Western Digital Corporation (NASDAQ:WDC) declared that its board has authorized a stock buyback program, which allows the company to buyback $2.10 billion in outstanding shares on Thursday, November 9th, EventVestor reports. This buyback authorization allows the data storage provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
Several brokerages have commented on WDC. Vetr lowered Western Digital Corporation from a “strong-buy” rating to a “buy” rating and set a $97.62 price target for the company. in a research note on Monday. Jefferies Group LLC restated a “hold” rating and set a $90.00 price target on shares of Western Digital Corporation in a research note on Friday, August 18th. Stifel Nicolaus restated a “buy” rating and set a $120.00 price target on shares of Western Digital Corporation in a research note on Monday, August 7th. Summit Redstone restated a “hold” rating on shares of Western Digital Corporation in a research note on Wednesday, September 13th. Finally, BidaskClub lowered Western Digital Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Nine equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and three have issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $113.92.
Shares of Western Digital Corporation (WDC) opened at $88.44 on Tuesday. Western Digital Corporation has a 1 year low of $57.62 and a 1 year high of $95.77. 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 capitalization of $26,301.34, a P/E ratio of 8.93 and a beta of 1.17.
Western Digital Corporation (NASDAQ:WDC) last posted its earnings results on Thursday, October 26th. The data storage provider reported $3.56 EPS for the quarter, beating the consensus estimate of $3.01 by $0.55. Western Digital Corporation had a return on equity of 26.48% and a net margin of 7.38%. The firm had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.13 billion. During the same period last year, the firm earned $1.18 EPS. The firm’s revenue was up 9.9% compared to the same quarter last year. equities analysts anticipate that Western Digital Corporation will post 11.93 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.26%. The ex-dividend date is Thursday, December 28th. Western Digital Corporation’s dividend payout ratio is currently 41.75%.
In other news, CFO Mark P. Long sold 4,467 shares of Western Digital Corporation stock in a transaction on Monday, November 13th. The stock was sold at an average price of $88.13, for a total transaction of $393,676.71. Following the transaction, the chief financial officer now directly owns 88,384 shares in the company, valued at approximately $7,789,281.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Manish H. Bhatia sold 20,130 shares of Western Digital Corporation stock in a transaction on Friday, August 18th. The shares were sold at an average price of $82.38, for a total value of $1,658,309.40. Following the transaction, the executive vice president now owns 82,614 shares in the company, valued at $6,805,741.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,233 shares of company stock worth $4,298,735. 0.31% of the stock is owned by insiders.
About Western Digital Corporation
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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