Analysts expect that Western Digital (NASDAQ:WDC) will report $5.06 billion in sales for the current quarter, Zacks Investment Research reports. Six analysts have made estimates for Western Digital’s earnings, with the highest sales estimate coming in at $5.08 billion and the lowest estimate coming in at $5.05 billion. Western Digital posted sales of $4.84 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 4.5%. The company is scheduled to report its next earnings report on Thursday, July 26th.
On average, analysts expect that Western Digital will report full-year sales of $20.59 billion for the current financial year, with estimates ranging from $20.58 billion to $20.61 billion. For the next fiscal year, analysts forecast that the firm will report sales of $21.25 billion per share, with estimates ranging from $20.05 billion to $22.92 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that follow Western Digital.
Get Western Digital alerts:Western Digital (NASDAQ:WDC) last issued its earnings results on Thursday, April 26th. The data storage provider reported $3.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.31 by $0.32. Western Digital had a net margin of 0.98% and a return on equity of 34.22%. The firm had revenue of $5.01 billion during the quarter, compared to analysts’ expectations of $4.93 billion. During the same quarter last year, the company posted $2.39 earnings per share. The firm’s revenue was up 7.8% compared to the same quarter last year.
WDC has been the topic of several analyst reports. ValuEngine lowered shares of Western Digital from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. 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 research report on Friday, March 30th. Morgan Stanley raised their price target on shares of Western Digital from $92.00 to $97.00 and gave the company an “equal weight” rating in a research report on Friday, April 27th. Royal Bank of Canada raised their price target on shares of Western Digital to $120.00 and gave the company an “outperform” rating in a research report on Monday, April 2nd. Finally, Mizuho restated a “buy” rating and set a $110.00 price target (up previously from $105.00) on shares of Western Digital in a research report on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $111.40.
Shares of Western Digital stock opened at $86.52 on Friday. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.39 and a quick ratio of 1.76. Western Digital has a 1 year low of $83.52 and a 1 year high of $85.97. The firm has a market cap of $24.83 billion, a P/E ratio of 10.95, a price-to-earnings-growth ratio of 0.33 and a beta of 1.04.
The business also recently announced a quarterly dividend, which will be paid on Monday, July 16th. Stockholders of record on Friday, June 29th will be given a $0.50 dividend. The ex-dividend date of this dividend is Thursday, June 28th. This represents a $2.00 annualized dividend and a dividend yield of 2.31%. Western Digital’s dividend payout ratio (DPR) is 25.32%.
In related news, CFO Mark P. Long sold 7,026 shares of the business’s stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $98.64, for a total transaction of $693,044.64. Following the transaction, the chief financial officer now directly owns 211,817 shares in the company, valued at $20,893,628.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Srinivasan Sivaram sold 10,865 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $86.71, for a total transaction of $942,104.15. Following the transaction, the executive vice president now owns 103,251 shares in the company, valued at $8,952,894.21. The disclosure for this sale can be found here. In the last quarter, insiders sold 141,014 shares of company stock worth $13,277,976. Company insiders own 0.31% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Atlantic Trust Group LLC boosted its position in Western Digital by 7.7% during the first quarter. Atlantic Trust Group LLC now owns 33,686 shares of the data storage provider’s stock worth $3,107,000 after acquiring an additional 2,409 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its position in Western Digital by 17.3% during the first quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 176,700 shares of the data storage provider’s stock worth $16,304,000 after acquiring an additional 26,100 shares during the last quarter. NEXT Financial Group Inc acquired a new position in Western Digital during the first quarter worth about $226,000. Private Capital Group LLC boosted its position in Western Digital by 1,981.0% during the first quarter. Private Capital Group LLC now owns 2,081 shares of the data storage provider’s stock worth $193,000 after acquiring an additional 1,981 shares during the last quarter. Finally, Sentinel Trust Co. LBA boosted its position in Western Digital by 5.3% during the first quarter. Sentinel Trust Co. LBA now owns 42,320 shares of the data storage provider’s stock worth $3,905,000 after acquiring an additional 2,125 shares during the last quarter. Hedge funds and other institutional investors own 85.69% of the company’s stock.
Western Digital Company Profile
Western Digital Corporation, together with its subsidiaries, develops, manufactures, and sells data storage devices and solutions worldwide. It offers performance hard disk drives (HDDs) that are used in enterprise servers, data analysis, and other enterprise applications; capacity HDDs and drive configurations for use in data storage systems and tiered storage models; and enterprise solid state drives (SSDs), including NAND-flash SSDs and software solutions that are designed to enhance the performance in various enterprise workload environments.
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