Insider Selling: Western Digital Corporation (WDC) Insider Sells 1,397 Shares of Stock
Western Digital Corporation (NASDAQ:WDC) insider Michael D. Cordano sold 1,397 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $88.13, for a total value of $123,117.61. Following the sale, the insider now directly owns 70,556 shares in the company, valued at $6,218,100.28. The sale was disclosed in a filing with the SEC, which is available through this link.
Shares of Western Digital Corporation (NASDAQ:WDC) traded up $1.29 during trading on Monday, reaching $88.92. The company had a trading volume of 3,226,400 shares, compared to its average volume of 3,600,513. Western Digital Corporation has a 52-week low of $56.26 and a 52-week high of $95.77. The stock has a market capitalization of $26,301.34, a P/E 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 posted its earnings results on Thursday, October 26th. The data storage provider reported $3.56 EPS for the quarter, beating the Zacks’ consensus estimate of $3.01 by $0.55. Western Digital Corporation had a return on equity of 26.48% and a net margin of 7.38%. The company had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.13 billion. During the same quarter in the previous year, the business earned $1.18 earnings per share. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. equities analysts predict that Western Digital Corporation will post 11.93 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be given a $0.50 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.25%. Western Digital Corporation’s dividend payout ratio is currently 41.75%.
Western Digital Corporation announced that its board has initiated a stock buyback plan on Thursday, November 9th that permits the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization permits the data storage provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
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Several analysts recently weighed in on the company. Mizuho restated a “buy” rating and set a $105.00 price target on shares of Western Digital Corporation in a report on Monday, July 17th. Summit Redstone restated a “buy” rating on shares of Western Digital Corporation in a report on Saturday, July 22nd. Loop Capital assumed coverage on Western Digital Corporation in a report on Monday, July 24th. They set a “buy” rating and a $140.00 price target on the stock. Cowen and Company restated an “outperform” rating and set a $117.00 price target on shares of Western Digital Corporation in a report on Tuesday, July 25th. Finally, Vetr upgraded Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $104.96 price target on the stock in a report on Wednesday, July 26th. Nine research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and three have given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $113.95.
Several hedge funds have recently bought and sold shares of WDC. Quantbot Technologies LP purchased a new stake in shares of Western Digital Corporation in the 2nd quarter valued at $135,000. Huntington National Bank raised its holdings in shares of Western Digital Corporation by 7.7% in the 2nd quarter. Huntington National Bank now owns 1,965 shares of the data storage provider’s stock valued at $174,000 after buying an additional 141 shares during the period. Sun Life Financial INC raised its holdings in shares of Western Digital Corporation by 16,215.4% in the 2nd quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock valued at $188,000 after buying an additional 2,108 shares during the period. Grove Bank & Trust raised its holdings in shares of Western Digital Corporation by 33.3% in the 2nd quarter. Grove Bank & Trust now owns 2,199 shares of the data storage provider’s stock valued at $195,000 after buying an additional 549 shares during the period. Finally, Seven Bridges Advisors LLC raised its holdings in shares of Western Digital Corporation by 71.0% in the 2nd quarter. Seven Bridges Advisors LLC now owns 2,243 shares of the data storage provider’s stock valued at $199,000 after buying an additional 931 shares during the period. Hedge funds and other institutional investors own 81.77% 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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