Western Digital Corp. (NASDAQ:WDC)‘s stock had its “buy” rating reiterated by stock analysts at Mizuho in a research note issued on Monday. They currently have a $60.00 target price on the data storage provider’s stock. Mizuho’s price objective indicates a potential upside of 2.23% from the company’s previous close.
Several other brokerages have also issued reports on WDC. Goldman Sachs Group Inc. restated a “neutral” rating and set a $55.00 price target on shares of Western Digital Corp. in a research note on Monday, June 6th. Maxim Group upgraded shares of Western Digital Corp. from a “neutral” rating to a “buy” rating in a research note on Tuesday, June 7th. Argus restated a “buy” rating on shares of Western Digital Corp. in a research note on Wednesday, June 8th. Vetr upgraded shares of Western Digital Corp. from a “hold” rating to a “buy” rating and set a $49.62 price target for the company in a research note on Monday, June 13th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Western Digital Corp. in a research note on Wednesday, June 15th. They set a “neutral” rating for the company. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $64.32.
Shares of Western Digital Corp. (NASDAQ:WDC) opened at 58.69 on Monday. 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 $51.56 and its 200 day moving average price is $46.98. The company has a market capitalization of $16.68 billion, a PE ratio of 58.69 and a beta of 1.27.
Western Digital Corp. (NASDAQ:WDC) last posted its earnings results on Thursday, July 28th. The data storage provider reported $0.79 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.08. Western Digital Corp. had a net margin of 1.98% and a return on equity of 12.42%. The firm had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.44 billion. During the same quarter last year, the firm earned $1.51 EPS. The company’s quarterly revenue was up 9.5% compared to the same quarter last year. Equities analysts predict that Western Digital Corp. will post $4.57 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend is Wednesday, September 28th. Western Digital Corp.’s dividend payout ratio is presently 158.73%.
In other Western Digital Corp. news, EVP Michael Charles Ray sold 2,719 shares of the business’s stock in a transaction on Tuesday, September 27th. The shares were sold at an average price of $58.63, for a total value of $159,414.97. Following the completion of the sale, the executive vice president now directly owns 51,843 shares of the company’s stock, valued at $3,039,555.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael D. Cordano sold 7,185 shares of the business’s stock in a transaction on Wednesday, September 21st. The stock was 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 directly owns 82,988 shares of the company’s stock, valued at $4,522,846. The disclosure for this sale can be found here. 0.46% of the stock is currently owned by company insiders.
Hedge funds have recently bought and sold shares of the company. Eqis Capital Management Inc. purchased a new position in shares of Western Digital Corp. during the third quarter valued at approximately $336,000. Macquarie Group Ltd. increased its position in shares of Western Digital Corp. by 3.0% in the second quarter. Macquarie Group Ltd. now owns 394,605 shares of the data storage provider’s stock valued at $18,649,000 after buying an additional 11,650 shares during the period. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of Western Digital Corp. during the second quarter valued at approximately $537,000. Kentucky Retirement Systems purchased a new position in shares of Western Digital Corp. during the second quarter valued at approximately $1,131,000. Finally, Mason Street Advisors LLC purchased a new position in shares of Western Digital Corp. during the second quarter valued at approximately $1,792,000. 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.
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