Western Digital Corporation (NASDAQ:WDC) had its price target increased by UBS AG from $93.00 to $97.00 in a report published on Friday, www.benzinga.com reports. The firm currently has a neutral rating on the data storage provider’s stock.
Several other analysts have also issued reports on WDC. Vetr lowered shares of Western Digital Corporation from a strong-buy rating to a buy rating and set a $93.86 price target for the company. in a research report on Tuesday, October 10th. ValuEngine lowered shares of Western Digital Corporation from a strong-buy rating to a buy rating in a research report on Friday, September 1st. Goldman Sachs Group, Inc. (The) restated a neutral rating and set a $88.00 price target on shares of Western Digital Corporation in a research report on Tuesday, October 10th. Mizuho restated a buy rating and set a $105.00 price target on shares of Western Digital Corporation in a research report on Tuesday, September 5th. Finally, Aegis restated a buy rating and set a $130.00 price target on shares of Western Digital Corporation in a research report on Monday, July 3rd. Ten analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $114.33.
Western Digital Corporation (NASDAQ WDC) opened at 87.11 on Friday. Western Digital Corporation has a 52 week low of $54.26 and a 52 week high of $95.77. The stock has a 50 day moving average price of $86.45 and a 200-day moving average price of $87.74. The company has a market capitalization of $25.69 billion, a PE ratio of 65.01 and a beta of 1.24.
Western Digital Corporation (NASDAQ:WDC) last announced its earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.01 by $0.55. Western Digital Corporation had a net margin of 7.38% and a return on equity of 26.48%. The company had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.13 billion. During the same period in the previous year, the business earned $1.18 earnings per share. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. On average, equities analysts predict that Western Digital Corporation will post $12.42 earnings per share for the current fiscal year.
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The company also recently declared a quarterly dividend, which was paid on Monday, October 16th. Stockholders of record on Friday, September 29th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date was Thursday, September 28th. Western Digital Corporation’s payout ratio is 41.75%.
In related news, EVP Srinivasan Sivaram sold 3,098 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $85.00, for a total value of $263,330.00. Following the sale, the executive vice president now owns 74,741 shares in the company, valued at $6,352,985. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael D. Cordano sold 9,404 shares of the firm’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $88.71, for a total transaction of $834,228.84. Following the completion of the sale, the insider now owns 75,385 shares in the company, valued at approximately $6,687,403.35. The disclosure for this sale can be found here. In the last quarter, insiders have sold 77,679 shares of company stock worth $6,561,639. Corporate insiders own 0.31% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Buckingham Capital Management Inc. purchased a new stake in Western Digital Corporation in the second quarter worth approximately $1,754,000. Korea Investment CORP boosted its holdings in Western Digital Corporation by 14.7% in the second quarter. Korea Investment CORP now owns 595,049 shares of the data storage provider’s stock worth $52,721,000 after purchasing an additional 76,459 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in Western Digital Corporation by 18.3% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 67,329 shares of the data storage provider’s stock worth $5,965,000 after purchasing an additional 10,428 shares during the last quarter. Capital Analysts LLC purchased a new stake in Western Digital Corporation in the second quarter worth approximately $2,777,000. Finally, Calamos Advisors LLC boosted its holdings in Western Digital Corporation by 2.7% in the second quarter. Calamos Advisors LLC now owns 45,377 shares of the data storage provider’s stock worth $4,020,000 after purchasing an additional 1,201 shares during the last quarter. Institutional investors own 82.72% of the company’s stock.
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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