Western Digital Corp (NASDAQ:WDC) declared a quarterly dividend on Thursday, May 2nd, Zacks reports. Shareholders of record on Friday, June 28th will be paid a dividend of 0.50 per share by the data storage provider on Monday, July 15th. This represents a $2.00 annualized dividend and a yield of 4.78%. The ex-dividend date is Thursday, June 27th.
Western Digital has increased its dividend by an average of 1.7% annually over the last three years. Western Digital has a dividend payout ratio of 18.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Western Digital to earn $2.41 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 83.0%.
Western Digital stock traded up $0.79 during midday trading on Tuesday, hitting $41.82. 88,651 shares of the company’s stock were exchanged, compared to its average volume of 5,461,664. Western Digital has a 12-month low of $33.83 and a 12-month high of $80.12. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.30 and a current ratio of 2.11. The stock has a market cap of $12.16 billion, a PE ratio of 3.09, a price-to-earnings-growth ratio of 4.98 and a beta of 1.67. The business has a 50 day moving average price of $40.81.
Western Digital (NASDAQ:WDC) last issued its quarterly earnings data on Monday, April 29th. The data storage provider reported $0.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.46 by ($0.29). Western Digital had a return on equity of 19.87% and a net margin of 1.10%. The business had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.68 billion. During the same period in the previous year, the business posted $3.63 earnings per share. The company’s revenue for the quarter was down 26.7% on a year-over-year basis. Research analysts anticipate that Western Digital will post 4.02 earnings per share for the current fiscal year.
Several analysts have recently commented on WDC shares. Royal Bank of Canada initiated coverage on shares of Western Digital in a research note on Friday, March 29th. They issued a “market perform” rating for the company. Benchmark reiterated a “hold” rating on shares of Western Digital in a research note on Friday, April 26th. ValuEngine cut shares of Western Digital from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Robert W. Baird cut shares of Western Digital from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $50.00 to $40.00 in a research note on Friday, April 26th. Finally, Stifel Nicolaus raised their price objective on shares of Western Digital from $48.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, April 30th. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twelve have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $60.42.
About Western Digital
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.
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