Western Digital Corp. (NASDAQ:WDC)‘s stock had its “buy” rating reiterated by analysts at Jefferies Group in a research note issued to investors on Tuesday. They currently have a $70.00 target price on the data storage provider’s stock, up from their prior target price of $54.00. Jefferies Group’s price objective points to a potential upside of 24.07% from the company’s previous close.
Several other research firms have also recently commented on WDC. Citigroup Inc. reaffirmed a “buy” rating and issued a $65.00 price target (up previously from $55.00) on shares of Western Digital Corp. in a report on Tuesday, July 19th. Vetr cut Western Digital Corp. from a “buy” rating to a “hold” rating and set a $50.42 target price for the company. in a research note on Tuesday, June 21st. Barclays PLC raised their target price on Western Digital Corp. from $60.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 16th. Stifel Nicolaus reissued a “buy” rating and set a $75.00 target price on shares of Western Digital Corp. in a research note on Sunday, July 31st. Finally, Argus reissued a “buy” rating and set a $60.00 target price on shares of Western Digital Corp. in a research note on Saturday, September 10th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $65.42.
Shares of Western Digital Corp. (NASDAQ:WDC) traded down 2.89% on Tuesday, reaching $54.80. 2,302,205 shares of the company’s stock were exchanged. The firm has a market cap of $15.58 billion, a PE ratio of 54.80 and a beta of 1.28. Western Digital Corp. has a one year low of $34.99 and a one year high of $82.73. The company has a 50 day moving average price of $53.64 and a 200 day moving average price of $47.39.
Western Digital Corp. (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, July 28th. The data storage provider reported $0.79 EPS for the quarter, beating the consensus estimate of $0.71 by $0.08. Western Digital Corp. had a return on equity of 12.42% and a net margin of 1.98%. The firm earned $3.50 billion during the quarter, compared to analysts’ expectations of $3.44 billion. During the same quarter last year, the firm earned $1.51 earnings per share. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. Analysts expect that Western Digital Corp. will post $4.60 EPS for the current fiscal year.
The business 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 $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date is Wednesday, September 28th. Western Digital Corp.’s payout ratio is currently 158.73%.
In other Western Digital Corp. news, insider Michael D. Cordano sold 18,250 shares of the stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $59.15, for a total transaction of $1,079,487.50. Following the transaction, the insider now owns 58,153 shares of the company’s stock, valued at approximately $3,439,749.95. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Michael Charles Ray sold 6,183 shares of the stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $60.00, for a total value of $370,980.00. Following the transaction, the executive vice president now directly owns 42,941 shares in the company, valued at approximately $2,576,460. The disclosure for this sale can be found here. 0.46% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Meeder Asset Management Inc. raised its position in shares of Western Digital Corp. by 8.4% in the first quarter. Meeder Asset Management Inc. now owns 11,050 shares of the data storage provider’s stock worth $522,000 after buying an additional 857 shares in the last quarter. State Street Corp raised its position in shares of Western Digital Corp. by 4.1% in the first quarter. State Street Corp now owns 9,995,099 shares of the data storage provider’s stock worth $472,182,000 after buying an additional 394,792 shares in the last quarter. Hanlon Investment Management Inc. acquired a new position in shares of Western Digital Corp. during the first quarter worth $3,857,000. Zebra Capital Management LLC raised its position in shares of Western Digital Corp. by 165.4% in the first quarter. Zebra Capital Management LLC now owns 14,942 shares of the data storage provider’s stock worth $706,000 after buying an additional 9,312 shares in the last quarter. Finally, BB&T Securities LLC raised its position in shares of Western Digital Corp. by 5.5% in the first quarter. BB&T Securities LLC now owns 454,373 shares of the data storage provider’s stock worth $21,464,000 after buying an additional 23,633 shares in the last quarter. 86.77% of the stock is currently owned by institutional investors.
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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