Mizuho reaffirmed their buy rating on shares of Western Digital Corporation (NASDAQ:WDC) in a report published on Sunday, October 8th. Mizuho currently has a $105.00 price objective on the data storage provider’s stock.
WDC has been the subject of several other research reports. Vetr lowered shares of Western Digital Corporation from a strong-buy rating to a buy rating and set a $95.94 price target for the company. in a report on Tuesday, August 22nd. Maxim Group reiterated a buy rating and issued a $108.00 price objective on shares of Western Digital Corporation in a research note on Wednesday, August 30th. ValuEngine lowered shares of Western Digital Corporation from a strong-buy rating to a buy rating in a research note on Friday, September 1st. Royal Bank Of Canada reiterated a buy rating on shares of Western Digital Corporation in a research note on Monday, June 12th. Finally, Cowen and Company reiterated an outperform rating and issued a $117.00 price objective on shares of Western Digital Corporation in a research note on Thursday, September 21st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have issued a buy rating and three have given a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $111.50.
Western Digital Corporation (WDC) opened at 86.41 on Friday. The stock’s 50 day moving average is $86.58 and its 200 day moving average is $87.59. Western Digital Corporation has a 12 month low of $53.11 and a 12 month high of $95.77. The company has a market cap of $25.48 billion, a PE ratio of 64.49 and a beta of 1.24.
Western Digital Corporation (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.51 by $0.42. The business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.82 billion. Western Digital Corporation had a net margin of 2.08% and a return on equity of 21.23%. The firm’s quarterly revenue was up 38.5% on a year-over-year basis. During the same quarter last year, the business earned $0.79 EPS. Equities analysts predict that Western Digital Corporation will post $12.40 earnings per share for the current year.
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The business also recently announced a quarterly dividend, which was paid on Monday, October 16th. Stockholders of record on Friday, September 29th were paid a $0.50 dividend. The ex-dividend date was Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.31%. Western Digital Corporation’s dividend payout ratio is currently 156.25%.
In other Western Digital Corporation news, insider Mark P. Long sold 1,446 shares of Western Digital Corporation stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $87.63, for a total value of $126,712.98. Following the sale, the insider now owns 86,939 shares of the company’s stock, valued at approximately $7,618,464.57. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Michael D. Cordano sold 9,404 shares of Western Digital Corporation stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $88.71, for a total value of $834,228.84. Following the completion of the transaction, the insider now owns 75,385 shares of the company’s stock, valued at approximately $6,687,403.35. The disclosure for this sale can be found here. Over the last three months, insiders sold 77,679 shares of company stock worth $6,561,639. Insiders own 0.31% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Buckingham Capital Management Inc. purchased a new position in Western Digital Corporation during the 2nd quarter valued at $1,754,000. Korea Investment CORP boosted its holdings in Western Digital Corporation by 14.7% during the 2nd quarter. Korea Investment CORP now owns 595,049 shares of the data storage provider’s stock valued at $52,721,000 after acquiring an additional 76,459 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in Western Digital Corporation by 18.3% during the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 67,329 shares of the data storage provider’s stock valued at $5,965,000 after acquiring an additional 10,428 shares during the period. Capital Analysts LLC purchased a new position in Western Digital Corporation during the 2nd quarter valued at $2,777,000. Finally, Calamos Advisors LLC boosted its holdings in Western Digital Corporation by 2.7% during the 2nd quarter. Calamos Advisors LLC now owns 45,377 shares of the data storage provider’s stock valued at $4,020,000 after acquiring an additional 1,201 shares during the period. Institutional investors own 82.29% of the company’s stock.
Western Digital Corporation Company Profile
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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