Vetr upgraded shares of Western Digital Corp. (NASDAQ:WDC) from a hold rating to a buy rating in a research report released on Monday morning. Vetr currently has $63.25 target price on the data storage provider’s stock.
Several other equities analysts have also issued reports on WDC. Goldman Sachs Group Inc. reaffirmed a neutral rating and issued a $55.00 target price on shares of Western Digital Corp. in a report on Monday, June 6th. Mizuho raised Western Digital Corp. from a neutral rating to a buy rating and upped their target price for the company from $48.02 to $53.00 in a report on Tuesday, June 7th. Maxim Group raised Western Digital Corp. from a neutral rating to a buy rating in a report on Tuesday, June 7th. Argus reaffirmed a buy rating on shares of Western Digital Corp. in a report on Wednesday, June 8th. Finally, JPMorgan Chase & Co. initiated coverage on Western Digital Corp. in a report on Wednesday, June 15th. They issued a neutral rating for the company. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $64.32.
Western Digital Corp. (NASDAQ:WDC) opened at 58.86 on Monday. The company has a market cap of $16.73 billion, a price-to-earnings ratio of 58.86 and a beta of 1.27. Western Digital Corp. has a 1-year low of $34.99 and a 1-year high of $86.39. The firm’s 50-day moving average price is $51.19 and its 200-day moving average price is $46.91.
Western Digital Corp. (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, July 28th. The data storage provider reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.08. The firm earned $3.50 billion during 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 company’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.51 EPS. Equities research analysts forecast that Western Digital Corp. will post $4.57 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend is Wednesday, September 28th. Western Digital Corp.’s dividend payout ratio (DPR) is 158.73%.
In other news, insider Michael D. Cordano sold 7,185 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 82,988 shares of the company’s stock, valued at $4,522,846. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Charles Ray sold 2,719 shares of the firm’s stock in a transaction that occurred on Tuesday, September 27th. The stock was sold at an average price of $58.63, for a total transaction of $159,414.97. Following the sale, the executive vice president now directly owns 51,843 shares of the company’s stock, valued at approximately $3,039,555.09. The disclosure for this sale can be found here. 0.46% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the company. MUFG Americas Holdings Corp increased its stake in Western Digital Corp. by 0.9% in the second quarter. MUFG Americas Holdings Corp now owns 2,468 shares of the data storage provider’s stock worth $117,000 after buying an additional 21 shares during the last quarter. Texas Yale Capital Corp. increased its stake in Western Digital Corp. by 0.9% in the second quarter. Texas Yale Capital Corp. now owns 7,637 shares of the data storage provider’s stock worth $361,000 after buying an additional 69 shares during the last quarter. Boothbay Fund Management LLC increased its stake in Western Digital Corp. by 1.2% in the first quarter. Boothbay Fund Management LLC now owns 5,998 shares of the data storage provider’s stock worth $283,000 after buying an additional 72 shares during the last quarter. Charter Trust Co. increased its stake in Western Digital Corp. by 2.3% in the second quarter. Charter Trust Co. now owns 4,591 shares of the data storage provider’s stock worth $217,000 after buying an additional 105 shares during the last quarter. Finally, Checchi Capital Advisers LLC increased its stake in Western Digital Corp. by 5.1% in the second quarter. Checchi Capital Advisers LLC now owns 2,197 shares of the data storage provider’s stock worth $104,000 after buying an additional 107 shares during the last quarter. 86.77% of the stock is owned by institutional investors and hedge funds.
Western Digital Corp. Company Profile
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.
To view Vetr’s full report, visit Vetr’s official website.
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