Shares of Western Digital Corp. (NASDAQ:WDC) have earned an average recommendation of “Buy” from the thirty-six ratings firms that are currently covering the firm. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $61.75.
WDC has been the topic of a number of recent research reports. Citigroup Inc. reiterated a “buy” rating and issued a $65.00 price objective (up from $55.00) on shares of Western Digital Corp. in a research report on Tuesday, July 19th. Vetr lowered Western Digital Corp. from a “strong-buy” rating to a “buy” rating and set a $48.74 price objective on the stock. in a research report on Tuesday, May 31st. Barclays PLC increased their price objective on Western Digital Corp. from $60.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, August 16th. Stifel Nicolaus reiterated a “buy” rating and issued a $75.00 price objective on shares of Western Digital Corp. in a research report on Sunday, July 31st. Finally, Argus restated a “buy” rating and issued a $60.00 price target on shares of Western Digital Corp. in a research report on Saturday, September 10th.
In other news, insider Michael D. Cordano sold 7,185 shares of the company’s stock in a transaction on Wednesday, September 21st. The shares were sold at an average price of $54.50, for a total transaction of $391,582.50. Following the completion of the transaction, the insider now directly owns 82,988 shares in the company, valued at $4,522,846. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.46% of the company’s stock.
Several hedge funds have recently modified their holdings of WDC. American International Group Inc. boosted its stake in shares of Western Digital Corp. by 8,124.5% in the second quarter. American International Group Inc. now owns 9,620,001 shares of the data storage provider’s stock valued at $454,641,000 after buying an additional 9,503,034 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Western Digital Corp. by 24.7% in the second quarter. Vanguard Group Inc. now owns 24,858,936 shares of the data storage provider’s stock valued at $1,174,834,000 after buying an additional 4,925,997 shares in the last quarter. Neuberger Berman Group LLC boosted its stake in shares of Western Digital Corp. by 103.1% in the second quarter. Neuberger Berman Group LLC now owns 3,393,531 shares of the data storage provider’s stock valued at $160,379,000 after buying an additional 1,722,928 shares in the last quarter. DNB Asset Management AS boosted its stake in shares of Western Digital Corp. by 168.9% in the second quarter. DNB Asset Management AS now owns 2,357,775 shares of the data storage provider’s stock valued at $111,428,000 after buying an additional 1,480,995 shares in the last quarter. Finally, Appaloosa LP acquired a new stake in shares of Western Digital Corp. during the second quarter valued at $68,527,000. 86.98% of the stock is currently owned by institutional investors.
Western Digital Corp. (NASDAQ:WDC) opened at 58.86 on Friday. Western Digital Corp. has a 12 month low of $34.99 and a 12 month high of $86.39. The stock has a 50 day moving average price of $49.57 and a 200 day moving average price of $46.57. The firm has a market cap of $16.73 billion, a price-to-earnings ratio of 58.86 and a beta of 1.37.
Western Digital Corp. (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, July 28th. The data storage provider reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.08. The firm had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.44 billion. Western Digital Corp. had a return on equity of 12.42% and a net margin of 1.98%. The business’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period last year, the company earned $1.51 EPS. On average, equities analysts expect that Western Digital Corp. will post $4.56 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $2.00 annualized dividend and a dividend yield of 3.40%. Western Digital Corp.’s dividend payout ratio (DPR) is presently 158.73%.
About Western Digital Corp.
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage solutions that enable consumers, businesses, governments and other organizations to create, manage, experience and preserve digital content. The Company’s product portfolio includes hard disk drives (HDDs), solid-state drives, direct attached storage solutions, personal cloud network attached storage solutions, and public and private cloud data center storage solutions.
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