Western Digital (WDC) Issues FY18 Earnings Guidance
Western Digital (NASDAQ:WDC) updated its FY18 earnings guidance on Tuesday. The company provided EPS guidance of exceeding $13 for the period, compared to the Thomson Reuters consensus EPS estimate of $13.18. The company issued revenue guidance of High end of 4% to 8% growth, compared to the consensus revenue estimate of $20.39 billion.Western Digital also updated its Q2 guidance to ~$3.80 EPS.
Several brokerages have issued reports on WDC. Jefferies Group reaffirmed a hold rating and issued a $90.00 price objective on shares of Western Digital in a research report on Friday, August 18th. Vetr downgraded shares of Western Digital from a strong-buy rating to a buy rating and set a $95.94 price objective for the company. in a research report on Wednesday, August 16th. Summit Redstone reaffirmed a hold rating on shares of Western Digital in a research report on Wednesday, September 13th. UBS reaffirmed an add rating on shares of Western Digital in a research report on Wednesday, September 20th. Finally, Benchmark reaffirmed a buy rating and issued a $135.00 price objective on shares of Western Digital in a research report on Monday, September 25th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-three have given a buy rating and three have given a strong buy rating to the stock. The stock has an average rating of Buy and an average target price of $114.50.
Shares of Western Digital (WDC) traded up $0.57 on Tuesday, reaching $81.77. The company had a trading volume of 2,593,908 shares, compared to its average volume of 4,151,342. Western Digital has a 52-week low of $66.59 and a 52-week high of $95.77. The company has a market capitalization of $24,097.73, a PE ratio of 8.18 and a beta of 1.10. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.64 and a quick ratio of 2.13.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.45%. The ex-dividend date is Thursday, December 28th. Western Digital’s dividend payout ratio (DPR) is presently 41.75%.
Western Digital declared that its Board of Directors has initiated a stock buyback program on Thursday, November 9th that permits the company to buyback $2.10 billion in outstanding shares. This buyback authorization permits the data storage provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
In other Western Digital news, insider Michael D. Cordano sold 9,404 shares of the firm’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $88.71, for a total value of $834,228.84. Following the sale, the insider now directly owns 75,385 shares in the company, valued at $6,687,403.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark P. Long sold 4,467 shares of the firm’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $88.13, for a total value of $393,676.71. Following the completion of the sale, the chief financial officer now owns 88,384 shares in the company, valued at $7,789,281.92. The disclosure for this sale can be found here. Insiders have sold 24,042 shares of company stock worth $2,116,143 over the last 90 days. 0.31% of the stock is currently owned by company insiders.
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Western Digital Company Profile
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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