Western Digital Corp (NASDAQ:WDC) announced a quarterly dividend on Thursday, February 13th, RTT News reports. Investors of record on Friday, April 3rd will be given a dividend of 0.50 per share by the data storage provider on Friday, April 17th. This represents a $2.00 annualized dividend and a yield of 2.87%.
Western Digital has a dividend payout ratio of 64.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Western Digital to earn $5.81 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 34.4%.
WDC traded up $0.11 during trading hours on Friday, hitting $69.69. The company’s stock had a trading volume of 40,972 shares, compared to its average volume of 5,241,333. Western Digital has a fifty-two week low of $35.61 and a fifty-two week high of $72.00. The company has a current ratio of 1.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $20.23 billion, a PE ratio of -17.15, a PEG ratio of 14.49 and a beta of 1.83. The company has a 50-day simple moving average of $66.99 and a 200 day simple moving average of $58.82.
Several equities research analysts have recently weighed in on the company. Zacks Investment Research raised Western Digital from a “hold” rating to a “buy” rating and set a $72.00 price objective for the company in a research note on Friday, February 7th. ValuEngine lowered Western Digital from a “hold” rating to a “sell” rating in a research note on Tuesday, February 4th. Susquehanna Bancshares reissued a “buy” rating and set a $100.00 price objective on shares of Western Digital in a research note on Thursday, January 30th. Cfra raised their price objective on Western Digital from $60.00 to $80.00 and gave the stock a “hold” rating in a research note on Friday, January 31st. Finally, Morgan Stanley raised their price objective on Western Digital from $88.00 to $94.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $77.68.
In related news, EVP Michael Charles Ray sold 4,663 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $59.79, for a total transaction of $278,800.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Michael D. Cordano sold 1,320 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $55.12, for a total value of $72,758.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 48,318 shares of company stock valued at $3,193,648. 0.44% of the stock is owned by corporate insiders.
Western Digital Company Profile
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.
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