Vetr cut shares of Western Digital Corporation (NASDAQ:WDC) from a strong-buy rating to a buy rating in a research report report published on Monday. The brokerage currently has $97.62 price target on the data storage provider’s stock.
Several other research analysts have also issued reports on the company. Zacks Investment Research raised Western Digital Corporation from a hold rating to a strong-buy rating and set a $103.00 target price on the stock in a research report on Wednesday, November 1st. UBS AG upped their target price on Western Digital Corporation from $93.00 to $97.00 and gave the company a neutral rating in a research report on Friday, October 27th. Barclays PLC upped their target price on Western Digital Corporation from $131.00 to $133.00 and gave the company an overweight rating in a research report on Friday, October 27th. Maxim Group reaffirmed a buy rating and set a $124.00 target price on shares of Western Digital Corporation in a research report on Friday, October 27th. Finally, Citigroup Inc. boosted their price target on Western Digital Corporation from $110.00 to $115.00 and gave the company a buy rating in a research note on Friday, October 27th. Eight research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have given a strong buy rating to the stock. Western Digital Corporation presently has an average rating of Buy and a consensus target price of $114.59.
Western Digital Corporation (NASDAQ:WDC) opened at $91.21 on Monday. Western Digital Corporation has a 1 year low of $57.62 and a 1 year high of $95.77. The stock has a market capitalization of $26,920.00, a PE ratio of 9.07 and a beta of 1.17. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.13 and a current ratio of 2.64.
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, beating the Thomson Reuters’ consensus estimate of $3.01 by $0.55. Western Digital Corporation had a return on equity of 26.48% and a net margin of 7.38%. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.13 billion. During the same period in the prior year, the company posted $1.18 EPS. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. equities analysts predict that Western Digital Corporation will post 12.01 earnings per share for the current fiscal year.
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Western Digital Corporation announced that its board has authorized a share buyback plan on Thursday, November 9th that allows the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization allows the data storage provider to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date is Thursday, December 28th. Western Digital Corporation’s dividend payout ratio is presently 41.75%.
In related news, insider Mark P. Long sold 1,446 shares of the business’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $87.63, for a total value of $126,712.98. Following the transaction, the insider now owns 86,939 shares in the company, valued at approximately $7,618,464.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael D. Cordano sold 9,404 shares of the business’s stock in a transaction dated Monday, September 18th. The shares were 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 in the company, valued at approximately $6,687,403.35. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,005 shares of company stock worth $2,377,095. 0.31% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of the stock. Accredited Investors Inc. boosted its holdings in Western Digital Corporation by 0.4% in the 2nd quarter. Accredited Investors Inc. now owns 2,713 shares of the data storage provider’s stock valued at $240,000 after purchasing an additional 11 shares in the last quarter. Cookson Peirce & Co. Inc. boosted its holdings in Western Digital Corporation by 0.6% in the 2nd quarter. Cookson Peirce & Co. Inc. now owns 3,600 shares of the data storage provider’s stock valued at $319,000 after purchasing an additional 20 shares in the last quarter. Honkamp Krueger Financial Services Inc. boosted its holdings in Western Digital Corporation by 0.5% in the 2nd quarter. Honkamp Krueger Financial Services Inc. now owns 4,571 shares of the data storage provider’s stock valued at $405,000 after purchasing an additional 25 shares in the last quarter. Barry Investment Advisors LLC boosted its holdings in Western Digital Corporation by 0.4% in the 2nd quarter. Barry Investment Advisors LLC now owns 6,331 shares of the data storage provider’s stock valued at $561,000 after purchasing an additional 26 shares in the last quarter. Finally, People s United Financial Inc. boosted its holdings in Western Digital Corporation by 0.3% in the 2nd quarter. People s United Financial Inc. now owns 12,689 shares of the data storage provider’s stock valued at $1,124,000 after purchasing an additional 41 shares in the last quarter. Hedge funds and other institutional investors own 81.77% 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).
To view Vetr’s full report, visit Vetr’s official website.
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