$5.12 Billion in Sales Expected for Western Digital Corporation (NASDAQ:WDC) This Quarter
Equities research analysts expect that Western Digital Corporation (NASDAQ:WDC) will announce sales of $5.12 billion for the current fiscal quarter, according to Zacks. Six analysts have provided estimates for Western Digital Corporation’s earnings, with estimates ranging from $5.10 billion to $5.16 billion. Western Digital Corporation reported sales of $4.71 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 8.7%. The firm is expected to report its next quarterly earnings results on Wednesday, October 25th.
On average, analysts expect that Western Digital Corporation will report full year sales of $5.12 billion for the current fiscal year, with estimates ranging from $19.47 billion to $21.58 billion. For the next fiscal year, analysts anticipate that the business will post sales of $20.37 billion per share, with estimates ranging from $19.73 billion to $20.99 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that cover Western Digital Corporation.
Western Digital Corporation (NASDAQ:WDC) last released its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) 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 company had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.82 billion. During the same period last year, the firm posted $0.79 earnings per share. The business’s revenue was up 38.5% on a year-over-year basis.
A number of brokerages have recently weighed in on WDC. UBS AG restated a “neutral” rating and issued a $92.00 target price (up previously from $90.00) on shares of Western Digital Corporation in a research note on Wednesday, June 28th. J P Morgan Chase & Co restated an “overweight” rating on shares of Western Digital Corporation in a research note on Tuesday, August 1st. BidaskClub downgraded Western Digital Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Vetr upgraded Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $104.96 price objective on the stock in a research note on Wednesday, July 26th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $120.00 price objective on shares of Western Digital Corporation in a research note on Sunday, July 30th. Eight analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have given a strong buy rating to the company. Western Digital Corporation presently has an average rating of “Buy” and an average target price of $104.93.
In other Western Digital Corporation news, EVP Srinivasan Sivaram sold 16,049 shares of the company’s stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $85.06, for a total transaction of $1,365,127.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Charles Ray sold 1,365 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $89.54, for a total transaction of $122,222.10. Following the sale, the executive vice president now owns 42,771 shares of the company’s stock, valued at $3,829,715.34. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 90,069 shares of company stock valued at $8,144,646. Company insiders own 0.46% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Western Digital Corporation by 4.5% in the first quarter. Vanguard Group Inc. now owns 28,741,455 shares of the data storage provider’s stock worth $2,372,032,000 after buying an additional 1,250,528 shares in the last quarter. Iridian Asset Management LLC CT raised its stake in Western Digital Corporation by 244.0% in the first quarter. Iridian Asset Management LLC CT now owns 5,541,511 shares of the data storage provider’s stock worth $457,341,000 after buying an additional 3,930,465 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Western Digital Corporation by 10.4% in the first quarter. Ameriprise Financial Inc. now owns 4,038,573 shares of the data storage provider’s stock worth $333,102,000 after buying an additional 380,404 shares in the last quarter. Geode Capital Management LLC raised its stake in Western Digital Corporation by 9.6% in the first quarter. Geode Capital Management LLC now owns 3,031,364 shares of the data storage provider’s stock worth $249,848,000 after buying an additional 264,706 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Western Digital Corporation by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,978,975 shares of the data storage provider’s stock worth $245,876,000 after buying an additional 7,910 shares in the last quarter. Institutional investors own 82.57% of the company’s stock.
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Shares of Western Digital Corporation (NASDAQ:WDC) opened at 81.17 on Monday. The stock has a 50 day moving average price of $90.61 and a 200-day moving average price of $84.10. The firm has a market capitalization of $23.70 billion, a PE ratio of 60.57 and a beta of 1.22. Western Digital Corporation has a 52-week low of $43.09 and a 52-week high of $95.77.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, September 28th. This represents a $2.00 annualized dividend and a yield of 2.46%. Western Digital Corporation’s payout ratio is 156.25%.
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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