Latest Stocks: Zacks: Analysts Expect Western Digital Corp (WDC) Will Post Quarterly Sales of $4.73 Billion

Latest Stocks: Zacks: Analysts Expect Western Digital Corp (WDC) Will Post Quarterly Sales of $4.73 Billion

Equities analysts expect Western Digital Corp (NASDAQ:WDC) to post sales of $4.73 billion for the current fiscal quarter, Zacks Investment Research reports. Six analysts have made estimates for Western Digital Corp’s earnings. The lowest sales estimate is $4.36 billion and the highest is $4.81 billion. Western Digital Corp posted sales of $3.5 billion during the same quarter last year, which would indicate a positive year over year growth rate of 35.1%. The business is scheduled to announce its next earnings results on Thursday, July 27th.

On average, analysts expect that Western Digital Corp will report full year sales of $4.73 billion for the current financial year, with estimates ranging from $18.14 billion to $19.06 billion. For the next fiscal year, analysts forecast that the business will report sales of $20.28 billion per share, with estimates ranging from $18.37 billion to $21.7 billion. Zacks’ sales calculations are an average based on a survey of analysts that that provide coverage for Western Digital Corp.

Western Digital Corp (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, April 27th. The data storage provider reported $2.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.85 by $0.22. The business had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.57 billion. Western Digital Corp had a negative net margin of 2.56% and a positive return on equity of 13.38%. The business’s revenue was up 64.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.21 earnings per share. WDC has been the subject of several recent research reports. Vetr upgraded shares of Western Digital Corp from a “buy” rating to a “strong-buy” rating and set a $94.27 price target for the company in a report on Monday, April 17th. Royal Bank of Canada boosted their price objective on shares of Western Digital Corp from $90.00 to $92.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 21st. Zacks Investment Research lowered shares of Western Digital Corp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 28th. Mizuho reiterated a “buy” rating and set a $92.00 price objective on shares of Western Digital Corp in a research note on Wednesday, April 12th. Finally, Maxim Group reduced their price objective on shares of Western Digital Corp from $104.00 to $93.00 and set a “buy” rating for the company in a research note on Thursday, January 26th. Six analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $96.93.

In other Western Digital Corp news, insider Mark P. Long sold 11,631 shares of the company’s stock in a transaction on Wednesday, May 3rd. The shares were sold at an average price of $88.49, for a total transaction of $1,029,227.19. Following the completion of the transaction, the insider now directly owns 79,939 shares in the company, valued at $7,073,802.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jacqueline Demaria sold 21,410 shares of the company’s stock in a transaction on Monday, May 1st. The stock was sold at an average price of $87.02, for a total transaction of $1,863,098.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 158,654 shares of company stock valued at $13,311,715. Company insiders own 0.46% of the company’s stock. Institutional investors have recently bought and sold shares of the company. Commonwealth Equity Services Inc boosted its position in Western Digital Corp by 42.6% in the third quarter. Commonwealth Equity Services Inc now owns 19,101 shares of the data storage provider’s stock worth $1,117,000 after buying an additional 5,705 shares in the last quarter. Great West Life Assurance Co. Can boosted its position in Western Digital Corp by 6.3% in the third quarter. Great West Life Assurance Co. Can now owns 334,566 shares of the data storage provider’s stock worth $19,553,000 after buying an additional 19,744 shares in the last quarter. James Investment Research Inc. bought a new position in Western Digital Corp during the third quarter worth $423,000. Shell Asset Management Co. boosted its position in Western Digital Corp by 26.8% in the third quarter. Shell Asset Management Co. now owns 22,758 shares of the data storage provider’s stock worth $1,331,000 after buying an additional 4,811 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in Western Digital Corp by 18.4% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 49,682 shares of the data storage provider’s stock worth $2,905,000 after buying an additional 7,706 shares in the last quarter. Institutional investors own 88.22% of the company’s stock.

Shares of Western Digital Corp (NASDAQ:WDC) traded up 1.74% during midday trading on Thursday, reaching $90.72. 3,056,968 shares of the company’s stock were exchanged. Western Digital Corp has a 12-month low of $34.99 and a 12-month high of $91.00. The stock’s 50 day moving average price is $83.02 and its 200 day moving average price is $72.14. The company also recently announced a quarterly dividend, which will be paid on Monday, July 17th. Investors of record on Friday, June 30th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.20%. The ex-dividend date is Wednesday, June 28th. Western Digital Corp’s dividend payout ratio is currently -133.33%.

About Western Digital Corp 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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