Wall Street brokerages expect Western Digital (NASDAQ:WDC) to post sales of $4.93 billion for the current quarter, Zacks Investment Research reports. Six analysts have issued estimates for Western Digital’s earnings, with the highest sales estimate coming in at $5.03 billion and the lowest estimate coming in at $4.90 billion. Western Digital reported sales of $4.65 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 6%. The business is scheduled to issue its next quarterly earnings report on Thursday, April 26th.
According to Zacks, analysts expect that Western Digital will report full-year sales of $4.93 billion for the current year, with estimates ranging from $20.21 billion to $20.62 billion. For the next year, analysts anticipate that the firm will post sales of $21.00 billion per share, with estimates ranging from $19.08 billion to $22.02 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Western Digital.
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 net margin of 1.93% and a return on equity of 30.78%. The business had revenue of $5.34 billion for the quarter, compared to the consensus estimate of $5.31 billion. During the same period in the previous year, the firm earned $2.30 EPS. The business’s revenue for the quarter was up 9.2% on a year-over-year basis.
A number of equities research analysts have recently issued reports on the stock. Royal Bank of Canada boosted their price target on shares of Western Digital to $120.00 and gave the company an “outperform” rating in a report on Monday. Zacks Investment Research upgraded shares of Western Digital from a “hold” rating to a “strong-buy” rating and set a $108.00 price target on the stock in a report on Friday. Barclays boosted their price target on shares of Western Digital from $110.00 to $120.00 and gave the company an “overweight” rating in a report on Tuesday, March 27th. ValuEngine lowered shares of Western Digital from a “strong-buy” rating to a “buy” rating in a report on Friday, March 23rd. Finally, Robert W. Baird upgraded shares of Western Digital from a “neutral” rating to an “outperform” rating in a report on Friday, March 16th. Ten analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $111.52.
Shares of NASDAQ WDC traded down $2.28 during midday trading on Wednesday, reaching $89.99. The company’s stock had a trading volume of 3,387,940 shares, compared to its average volume of 4,263,449. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.55 and a quick ratio of 2.03. Western Digital has a one year low of $76.59 and a one year high of $106.96. The company has a market capitalization of $27,455.88, a P/E ratio of 11.39, a PEG ratio of 0.38 and a beta of 1.03.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Friday, March 30th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend is Thursday, March 29th. Western Digital’s dividend payout ratio is 25.32%.
In other Western Digital news, CEO Stephen D. Milligan sold 16,511 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $84.00, for a total value of $1,386,924.00. Following the completion of the sale, the chief executive officer now directly owns 156,882 shares of the company’s stock, valued at $13,178,088. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark P. Long sold 7,026 shares of the business’s stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $98.64, for a total transaction of $693,044.64. Following the completion of the sale, the chief financial officer now directly owns 211,817 shares of the company’s stock, valued at $20,893,628.88. The disclosure for this sale can be found here. Insiders sold 259,704 shares of company stock valued at $23,780,295 over the last three months. Insiders own 0.31% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. Cerebellum GP LLC bought a new stake in shares of Western Digital during the 4th quarter worth $121,000. Acadian Asset Management LLC bought a new stake in shares of Western Digital during the 4th quarter worth $132,000. Focused Wealth Management Inc bought a new stake in shares of Western Digital during the 4th quarter worth $143,000. SeaCrest Wealth Management LLC bought a new stake in shares of Western Digital during the 4th quarter worth $149,000. Finally, Icon Wealth Partners LLC bought a new stake in shares of Western Digital during the 4th quarter worth $171,000. 84.71% of the stock is owned by institutional investors.
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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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