Vetr cut shares of Western Digital Corporation (NASDAQ:WDC) from a strong-buy rating to a buy rating in a research note released on Wednesday, August 16th. The firm currently has $95.94 target price on the data storage provider’s stock.
WDC has been the subject of a number of other research reports. Cowen and Company boosted their target price on Western Digital Corporation from $90.00 to $115.00 and gave the stock an outperform rating in a research report on Friday, April 28th. BidaskClub downgraded Western Digital Corporation from a hold rating to a sell rating in a research report on Saturday, August 12th. Susquehanna Bancshares Inc restated a positive rating and set a $140.00 target price on shares of Western Digital Corporation in a research report on Wednesday, May 17th. Jefferies Group LLC restated a hold rating and set a $90.00 target price on shares of Western Digital Corporation in a research report on Wednesday, June 28th. Finally, Bank of America Corporation upgraded Western Digital Corporation from a neutral rating to a buy rating in a research report on Friday, April 28th. Eight analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $104.51.
Western Digital Corporation (NASDAQ:WDC) traded down 1.01% during trading on Wednesday, reaching $89.50. The company’s stock had a trading volume of 3,541,855 shares. The firm has a market capitalization of $26.13 billion, a price-to-earnings ratio of 66.79 and a beta of 1.21. The stock’s 50-day moving average is $87.45 and its 200 day moving average is $85.48. Western Digital Corporation has a 52-week low of $46.26 and a 52-week high of $95.77. Western Digital Corporation also was the recipient of some unusual options trading on Monday. Stock investors purchased 6,330 call options on the stock. This represents an increase of approximately 292% compared to the average daily volume of 1,613 call options.
Western Digital Corporation (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.51 by $0.42. The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.82 billion. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The business’s revenue for the quarter was up 38.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.79 EPS. On average, analysts predict that Western Digital Corporation will post $12.54 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend is Thursday, September 28th. Western Digital Corporation’s dividend payout ratio is presently 156.25%.
In other news, insider Michael D. Cordano sold 11,322 shares of the stock in a transaction on Monday, June 12th. The stock was sold at an average price of $85.00, for a total value of $962,370.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark P. Long sold 28,585 shares of the stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $94.24, for a total value of $2,693,850.40. Following the completion of the transaction, the insider now owns 53,551 shares of the company’s stock, valued at $5,046,646.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 144,767 shares of company stock worth $12,690,484. Company insiders own 0.46% of the company’s stock.
Large investors have recently made changes to their positions in the stock. American Beacon Advisors Inc. bought a new position in Western Digital Corporation during the 1st quarter worth $111,000. Acrospire Investment Management LLC bought a new position in Western Digital Corporation during the 1st quarter worth $112,000. Reilly Financial Advisors LLC raised its position in Western Digital Corporation by 49.8% during the 1st quarter. Reilly Financial Advisors LLC now owns 1,383 shares of the data storage provider’s stock worth $114,000 after purchasing an additional 460 shares during the last quarter. Harbour Capital Advisors LLC bought a new position in Western Digital Corporation during the 1st quarter worth $117,000. Finally, SRS Capital Advisors Inc. raised its position in Western Digital Corporation by 26.7% during the 1st quarter. SRS Capital Advisors Inc. now owns 1,453 shares of the data storage provider’s stock worth $119,000 after purchasing an additional 306 shares during the last quarter. 82.43% of the stock is owned by institutional investors and hedge funds.
About Western Digital Corporation
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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