Western Digital Corp (WDC) Receives Consensus Recommendation of “Hold” from Analysts

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Western Digital Corp (NASDAQ:WDC) has received an average recommendation of “Hold” from the thirty-three brokerages that are covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, seventeen have issued a hold recommendation and thirteen have given a buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $63.16.

A number of analysts have commented on WDC shares. Zacks Investment Research reiterated a “strong sell” rating on shares of Western Digital in a report on Saturday, November 17th. UBS Group downgraded shares of Western Digital from a “positive” rating to a “neutral” rating in a report on Tuesday, November 20th. Susquehanna Bancshares restated a “neutral” rating and set a $44.00 price target (down previously from $120.00) on shares of Western Digital in a report on Tuesday, November 20th. Royal Bank of Canada cut their price target on shares of Western Digital to $54.00 and set a “sector perform” rating for the company in a report on Monday, December 3rd. Finally, Craig Hallum upgraded shares of Western Digital from a “hold” rating to a “buy” rating in a report on Thursday, December 6th.

In related news, insider Mark P. Long sold 17,623 shares of Western Digital stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $50.00, for a total value of $881,150.00. Following the completion of the sale, the insider now owns 158,744 shares in the company, valued at approximately $7,937,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.36% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the stock. Alpha Omega Wealth Management LLC boosted its position in Western Digital by 4,440.0% in the 4th quarter. Alpha Omega Wealth Management LLC now owns 681 shares of the data storage provider’s stock valued at $25,000 after buying an additional 666 shares during the period. Ropes Wealth Advisors LLC boosted its position in Western Digital by 706.0% in the 4th quarter. Ropes Wealth Advisors LLC now owns 806 shares of the data storage provider’s stock valued at $30,000 after buying an additional 706 shares during the period. Semmax Financial Advisors Inc. purchased a new position in Western Digital in the 4th quarter valued at approximately $38,000. Avestar Capital LLC boosted its position in Western Digital by 13.9% in the 4th quarter. Avestar Capital LLC now owns 1,993 shares of the data storage provider’s stock valued at $48,000 after buying an additional 243 shares during the period. Finally, Essex Savings Bank purchased a new position in Western Digital in the 4th quarter valued at approximately $54,000. Hedge funds and other institutional investors own 84.54% of the company’s stock.

WDC stock traded up $0.56 during mid-day trading on Friday, reaching $48.14. The company’s stock had a trading volume of 221,500 shares, compared to its average volume of 7,544,950. The company has a market cap of $13.84 billion, a price-to-earnings ratio of 3.56, a PEG ratio of 0.55 and a beta of 1.49. The company has a current ratio of 2.24, a quick ratio of 1.45 and a debt-to-equity ratio of 0.95. Western Digital has a fifty-two week low of $33.83 and a fifty-two week high of $106.96.

Western Digital (NASDAQ:WDC) last released its quarterly earnings data on Thursday, January 24th. The data storage provider reported $1.45 EPS for the quarter, beating the Zacks’ consensus estimate of $1.27 by $0.18. The company had revenue of $4.23 billion during the quarter, compared to the consensus estimate of $4.26 billion. Western Digital had a net margin of 4.34% and a return on equity of 28.88%. Western Digital’s quarterly revenue was down 20.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.95 EPS. As a group, equities analysts forecast that Western Digital will post 4.7 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Friday, March 29th will be issued a $0.50 dividend. The ex-dividend date is Thursday, March 28th. This represents a $2.00 annualized dividend and a yield of 4.15%. Western Digital’s dividend payout ratio (DPR) is presently 14.80%.

About Western Digital

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.

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Analyst Recommendations for Western Digital (NASDAQ:WDC)

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