Insider Selling: Western Digital Corporation (WDC) Insider Sells 9,404 Shares of Stock
Western Digital Corporation (NASDAQ:WDC) insider Michael D. Cordano sold 9,404 shares of the firm’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $88.71, for a total value of $834,228.84. Following the completion of the sale, the insider now directly owns 75,385 shares in the company, valued at $6,687,403.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
Western Digital Corporation (NASDAQ WDC) traded down 3.95% on Wednesday, hitting $86.37. The stock had a trading volume of 7,817,739 shares. The company’s 50-day moving average is $86.12 and its 200-day moving average is $86.39. Western Digital Corporation has a one year low of $52.10 and a one year high of $95.77. The stock has a market cap of $25.47 billion, a P/E ratio of 64.46 and a beta of 1.21. Western Digital Corporation also saw some unusual options trading on Monday. Stock traders bought 6,330 call options on the stock. This is an increase of 292% compared to the typical daily volume of 1,613 call options.
Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 EPS for the quarter, beating the 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 company had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same period last year, the company posted $0.79 earnings per share. The firm’s revenue was up 38.5% compared to the same quarter last year. On average, analysts anticipate that Western Digital Corporation will post $12.50 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.32%. The ex-dividend date is Thursday, September 28th. Western Digital Corporation’s dividend payout ratio (DPR) is presently 156.25%.
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A number of analysts have recently issued reports on WDC shares. Susquehanna Bancshares Inc reaffirmed a “positive” rating on shares of Western Digital Corporation in a research note on Thursday, August 31st. Mizuho reaffirmed a “buy” rating and issued a $105.00 price target on shares of Western Digital Corporation in a research note on Monday, June 5th. Vetr raised Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $104.96 price target on the stock in a research note on Wednesday, July 26th. Cowen and Company lifted their price target on Western Digital Corporation from $115.00 to $117.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 27th. Finally, Zacks Investment Research lowered Western Digital Corporation from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 4th. Eight analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $111.34.
Several institutional investors have recently made changes to their positions in WDC. Capital World Investors acquired a new stake in shares of Western Digital Corporation during the second quarter valued at about $1,019,202,000. Iridian Asset Management LLC CT grew its stake in shares of Western Digital Corporation by 244.0% during the first quarter. Iridian Asset Management LLC CT now owns 5,541,511 shares of the data storage provider’s stock valued at $457,341,000 after acquiring an additional 3,930,465 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Western Digital Corporation by 4.5% during the first quarter. Vanguard Group Inc. now owns 28,741,455 shares of the data storage provider’s stock valued at $2,372,032,000 after acquiring an additional 1,250,528 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of Western Digital Corporation by 140.4% during the second quarter. Janus Henderson Group PLC now owns 1,994,833 shares of the data storage provider’s stock valued at $176,746,000 after acquiring an additional 1,164,954 shares in the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of Western Digital Corporation by 179.3% during the first quarter. Alliancebernstein L.P. now owns 1,619,954 shares of the data storage provider’s stock valued at $133,695,000 after acquiring an additional 1,040,028 shares in the last quarter. Institutional investors own 82.42% 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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