarter. Accredited Investors Inc. now owns 2,713 shares of the data storage provider’s stock worth $240,000 after buying an additional 11 shares in the last quarter. Honkamp Krueger Financial Services Inc. boosted its position in shares of Western Digital Corporation by 0.5% in the second quarter. Honkamp Krueger Financial Services Inc. now owns 4,571 shares of the data storage provider’s stock worth $405,000 after buying an additional 25 shares in the last quarter. Barry Investment Advisors LLC boosted its position in shares of Western Digital Corporation by 0.4% in the second quarter. Barry Investment Advisors LLC now owns 6,331 shares of the data storage provider’s stock worth $561,000 after buying an additional 26 shares in the last quarter. Cleararc Capital Inc. boosted its position in shares of Western Digital Corporation by 1.3% in the first quarter. Cleararc Capital Inc. now owns 7,045 shares of the data storage provider’s stock worth $581,000 after buying an additional 92 shares in the last quarter. Finally, Chicago Equity Partners LLC boosted its position in shares of Western Digital Corporation by 0.7% in the first quarter. Chicago Equity Partners LLC now owns 13,615 shares of the data storage provider’s stock worth $1,124,000 after buying an additional 95 shares in the last quarter. Institutional investors own 82.39% 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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