Western Digital (NASDAQ:WDC) Cut to Buy at Vetr

Vetr cut shares of Western Digital (NASDAQ:WDC) from a strong-buy rating to a buy rating in a research report sent to investors on Monday, November 13th. The firm currently has $97.62 target price on the data storage provider’s stock.

A number of other brokerages have also commented on WDC. Summit Redstone reissued a buy rating on shares of Western Digital in a report on Saturday, July 22nd. Loop Capital started coverage on shares of Western Digital in a report on Monday, July 24th. They set a buy rating and a $140.00 price objective on the stock. Mizuho reaffirmed a buy rating and issued a $105.00 target price on shares of Western Digital in a research note on Monday, July 17th. Cowen reaffirmed an outperform rating and issued a $117.00 target price on shares of Western Digital in a research note on Tuesday, July 25th. Finally, BMO Capital Markets set a $120.00 target price on shares of Western Digital and gave the company a buy rating in a research note on Friday, July 28th. Nine investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and three have given a strong buy rating to the company. The stock presently has an average rating of Buy and an average target price of $114.50.

Western Digital (NASDAQ:WDC) traded up $0.50 during trading hours on Monday, reaching $79.36. 6,448,968 shares of the company traded hands, compared to its average volume of 3,608,617. Western Digital has a 1 year low of $60.78 and a 1 year high of $95.77. The firm has a market cap of $23,325.73, a PE ratio of 7.92 and a beta of 1.11. The company has a current ratio of 2.64, a quick ratio of 2.13 and a debt-to-equity ratio of 1.07.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, October 26th. The data storage provider reported $3.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.01 by $0.55. Western Digital had a net margin of 7.38% and a return on equity of 26.48%. The company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.13 billion. During the same quarter in the prior year, the company posted $1.18 EPS. The business’s revenue was up 9.9% on a year-over-year basis. research analysts forecast that Western Digital will post 12.01 EPS for the current fiscal year.

Western Digital declared that its board has authorized a stock repurchase plan on Thursday, November 9th that permits the company to repurchase $2.10 billion in shares. This repurchase authorization permits the data storage provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be paid a $0.50 dividend. The ex-dividend date is Thursday, December 28th. This represents a $2.00 annualized dividend and a dividend yield of 2.52%. Western Digital’s dividend payout ratio is presently 41.75%.

In other Western Digital news, Director Kathleen A. Cote sold 2,000 shares of Western Digital stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $90.63, for a total transaction of $181,260.00. Following the completion of the transaction, the director now directly owns 16,421 shares of the company’s stock, valued at $1,488,235.23. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael D. Cordano sold 1,397 shares of Western Digital stock in a transaction on Monday, November 13th. The stock was sold at an average price of $88.13, for a total transaction of $123,117.61. Following the transaction, the insider now directly owns 70,556 shares of the company’s stock, valued at $6,218,100.28. The disclosure for this sale can be found here. Insiders sold 25,488 shares of company stock valued at $2,242,856 over the last three months. 0.31% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of WDC. NN Investment Partners Holdings N.V. lifted its holdings in shares of Western Digital by 1,941.9% during the second quarter. NN Investment Partners Holdings N.V. now owns 37,653 shares of the data storage provider’s stock worth $3,336,000 after buying an additional 35,809 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Western Digital by 143.2% during the second quarter. State of Alaska Department of Revenue now owns 5,265 shares of the data storage provider’s stock worth $466,000 after buying an additional 3,100 shares in the last quarter. OLD National Bancorp IN acquired a new stake in shares of Western Digital during the second quarter worth $260,000. Oregon Public Employees Retirement Fund lifted its holdings in shares of Western Digital by 74.6% during the second quarter. Oregon Public Employees Retirement Fund now owns 158,920 shares of the data storage provider’s stock worth $14,080,000 after buying an additional 67,900 shares in the last quarter. Finally, Regent Investment Management LLC lifted its holdings in shares of Western Digital by 3.0% during the second quarter. Regent Investment Management LLC now owns 31,820 shares of the data storage provider’s stock worth $2,819,000 after buying an additional 925 shares in the last quarter. 84.00% of the stock is owned by institutional investors.

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Western Digital 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).

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Western Digital (NASDAQ:WDC)

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