Stock Traders Buy High Volume of Western Digital Corp Call Options (WDC)
Western Digital Corp (NASDAQ:WDC) was the target of unusually large options trading activity on Monday. Investors purchased 12,730 call options on the company. This represents an increase of approximately 128% compared to the average daily volume of 5,575 call options.
Several equities research analysts have weighed in on WDC shares. BMO Capital Markets restated an “outperform” rating on shares of Western Digital Corp in a research report on Wednesday, February 8th. Susquehanna Bancshares Inc reaffirmed a “positive” rating and issued a $105.00 target price on shares of Western Digital Corp in a research note on Friday, February 10th. Vetr raised shares of Western Digital Corp from a “buy” rating to a “strong-buy” rating and set a $86.76 target price on the stock in a research note on Tuesday, February 21st. Cowen and Company raised their target price on shares of Western Digital Corp from $89.00 to $90.00 and gave the company an “outperform” rating in a research note on Wednesday, March 1st. Finally, Citigroup Inc reaffirmed a “buy” rating and issued a $100.00 target price on shares of Western Digital Corp in a research note on Monday, March 6th. Six research 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. Western Digital Corp currently has an average rating of “Buy” and an average price target of $96.49.
In other Western Digital Corp news, insider Michael D. Cordano sold 27,137 shares of the firm’s stock in a transaction dated Monday, April 10th. The shares were sold at an average price of $85.07, for a total value of $2,308,544.59. Following the completion of the sale, the insider now owns 62,878 shares in the company, valued at approximately $5,349,031.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Srinivasan Sivaram sold 40,182 shares of the firm’s stock in a transaction dated Thursday, May 4th. The shares were sold at an average price of $89.18, for a total transaction of $3,583,430.76. Following the completion of the sale, the executive vice president now owns 102,202 shares of the company’s stock, valued at approximately $9,114,374.36. The disclosure for this sale can be found here. Insiders have sold a total of 176,504 shares of company stock valued at $15,428,343 in the last quarter. 0.46% of the stock is currently owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. BP PLC raised 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 valued at $8,698,000 after buying an additional 95,000 shares in the last quarter. Artemis Investment Management LLP raised 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 valued at $135,673,000 after buying an additional 154,801 shares during the period. Viking Global Investors LP purchased a new stake in shares of Western Digital Corp during the fourth quarter valued at $95,471,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Western Digital Corp during the fourth quarter valued at $2,464,000. Finally, Advisory Services Network LLC purchased a new stake in shares of Western Digital Corp during the first quarter valued at $704,000. 88.22% of the stock is owned by hedge funds and other institutional investors.
Western Digital Corp (WDC) opened at 89.93 on Thursday. Western Digital Corp has a 12-month low of $41.64 and a 12-month high of $92.50. The firm has a 50 day moving average of $88.10 and a 200 day moving average of $77.74. The firm’s market capitalization is $26.19 billion.
Western Digital Corp (NASDAQ:WDC) last announced its earnings results on Thursday, April 27th. The data storage provider reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $4.57 billion. During the same period last year, the firm posted $1.21 EPS. The business’s revenue was up 64.7% compared to the same quarter last year. On average, analysts forecast that Western Digital Corp will post $8.89 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 17th. Stockholders of record on Friday, June 30th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.22%. The ex-dividend date is Wednesday, June 28th. Western Digital Corp’s dividend payout ratio is presently -133.33%.
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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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