Western Digital Corporation (WDC) Insider Sells $1,671,156.50 in Stock
Western Digital Corporation (NASDAQ:WDC) insider Mark P. Long sold 19,777 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $84.50, for a total value of $1,671,156.50. Following the completion of the transaction, the insider now owns 90,683 shares in the company, valued at $7,662,713.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Western Digital Corporation (WDC) traded down 0.25% during midday trading on Monday, reaching $80.97. The company’s stock had a trading volume of 4,772,003 shares. The company has a 50 day moving average of $90.61 and a 200-day moving average of $84.10. Western Digital Corporation has a 52 week low of $43.09 and a 52 week high of $95.77. The stock has a market capitalization of $23.64 billion, a price-to-earnings ratio of 60.43 and a beta of 1.22.
Western Digital Corporation (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 EPS for the quarter, beating the Zacks’ consensus estimate of $2.51 by $0.42. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The firm had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same period in the previous year, the firm posted $0.79 earnings per share. The firm’s revenue was up 38.5% on a year-over-year basis. Equities research analysts predict that Western Digital Corporation will post $12.54 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date is Thursday, September 28th. Western Digital Corporation’s payout ratio is presently 156.25%.
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Several brokerages have recently commented on WDC. UBS AG restated a “neutral” rating and issued a $92.00 price objective (up from $90.00) on shares of Western Digital Corporation in a research report on Wednesday, June 28th. J P Morgan Chase & Co reiterated an “overweight” rating on shares of Western Digital Corporation in a research report on Tuesday, August 1st. BidaskClub downgraded Western Digital Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Stifel Nicolaus reiterated a “buy” rating and issued a $120.00 target price on shares of Western Digital Corporation in a research report on Sunday, July 30th. Finally, BTIG Research set a $120.00 target price on Western Digital Corporation and gave the stock a “buy” rating in a research report on Friday, July 28th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Western Digital Corporation has a consensus rating of “Buy” and a consensus target price of $104.93.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. American Beacon Advisors Inc. acquired a new stake in Western Digital Corporation during the first quarter worth about $111,000. Acrospire Investment Management LLC acquired a new stake in Western Digital Corporation during the first quarter worth about $112,000. Reilly Financial Advisors LLC boosted its stake in Western Digital Corporation by 49.8% in the first quarter. Reilly Financial Advisors LLC now owns 1,383 shares of the data storage provider’s stock worth $114,000 after buying an additional 460 shares during the period. Harbour Capital Advisors LLC acquired a new stake in Western Digital Corporation during the first quarter worth about $117,000. Finally, SRS Capital Advisors Inc. boosted its stake in Western Digital Corporation by 26.7% in the first quarter. SRS Capital Advisors Inc. now owns 1,453 shares of the data storage provider’s stock worth $119,000 after buying an additional 306 shares during the period. 82.39% of the stock is currently owned by hedge funds and other institutional investors.
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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