Western Digital Corporation (WDC) to Issue Quarterly Dividend of $0.50 on January 16th
Western Digital Corporation (NASDAQ:WDC) declared a quarterly dividend on Wednesday, November 1st, Zacks reports. Investors of record on Friday, December 29th will be paid a dividend of 0.50 per share by the data storage provider on Tuesday, January 16th. This represents a $2.00 annualized dividend and a yield of 2.48%. The ex-dividend date is Thursday, December 28th.
Shares of Western Digital (NASDAQ:WDC) traded down $0.15 during midday trading on Friday, reaching $80.68. The company’s stock had a trading volume of 2,124,661 shares, compared to its average volume of 4,910,512. 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 has a market cap of $23,908.43, a PE ratio of 16.84, a PEG ratio of 0.21 and a beta of 1.10. Western Digital has a 1-year low of $67.61 and a 1-year high of $95.77.
Western Digital (NASDAQ:WDC) last announced its earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.01 by $0.55. The business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.13 billion. Western Digital had a return on equity of 26.48% and a net margin of 7.38%. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.18 EPS. analysts forecast that Western Digital will post 12.21 EPS for the current year.
Several brokerages have recently commented on WDC. Susquehanna Bancshares reiterated a “positive” rating on shares of Western Digital in a report on Thursday, August 31st. Zacks Investment Research upgraded Western Digital from a “sell” rating to a “hold” rating in a report on Tuesday, October 24th. Citigroup increased their price objective on Western Digital from $110.00 to $115.00 and gave the company a “buy” rating in a report on Friday, October 27th. Mizuho reiterated a “buy” rating and set a $105.00 price objective on shares of Western Digital in a report on Sunday, October 8th. Finally, Maxim Group reiterated a “buy” rating and set a $108.00 price objective on shares of Western Digital in a report on Wednesday, August 30th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and three have given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $113.10.
In other Western Digital news, insider Michael D. Cordano sold 1,397 shares of Western Digital stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $88.13, for a total transaction of $123,117.61. Following the completion of the transaction, the insider now owns 70,556 shares in the company, valued at approximately $6,218,100.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael D. Cordano sold 1,401 shares of Western Digital stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $85.00, for a total value of $119,085.00. Following the transaction, the insider now owns 70,560 shares of the company’s stock, valued at approximately $5,997,600. The disclosure for this sale can be found here. Insiders sold a total of 16,039 shares of company stock valued at $1,400,999 in the last 90 days. 0.31% of the stock is currently owned by company insiders.
Western Digital announced that its Board of Directors has initiated a stock repurchase plan on Thursday, November 9th that authorizes the company to buyback $2.10 billion in outstanding shares. This buyback authorization authorizes the data storage provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
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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