Vetr cut shares of Western Digital Corporation (NASDAQ:WDC) from a strong-buy rating to a buy rating in a report published on Monday. Vetr currently has $98.49 target price on the data storage provider’s stock.
Several other research analysts have also weighed in on the company. BidaskClub lowered Western Digital Corporation from a hold rating to a sell rating in a research report on Saturday, August 12th. UBS AG upped their target price on Western Digital Corporation from $93.00 to $97.00 and gave the stock a neutral rating in a research report on Friday. Benchmark Co. reaffirmed a buy rating and issued a $135.00 target price on shares of Western Digital Corporation in a research report on Monday, September 25th. Summit Redstone reaffirmed a buy rating on shares of Western Digital Corporation in a research report on Saturday, July 22nd. Finally, Longbow Research reaffirmed a buy rating and issued a $120.00 target price on shares of Western Digital Corporation in a research report on Thursday, September 14th. Ten equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. Western Digital Corporation currently has an average rating of Buy and an average price target of $114.33.
Shares of Western Digital Corporation (NASDAQ:WDC) traded up 4.41% during mid-day trading on Monday, reaching $89.57. The company’s stock had a trading volume of 3,249,508 shares. The company has a market capitalization of $26.41 billion, a PE ratio of 66.84 and a beta of 1.24. The firm’s 50 day moving average is $86.41 and its 200-day moving average is $87.79. Western Digital Corporation has a 52-week low of $54.26 and a 52-week high of $95.77.
Western Digital Corporation (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share for the quarter, beating the consensus estimate of $3.01 by $0.55. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.13 billion. Western Digital Corporation had a return on equity of 26.48% and a net margin of 7.38%. Western Digital Corporation’s quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.18 earnings per share. Analysts forecast that Western Digital Corporation will post $12.42 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Shareholders of record on Friday, September 29th were given a $0.50 dividend. The ex-dividend date was Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.33%. Western Digital Corporation’s payout ratio is 41.75%.
In other Western Digital Corporation news, CFO Mark P. Long sold 1,517 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $80.97, for a total value of $122,831.49. Following the transaction, the chief financial officer now directly owns 88,207 shares in the company, valued at approximately $7,142,120.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael D. Cordano sold 9,404 shares of the stock in a transaction on Monday, September 18th. The shares were sold at an average price of $88.71, for a total value of $834,228.84. Following the completion of the transaction, the insider now owns 75,385 shares in the company, valued at $6,687,403.35. The disclosure for this sale can be found here. Insiders sold a total of 77,679 shares of company stock worth $6,561,639 over the last quarter. Corporate insiders own 0.31% of the company’s stock.
Large investors have recently bought and sold shares of the company. American Beacon Advisors Inc. bought a new position in shares of Western Digital Corporation in the 1st quarter worth $111,000. Harbour Capital Advisors LLC bought a new position in shares of Western Digital Corporation in the 1st quarter worth $117,000. Quantbot Technologies LP bought a new position in shares of Western Digital Corporation in the 2nd quarter worth $135,000. Huntington National Bank boosted its position in shares of Western Digital Corporation by 7.7% in the 2nd quarter. Huntington National Bank now owns 1,965 shares of the data storage provider’s stock worth $174,000 after purchasing an additional 141 shares during the last quarter. Finally, Sun Life Financial INC boosted its position in shares of Western Digital Corporation by 16,215.4% in the 2nd quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock worth $188,000 after purchasing an additional 2,108 shares during the last quarter. Institutional investors and hedge funds own 82.72% of the company’s stock.
Western Digital Corporation Company Profile
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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