Western Digital Corp Sees Unusually High Options Volume (WDC)
Western Digital Corp (NASDAQ:WDC) was the target of unusually large options trading on Wednesday. Stock investors purchased 11,549 put options on the stock. This is an increase of approximately 114% compared to the average daily volume of 5,409 put options.
A number of research firms have recently weighed in on WDC. Cowen and Company increased their price objective on Western Digital Corp from $90.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, April 28th. Vetr lowered Western Digital Corp from a “buy” rating to a “hold” rating and set a $82.28 price objective for the company. in a research note on Tuesday, March 28th. Susquehanna Bancshares Inc reissued a “positive” rating and set a $140.00 price objective on shares of Western Digital Corp in a research note on Wednesday, May 17th. Bank of America Corp raised Western Digital Corp from a “neutral” rating to a “buy” rating in a research note on Friday, April 28th. Finally, Needham & Company LLC increased their price objective on Western Digital Corp from $100.00 to $138.00 and gave the company a “strong-buy” rating in a research note on Friday, April 28th. Six investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $94.39.
Western Digital Corp (NASDAQ:WDC) opened at 90.01 on Friday. Western Digital Corp has a 12 month low of $41.64 and a 12 month high of $91.00. The firm has a 50-day moving average price of $86.94 and a 200 day moving average price of $75.72. The stock’s market capitalization is $26.21 billion.
Western Digital Corp (NASDAQ:WDC) last issued its earnings results on Thursday, April 27th. The data storage provider reported $2.07 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.22. Western Digital Corp had a positive return on equity of 13.38% and a negative net margin of 2.56%. The firm had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $4.57 billion. During the same quarter in the prior year, the business earned $1.21 earnings per share. The company’s revenue was up 64.7% compared to the same quarter last year. Equities analysts anticipate that Western Digital Corp will post $8.89 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, July 17th. Stockholders of record on Friday, June 30th will be paid a $0.50 dividend. The ex-dividend date is Wednesday, June 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.22%. Western Digital Corp’s payout ratio is -133.33%.
In other news, insider Michael D. Cordano sold 27,137 shares of the stock in a transaction that occurred on Monday, April 10th. The stock was sold at an average price of $85.07, for a total transaction of $2,308,544.59. Following the completion of the sale, the insider now owns 62,878 shares of the company’s stock, valued at $5,349,031.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Manish H. Bhatia sold 34,734 shares of the stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $75.18, for a total value of $2,611,302.12. Following the sale, the executive vice president now directly owns 81,948 shares of the company’s stock, valued at approximately $6,160,850.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 210,714 shares of company stock valued at $17,991,280. 0.46% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the company. BP PLC increased its stake in shares of Western Digital Corp by 287.9% in the fourth quarter. BP PLC now owns 128,000 shares of the data storage provider’s stock worth $8,698,000 after buying an additional 95,000 shares during the last quarter. Artemis Investment Management LLP increased its stake in shares of Western Digital Corp by 8.4% in the fourth quarter. Artemis Investment Management LLP now owns 1,996,520 shares of the data storage provider’s stock worth $135,673,000 after buying an additional 154,801 shares during the last quarter. Viking Global Investors LP bought a new stake in shares of Western Digital Corp during the fourth quarter worth approximately $95,471,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Western Digital Corp during the fourth quarter worth approximately $2,464,000. Finally, Advisory Services Network LLC bought a new stake in shares of Western Digital Corp during the first quarter worth approximately $704,000. Hedge funds and other institutional investors own 88.22% of the company’s stock.
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About Western Digital Corp
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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