However, that innovation takes upfront capital expenditures, and Goeckeler likely wanted the freedom to invest in new growth capabilities without having to bear the nearly $600 million annual dividend payout. Market data powered by Therefore, he was able to make the move with the changing of the guard.After the sell-off, Western Digital's stock is down 35% on the year and 65% from all-time highs set back in 2015. The amount of future dividends under the company's dividend policy, and the declaration and payment …
Western Digital, a leader in data infrastructure, creates environments for data to thrive. Joliet Police: 1 Charged Following High Speed Chase To Diamond. Find the latest dividend history for Western Digital Corporation Common Stock (WDC) at Nasdaq.com. Become a Redditor. “We will reevaluate our dividend policy as leverage ratios improve.”The company’s long-term debt totaled $9.3 billion as of April 3, down from $10.2 billion a year earlier.Western Digital shares recently traded at $40.41, down 12%. That acceleration indicates WD's core business is riding a cyclical rebound.WD generated a free cash flow of $176 million during the third quarter, which adequately covered its dividend payments for the third straight quarter:YOY = Year-over-year. Therefore, I don't think Western Digital had to suspend the dividend; it was more a capital allocation choice by a new CEO taking a fresh look at the company. Returns as of 07/31/2020. WDC is suspending its dividend to improve its leverage ratios. Coronavirus $1,200 stimulus check: See if you're eligible, how to get your cash payment amount. He says the deleveraging is a plus and “positive macro trends [are] likely to extend beyond this quarter,” Barron’s reports.Dan is a freelance writer whose work has appeared in The Wall Street Journal, Barron's, Institutional Investor, The Washington Post and other publications. The cash dividend will be paid on October 22, 2019, to the company's stockholders of record as of October 4, 2019. Western Digital 's (NASDAQ:WDC) stock recently dipped after the data storage solutions provider suspended its near-5% dividend. For now, extinguishing its long-term debt -- much of which was accumulated from its $16 billion takeover of SanDisk in 2016 -- remains a bigger priority.Western Digital's cash and equivalents fell 20% annually to $2.94 billion during the third quarter. The board retains the power to modify, suspend or cancel the company's dividend policy in any manner and at any time as it may deem necessary or appropriate in the future. It spent $212 million on debt payments, and reduced its long-term debt 9% annually to $9.77 billion, with $35 million in convertible debt maturing this year. Going forward, we are suspending our dividend to strengthen our reinvestment in growth and innovation and to support our ongoing deleveraging efforts.
While I don't think Western Digital is Stock Advisor launched in February of 2002. Source: WD quarterly reports.But that gap is narrowing, and Western Digital already suspended buybacks for more than a year to conserve its cash. Western Digital Suspends Dividend and Shares Drop. Returns as of 07/31/2020. Coronavirus $1,200 stimulus check: See if you're eligible, how to get your cash payment amount. Revenue in the quarter ended April 3 rose 14%.To be sure, GAAP EPS trailed forecasts, thanks to the coronavirus pandemic. Western Digital Corp. Suspends Dividend News Comcast Corporation Leads 130 Stocks Going Ex-Dividend This Week Anish Sharma | Jun 25, 2018 There are 130 stocks going ex-dividend this week starting Monday, June 26.
We returned $149 million to shareholders through dividends and used $212 million to reduce debt.”Western Digital is looking to preserve cash going forward. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services.I recently claimed Western Digital's dividend Western Digital's revenue and earnings plummeted in fiscal 2019 as lower orders from PC makers and data centers hurt its HDD business, and a supply glut hammered its flash memory and SSD business.