Western Digital Corp. (NASDAQ:WDC) had its price target upped by equities research analysts at Royal Bank Of Canada from $60.00 to $65.00 in a research report issued on Monday. The brokerage presently has an “outperform” rating on the data storage provider’s stock. Royal Bank Of Canada’s price objective suggests a potential upside of 10.75% from the company’s previous close.
WDC has been the subject of several other research reports. Longbow Research upgraded Western Digital Corp. from a “neutral” rating to a “buy” rating and set a $70.00 price target for the company in a report on Tuesday, September 13th. Vetr cut Western Digital Corp. from a “strong-buy” rating to a “buy” rating and set a $51.50 target price for the company. in a report on Monday, August 29th. Mizuho dropped their target price on Western Digital Corp. from $56.00 to $54.00 and set a “buy” rating for the company in a report on Thursday, August 25th. Argus reiterated a “buy” rating and issued a $60.00 target price on shares of Western Digital Corp. in a report on Saturday, September 10th. Finally, Citigroup Inc. set a $65.00 target price on Western Digital Corp. and gave the stock a “buy” rating in a report on Wednesday, September 7th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-three have issued a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $64.32.
Western Digital Corp. (NASDAQ:WDC) opened at 58.69 on Monday. The company’s 50 day moving average price is $51.56 and its 200-day moving average price is $46.98. Western Digital Corp. has a one year low of $34.99 and a one year high of $86.39. The company has a market cap of $16.68 billion, a P/E ratio of 58.69 and a beta of 1.27.
Western Digital Corp. (NASDAQ:WDC) last released its quarterly earnings results on Thursday, July 28th. The data storage provider reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.08. The business earned $3.50 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Western Digital Corp. had a return on equity of 12.42% and a net margin of 1.98%. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.51 EPS. On average, analysts forecast that Western Digital Corp. will post $4.57 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be paid a dividend of $0.50 per share. The ex-dividend date is Wednesday, September 28th. This represents a $2.00 annualized dividend and a yield of 3.41%. Western Digital Corp.’s dividend payout ratio (DPR) is 158.73%.
In other Western Digital Corp. news, EVP Michael Charles Ray sold 2,719 shares of the business’s stock in a transaction dated 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 owns 51,843 shares in the company, valued at approximately $3,039,555.09. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Michael D. Cordano sold 7,185 shares of the business’s stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $54.50, for a total value of $391,582.50. Following the sale, the insider now owns 82,988 shares in the company, valued at approximately $4,522,846. The disclosure for this sale can be found here. Corporate insiders own 0.46% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Edmond DE Rothschild Holding S.A. boosted its position in shares of Western Digital Corp. by 84.7% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 2,180 shares of the data storage provider’s stock valued at $103,000 after buying an additional 1,000 shares during the period. Checchi Capital Advisers LLC boosted its position in shares of 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 valued at $104,000 after buying an additional 107 shares during the period. Amica Retiree Medical Trust boosted its position in shares of Western Digital Corp. by 28.9% in the second quarter. Amica Retiree Medical Trust now owns 2,203 shares of the data storage provider’s stock valued at $104,000 after buying an additional 494 shares during the period. Cornerstone Advisors Inc. boosted its position in shares of Western Digital Corp. by 5.7% in the second quarter. Cornerstone Advisors Inc. now owns 2,245 shares of the data storage provider’s stock valued at $106,000 after buying an additional 121 shares during the period. Finally, Americafirst Capital Management LLC bought a new position in shares of Western Digital Corp. during the second quarter valued at about $108,000. Institutional investors and hedge funds own 86.77% of the company’s stock.
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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