BidaskClub upgraded shares of Western Digital Corporation (NASDAQ:WDC) from a hold rating to a buy rating in a research note published on Tuesday, October 17th.
Several other brokerages have also issued reports on WDC. Vetr upgraded shares of Western Digital Corporation from a buy rating to a strong-buy rating and set a $100.46 target price for the company in a research report on Monday, June 19th. Maxim Group reiterated a buy rating and issued a $108.00 target price on shares of Western Digital Corporation in a research report on Wednesday, June 21st. Stifel Nicolaus restated a buy rating and set a $120.00 price target on shares of Western Digital Corporation in a research report on Wednesday, June 21st. Mizuho restated a buy rating and set a $105.00 price target on shares of Western Digital Corporation in a research report on Wednesday, June 21st. Finally, Cowen and Company upped their price target on shares of Western Digital Corporation from $115.00 to $117.00 and gave the company an outperform rating in a research report on Tuesday, June 27th. Nine equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and three have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $113.95.
Western Digital Corporation (WDC) traded up $0.52 during trading hours on Tuesday, reaching $87.53. The company’s stock had a trading volume of 1,627,780 shares, compared to its average volume of 3,870,000. Western Digital Corporation has a 12-month low of $54.26 and a 12-month high of $95.77. The company has a quick ratio of 2.13, a current ratio of 2.64 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $25,680.00, a price-to-earnings ratio of 8.74 and a beta of 1.17.
Western Digital Corporation (NASDAQ:WDC) last announced its earnings results on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.01 by $0.55. The business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.13 billion. Western Digital Corporation had a return on equity of 26.48% and a net margin of 7.38%. Western Digital Corporation’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period last year, the company earned $1.18 EPS. equities research analysts forecast that Western Digital Corporation will post 11.93 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, December 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.28%. Western Digital Corporation’s payout ratio is currently 41.67%.
In other news, Director Kathleen A. Cote sold 2,000 shares of Western Digital Corporation stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $90.63, for a total value of $181,260.00. Following the transaction, the director now directly owns 16,421 shares of the company’s stock, valued at approximately $1,488,235.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark P. Long sold 1,517 shares of Western Digital Corporation stock in a transaction on Monday, August 14th. The shares were sold at an average price of $80.97, for a total transaction of $122,831.49. Following the completion of the transaction, the chief financial officer now directly owns 88,207 shares in the company, valued at $7,142,120.79. The disclosure for this sale can be found here. Insiders sold a total of 46,879 shares of company stock worth $3,976,090 over the last ninety days. Corporate insiders own 0.31% of the company’s stock.
Large investors have recently bought and sold shares of the stock. American Beacon Advisors Inc. purchased a new position in Western Digital Corporation in the 1st quarter valued at $111,000. Harbour Capital Advisors LLC purchased a new position in Western Digital Corporation in the 1st quarter valued at $117,000. Quantbot Technologies LP purchased a new position in Western Digital Corporation in the 2nd quarter valued at $135,000. Huntington National Bank grew its position in Western Digital Corporation by 7.7% in the 2nd quarter. Huntington National Bank now owns 1,965 shares of the data storage provider’s stock valued at $174,000 after buying an additional 141 shares during the last quarter. Finally, Sun Life Financial INC grew its position in Western Digital Corporation by 16,215.4% in the 2nd quarter. Sun Life Financial INC now owns 2,121 shares of the data storage provider’s stock valued at $188,000 after buying an additional 2,108 shares during the last quarter. Hedge funds and other institutional investors own 82.03% of the company’s stock.
About Western Digital Corporation
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).
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