Western Digital Corporation (WDC) Given “Buy” Rating at BTIG Research

BTIG Research restated their buy rating on shares of Western Digital Corporation (NASDAQ:WDC) in a report published on Friday, July 14th. The firm currently has a $120.00 price objective on the data storage provider’s stock.

Other equities research analysts have also recently issued research reports about the company. Mizuho reissued a buy rating and issued a $92.00 price objective on shares of Western Digital Corporation in a research note on Wednesday, April 12th. Stifel Nicolaus reissued a buy rating and issued a $105.00 price objective on shares of Western Digital Corporation in a research note on Tuesday, April 18th. Zacks Investment Research upgraded Western Digital Corporation from a hold rating to a buy rating and set a $95.00 target price on the stock in a report on Friday, April 21st. Vetr lowered Western Digital Corporation from a strong-buy rating to a buy rating and set a $94.27 target price on the stock. in a report on Monday, April 24th. Finally, BMO Capital Markets restated a buy rating and issued a $104.00 target price on shares of Western Digital Corporation in a report on Thursday, April 27th. Eight investment analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Western Digital Corporation has a consensus rating of Buy and a consensus target price of $104.93.

Western Digital Corporation (NASDAQ WDC) opened at 81.34 on Friday. Western Digital Corporation has a 52-week low of $43.09 and a 52-week high of $95.77. The company has a market cap of $23.75 billion, a price-to-earnings ratio of 60.70 and a beta of 1.22. The stock’s 50 day moving average is $90.18 and its 200 day moving average is $84.09. Western Digital Corporation also was the target of unusually large options trading on Monday. Stock traders bought 6,330 call options on the stock. This is an increase of approximately 292% compared to the average daily volume of 1,613 call options.

Western Digital Corporation (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 EPS for the quarter, beating the Zacks’ consensus estimate of $2.51 by $0.42. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The firm had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter last year, the firm posted $0.79 earnings per share. The company’s revenue for the quarter was up 38.5% compared to the same quarter last year. On average, analysts predict that Western Digital Corporation will post $12.54 earnings per share for the current fiscal year.

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The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.46%. Western Digital Corporation’s dividend payout ratio (DPR) is 156.25%.

In other Western Digital Corporation news, insider Mark P. Long sold 28,585 shares of the company’s stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $94.24, for a total transaction of $2,693,850.40. Following the transaction, the insider now owns 53,551 shares in the company, valued at approximately $5,046,646.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Michael D. Cordano sold 4,954 shares of the company’s stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $94.98, for a total value of $470,530.92. Following the transaction, the chief operating officer now owns 66,092 shares in the company, valued at approximately $6,277,418.16. The disclosure for this sale can be found here. Insiders have sold a total of 126,966 shares of company stock worth $11,263,675 in the last quarter. Company insiders own 0.46% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Creative Planning increased its stake in Western Digital Corporation by 9.0% in the first quarter. Creative Planning now owns 36,476 shares of the data storage provider’s stock valued at $3,010,000 after buying an additional 3,017 shares during the last quarter. Cornerstone Investment Partners LLC increased its stake in Western Digital Corporation by 6.7% in the first quarter. Cornerstone Investment Partners LLC now owns 1,064,167 shares of the data storage provider’s stock valued at $87,826,000 after buying an additional 66,885 shares during the last quarter. Manning & Napier Advisors LLC increased its stake in Western Digital Corporation by 3.8% in the first quarter. Manning & Napier Advisors LLC now owns 11,050 shares of the data storage provider’s stock valued at $911,000 after buying an additional 408 shares during the last quarter. CENTRAL TRUST Co increased its stake in Western Digital Corporation by 1,399.1% in the first quarter. CENTRAL TRUST Co now owns 3,463 shares of the data storage provider’s stock valued at $285,000 after buying an additional 3,232 shares during the last quarter. Finally, Chevy Chase Trust Holdings Inc. increased its stake in Western Digital Corporation by 2.8% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 353,459 shares of the data storage provider’s stock valued at $29,170,000 after buying an additional 9,569 shares during the last quarter. Hedge funds and other institutional investors own 82.39% 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).

Analyst Recommendations for Western Digital Corporation (NASDAQ:WDC)

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