Western Digital (NASDAQ:WDC) had its price target increased by Morgan Stanley from $90.00 to $92.00 in a research report released on Wednesday morning. The firm currently has an equal weight rating on the data storage provider’s stock.
A number of other research firms have also recently weighed in on WDC. Vetr cut Western Digital from a buy rating to a hold rating and set a $95.09 price target on the stock. in a research note on Tuesday, November 21st. KeyCorp restated a hold rating on shares of Western Digital in a research note on Sunday, August 27th. Mizuho restated a buy rating and issued a $105.00 price target on shares of Western Digital in a research note on Tuesday, September 5th. ValuEngine cut Western Digital from a strong-buy rating to a buy rating in a research note on Friday, September 1st. Finally, Cowen restated an outperform rating on shares of Western Digital in a research note on Saturday, August 26th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $113.10.
Shares of Western Digital (NASDAQ:WDC) opened at $81.62 on Wednesday. Western Digital has a 12 month low of $66.91 and a 12 month high of $95.77. The company has a quick ratio of 2.13, a current ratio of 2.64 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $24,142.13, a price-to-earnings ratio of 8.19, a P/E/G ratio of 0.21 and a beta of 1.10.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Friday, December 29th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Thursday, December 28th. Western Digital’s dividend payout ratio (DPR) is currently 41.75%.
Western Digital announced that its board has authorized a stock repurchase plan on Thursday, November 9th that allows the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization allows the data storage provider to purchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.
In related news, CFO Mark P. Long sold 4,467 shares of the firm’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $88.13, for a total value of $393,676.71. Following the sale, the chief financial officer now directly owns 88,384 shares of the company’s stock, valued at $7,789,281.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael D. Cordano sold 9,404 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 75,385 shares in the company, valued at $6,687,403.35. The disclosure for this sale can be found here. Insiders sold 24,042 shares of company stock worth $2,116,143 over the last ninety days. 0.31% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Swiss National Bank raised its position in shares of Western Digital by 2.1% during the third quarter. Swiss National Bank now owns 1,073,763 shares of the data storage provider’s stock worth $92,773,000 after acquiring an additional 21,900 shares during the last quarter. Buckingham Capital Management Inc. bought a new position in shares of Western Digital during the second quarter worth about $1,754,000. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Western Digital by 18.3% during 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 acquiring an additional 10,428 shares during the last quarter. Capital Analysts LLC bought a new position in shares of Western Digital during the second quarter worth about $2,777,000. Finally, Calamos Advisors LLC raised its position in shares of Western Digital by 2.7% during the second quarter. Calamos Advisors LLC now owns 45,377 shares of the data storage provider’s stock worth $4,020,000 after acquiring an additional 1,201 shares during the last quarter. 83.99% of the stock is currently owned by institutional investors and hedge funds.
About Western Digital
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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