Insider Selling: Western Digital Corp (WDC) Director Sells 1,681 Shares of Stock

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Western Digital Corp (NASDAQ:WDC) Director Matthew E. Massengill sold 1,681 shares of the stock in a transaction that occurred on Monday, November 5th. The stock was sold at an average price of $47.68, for a total transaction of $80,150.08. Following the completion of the transaction, the director now owns 17,848 shares in the company, valued at approximately $850,992.64. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Shares of WDC opened at $47.56 on Friday. The company has a quick ratio of 1.70, a current ratio of 2.41 and a debt-to-equity ratio of 0.96. Western Digital Corp has a 1 year low of $40.58 and a 1 year high of $106.96. The company has a market cap of $14.19 billion, a price-to-earnings ratio of 3.52, a P/E/G ratio of 0.42 and a beta of 1.17.

Western Digital announced that its Board of Directors has initiated a share repurchase plan on Thursday, July 26th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the data storage provider to repurchase up to 22.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 14th. Shareholders of record on Friday, December 28th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date of this dividend is Thursday, December 27th. Western Digital’s dividend payout ratio (DPR) is currently 14.80%.

Several equities analysts have recently weighed in on WDC shares. Longbow Research set a $100.00 price objective on shares of Western Digital and gave the stock a “buy” rating in a research note on Thursday, September 6th. Mizuho cut shares of Western Digital from a “buy” rating to a “neutral” rating in a research note on Monday, October 1st. TheStreet cut shares of Western Digital from a “b-” rating to a “c+” rating in a research note on Friday, October 12th. BidaskClub upgraded shares of Western Digital from a “strong sell” rating to a “sell” rating in a research note on Saturday, November 3rd. Finally, Wells Fargo & Co lowered their price objective on shares of Western Digital from $115.00 to $75.00 and set an “outperform” rating on the stock in a research note on Friday, October 26th. Three research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $85.25.

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its position in shares of Western Digital by 9.2% during the 2nd quarter. BlackRock Inc. now owns 21,040,844 shares of the data storage provider’s stock valued at $1,628,774,000 after acquiring an additional 1,772,435 shares during the last quarter. LSV Asset Management boosted its position in shares of Western Digital by 8.9% during the 3rd quarter. LSV Asset Management now owns 3,699,443 shares of the data storage provider’s stock valued at $216,565,000 after acquiring an additional 301,197 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Western Digital by 1.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,060,836 shares of the data storage provider’s stock valued at $236,931,000 after acquiring an additional 49,960 shares during the last quarter. Wells Fargo & Company MN boosted its position in shares of Western Digital by 6.2% during the 2nd quarter. Wells Fargo & Company MN now owns 2,321,676 shares of the data storage provider’s stock valued at $179,720,000 after acquiring an additional 135,550 shares during the last quarter. Finally, TCW Group Inc. boosted its position in shares of Western Digital by 2.9% during the 2nd quarter. TCW Group Inc. now owns 2,160,384 shares of the data storage provider’s stock valued at $167,236,000 after acquiring an additional 61,116 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

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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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