Western Digital Corp (NASDAQ:WDC) EVP Michael Charles Ray Sells 4,387 Shares

Western Digital Corp (NASDAQ:WDC) EVP Michael Charles Ray sold 4,387 shares of the company’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $84.20, for a total value of $369,385.40. Following the completion of the transaction, the executive vice president now owns 43,323 shares of the company’s stock, valued at $3,647,796.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Michael Charles Ray also recently made the following trade(s):

  • On Wednesday, January 31st, Michael Charles Ray sold 35,009 shares of Western Digital stock. The shares were sold at an average price of $86.73, for a total value of $3,036,330.57.

Western Digital Corp (NASDAQ WDC) traded up $0.38 during trading hours on Thursday, reaching $83.71. The company’s stock had a trading volume of 1,086,358 shares, compared to its average volume of 4,391,703. The company has a current ratio of 2.55, a quick ratio of 2.03 and a debt-to-equity ratio of 1.04. Western Digital Corp has a 52 week low of $71.38 and a 52 week high of $95.77. The company has a market cap of $24,800.00, a P/E ratio of 12.84, a PEG ratio of 0.35 and a beta of 1.13.

Western Digital (NASDAQ:WDC) last released its earnings results on Thursday, January 25th. The data storage provider reported $3.95 EPS for the quarter, topping analysts’ consensus estimates of $3.51 by $0.44. Western Digital had a return on equity of 30.78% and a net margin of 1.93%. The company had revenue of $5.34 billion for the quarter, compared to the consensus estimate of $5.31 billion. During the same quarter last year, the business posted $2.30 EPS. Western Digital’s quarterly revenue was up 9.2% compared to the same quarter last year. analysts anticipate that Western Digital Corp will post 12.62 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Friday, March 30th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date is Thursday, March 29th. Western Digital’s payout ratio is 30.67%.

Western Digital announced that its Board of Directors has authorized a share repurchase program 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 purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Several institutional investors have recently made changes to their positions in the company. Iridian Asset Management LLC CT increased its position in Western Digital by 1.2% in the 4th quarter. Iridian Asset Management LLC CT now owns 5,989,267 shares of the data storage provider’s stock valued at $476,326,000 after acquiring an additional 68,610 shares during the period. Geode Capital Management LLC increased its position in Western Digital by 4.6% in the 4th quarter. Geode Capital Management LLC now owns 3,919,230 shares of the data storage provider’s stock valued at $311,171,000 after acquiring an additional 171,959 shares during the period. Lyrical Asset Management LP increased its position in Western Digital by 3.2% in the 4th quarter. Lyrical Asset Management LP now owns 3,307,454 shares of the data storage provider’s stock valued at $263,042,000 after acquiring an additional 103,165 shares during the period. Bank of New York Mellon Corp increased its position in Western Digital by 22.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,281,695 shares of the data storage provider’s stock valued at $283,538,000 after acquiring an additional 598,563 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Western Digital by 2.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 3,086,925 shares of the data storage provider’s stock valued at $266,720,000 after acquiring an additional 83,030 shares during the period. Institutional investors and hedge funds own 83.70% of the company’s stock.

Several brokerages have commented on WDC. TheStreet lowered Western Digital from a “b” rating to a “c+” rating in a research note on Thursday, January 25th. Royal Bank of Canada restated a “buy” rating on shares of Western Digital in a research note on Friday, December 22nd. UBS Group upped their price target on Western Digital from $88.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, January 26th. Mizuho reaffirmed a “buy” rating and issued a $110.00 target price (up previously from $105.00) on shares of Western Digital in a research report on Friday, February 2nd. Finally, FBN Securities upped their target price on Western Digital from $105.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, January 26th. Thirteen analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the company. Western Digital currently has a consensus rating of “Buy” and a consensus target price of $111.78.

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About Western Digital

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).

Insider Buying and Selling by Quarter for Western Digital (NASDAQ:WDC)

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