Wall Street brokerages predict that Western Digital Corp (NASDAQ:WDC) will announce $3.52 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for Western Digital’s earnings, with the lowest EPS estimate coming in at $3.46 and the highest estimate coming in at $3.56. Western Digital posted earnings per share of $2.93 during the same quarter last year, which suggests a positive year-over-year growth rate of 20.1%. The company is scheduled to report its next quarterly earnings report on Thursday, July 26th.
On average, analysts expect that Western Digital will report full year earnings of $14.66 per share for the current financial year, with EPS estimates ranging from $14.61 to $14.70. For the next year, analysts expect that the business will report earnings of $13.54 per share, with EPS estimates ranging from $13.03 to $14.14. Zacks’ earnings per share averages are a mean average based on a survey of sell-side analysts that cover Western Digital.
Western Digital (NASDAQ:WDC) last posted its earnings results on Thursday, April 26th. The data storage provider reported $3.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.31 by $0.32. Western Digital had a return on equity of 34.22% and a net margin of 0.98%. The business had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.93 billion. During the same period in the previous year, the business earned $2.39 EPS. The business’s quarterly revenue was up 7.8% on a year-over-year basis.
Several equities analysts recently issued reports on the company. BidaskClub cut Western Digital from a “buy” rating to a “hold” rating in a research report on Friday, June 8th. Benchmark restated a “buy” rating and issued a $130.00 price target on shares of Western Digital in a research report on Friday, April 27th. Cowen boosted their target price on Western Digital from $100.00 to $105.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 6th. ValuEngine cut Western Digital from a “sell” rating to a “strong sell” rating in a research report on Friday, June 8th. Finally, Stifel Nicolaus reiterated a “buy” rating on shares of Western Digital in a research report on Tuesday, May 15th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $111.22.
Shares of Western Digital traded down $1.21, hitting $77.30, on Wednesday, Marketbeat.com reports. The stock had a trading volume of 3,369,660 shares, compared to its average volume of 4,101,381. Western Digital has a 52-week low of $75.96 and a 52-week high of $106.96. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.76 and a current ratio of 2.39. The company has a market capitalization of $23.38 billion, a P/E ratio of 9.78, a PEG ratio of 0.31 and a beta of 1.02.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 16th. Stockholders of record on Friday, June 29th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.59%. The ex-dividend date is Thursday, June 28th. Western Digital’s dividend payout ratio (DPR) is 25.32%.
In related news, Director Henry T. Denero sold 6,492 shares of the company’s stock in a transaction that occurred on Tuesday, June 5th. The stock was sold at an average price of $85.65, for a total value of $556,039.80. Following the sale, the director now owns 20,132 shares of the company’s stock, valued at approximately $1,724,305.80. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Michael Charles Ray sold 525 shares of the company’s stock in a transaction that occurred on Monday, June 11th. The shares were sold at an average price of $82.43, for a total value of $43,275.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 107,830 shares of company stock worth $9,174,733. 0.31% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. KBC Group NV increased its holdings in shares of Western Digital by 13.9% during the 4th quarter. KBC Group NV now owns 39,152 shares of the data storage provider’s stock worth $3,114,000 after buying an additional 4,792 shares during the last quarter. Cetera Advisor Networks LLC increased its holdings in shares of Western Digital by 92.1% during the 4th quarter. Cetera Advisor Networks LLC now owns 4,759 shares of the data storage provider’s stock worth $384,000 after buying an additional 2,282 shares during the last quarter. State of Wisconsin Investment Board increased its holdings in shares of Western Digital by 0.5% during the 4th quarter. State of Wisconsin Investment Board now owns 349,365 shares of the data storage provider’s stock worth $27,785,000 after buying an additional 1,636 shares during the last quarter. Pinebridge Investments L.P. increased its holdings in shares of Western Digital by 122.8% during the 4th quarter. Pinebridge Investments L.P. now owns 6,915 shares of the data storage provider’s stock worth $550,000 after buying an additional 3,812 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in shares of Western Digital by 1.6% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 46,029 shares of the data storage provider’s stock worth $3,661,000 after buying an additional 736 shares during the last quarter. 84.30% of the stock is currently owned by hedge funds and other institutional investors.
About Western Digital
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.
Get a free copy of the Zacks research report on Western Digital (WDC)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Western Digital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Digital and related companies with MarketBeat.com's FREE daily email newsletter.